Welcome to our dedicated page for The Southern Company news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on The Southern Company stock.
The Southern Company (NYSE: SO) is a prominent American gas and electric utility holding company headquartered in Atlanta, Georgia, with executive offices in Birmingham, Alabama. As of 2021, it ranks as the second-largest utility company in the U.S. by customer base, serving around 9 million customers. The company's operational footprint spans vertically integrated electric utilities in Georgia, Alabama, and Mississippi, and natural gas distribution utilities in four states. This robust infrastructure includes 50 gigawatts of rate-regulated generating capacity, primarily designated for customer service in these states. Moreover, its subsidiary Southern Power owns 13 gigawatts of natural gas generation and renewable energy facilities across the U.S., selling electricity primarily through long-term contracts.
Southern Company’s commitment to innovation is highlighted by several recent initiatives. Notably, it reported significant financial achievements for 2023, with fourth-quarter earnings of $855 million, or 78 cents per share, compared to a loss in the same period in 2022. The company also completed Plant Vogtle Unit 3, the first new nuclear unit in the U.S. in over three decades, and recently announced that Plant Vogtle Unit 4 has achieved commercial operation, solidifying its position as a leader in clean energy production.
In terms of sustainability, Southern Company is heavily investing in renewable energy projects. The South Cheyenne Solar Facility in Wyoming, the company's 30th solar facility, recently became operational, adding to Southern Power's solar portfolio, which now exceeds 2,740 MW. The company also envisions a significant expansion of its solar and renewable capacity, aiming to reach approximately 20,000 MW by 2030 as part of its net zero greenhouse gas emissions goal by 2050.
Southern Company is also deeply involved in innovative community projects. For instance, Nicor Gas, a subsidiary of Southern Company Gas, recently launched Smart Neighborhoods™ in Aurora, Illinois, emphasizing affordable net-zero energy communities. Furthermore, the company has partnered with WeaveGrid to promote electric vehicle (EV) adoption by introducing programs that simplify home charging and offer utility incentives in Alabama and Georgia.
The company's dedication to community and diversity extends to initiatives like the UNDERRATED Golf Tour, aiming to provide opportunities to aspiring golfers from underrepresented backgrounds. Southern Company’s commitment to integrity, excellence, and respect is mirrored in its partnership with this tour, underlining its broader mission to foster inclusion within the communities it serves.
Southern Company’s corporate culture and hiring practices have earned national recognition from Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, and the Human Rights Campaign, showcasing the company's focus on excellence and innovation. Through ongoing investments in clean energy, smart technologies, and community development, Southern Company continues to transform energy into economic, environmental, and social progress for a sustainable future.
Virginia Natural Gas has announced safety guidelines for customers ahead of the 2022 hurricane season, which has already seen its first storm, Alex. Predictions from the Climate Prediction Center suggest an above-average season, with 14-21 named storms anticipated. The company emphasizes the importance of keeping natural gas meters operational to prevent flooding issues and offers various safety tips for meter and appliance handling during storms. Customers are encouraged to stay informed through various communication channels and to prepare personal emergency kits.
Georgia Natural Gas® (GNG) has announced a milestone in its Greener Life® program, achieving the offset of 100 million pounds of carbon emissions, equivalent to over 110 million miles driven by a gasoline vehicle. In celebration of World Environment Day on June 5, 2022, GNG will purchase an additional 10 million pounds of carbon offsets. The program allows customers to neutralize their natural gas usage, with offsets calculated monthly based on their emissions. GNG partners with local environmental projects, ensuring a net-zero greenhouse gas impact for participants.
Atlanta Gas Light urges customers to prepare for the 2022 Atlantic Hurricane Season, expecting 19 named storms and nine hurricanes. Safety is a priority, highlighting natural gas meter safety and appliance safety during severe weather. They recommend keeping meters clear and appliances connected. Customers are advised to contact certified professionals for gas appliance inspections post-flooding. For safety, Atlanta Gas Light stresses the importance of recognizing gas leaks and using generators safely. Established in 1856, Atlanta Gas Light serves approximately 1.7 million customers in Georgia.
Georgia Power, alongside Governor Brian Kemp, announced the opening of Hyundai Motor Group's first dedicated electric vehicle and battery manufacturing facility in Georgia. This $5.54 billion investment is set to create approximately 8,100 jobs in Bryan County. The facility will produce a range of electric vehicles and establish a stable supply chain for EV batteries in the U.S. Georgia's automotive industry, already contributing over $3 billion annually, is expanding with this significant investment, further solidifying the state's reputation as a leader in electric transportation.
On May 13, 2022, Alabama Power Company announced the redemption of several series of preferred stock with a redemption date set for June 21, 2022. The preferred stock includes 4.20%, 4.60%, 4.92%, 4.52%, 4.64%, and 4.72% series, each with a par value of $100. Redemption prices range from $102.18 to $105.00 per share, plus accrued dividends. The announcement highlights Alabama Power's commitment to managing its capital structure effectively. Shareholders should note that no dividends will accrue after the redemption date. Alabama Power is a subsidiary of Southern Company (NYSE: SO).
Southern Company (NYSE: SO) announced the successful remarketing of its Series 2019A and Series 2019B Remarketable Junior Subordinated Notes, maturing on August 1, 2024, and August 1, 2027, respectively. The Series 2019A Notes will bear an interest rate of 4.475%, while the Series 2019B Notes will bear 5.113%. The remarketing is set to close on May 9, 2022, and will not provide any proceeds directly to Southern Company as funds will be allocated to settle purchase contracts and distributed to Corporate Units holders. This offering is conducted under a shelf registration statement filed with the SEC.
Southern Company reported first-quarter 2022 earnings of $1.03 billion or 97 cents per share, down from $1.14 billion or $1.07 per share in Q1 2021. Excluding specific items, net income was $1.033 billion with basic earnings per share at $0.97, slightly lower than $0.98 in the previous year. The company experienced a 12.5% increase in operating revenues, reaching $6.6 billion, primarily driven by higher fuel costs. Despite rising operating costs, Southern Company remains optimistic about its financial objectives for 2022.
Virginia Natural Gas (VNG) is implementing aerial drone technology for inspecting its extensive pipeline infrastructure, which spans over 5,500 miles. This initiative, launched on April 27, 2022, makes VNG one of the pioneering natural gas utilities in Virginia to adopt unmanned aerial vehicles (UAVs). The drones will enhance safety, efficiency, and cost-effectiveness by enabling quick and high-quality inspections, minimizing environmental impact. The program is part of a broader pilot project involving VNG’s sister companies in Illinois, Georgia, and Tennessee.
FAQ
What is the current stock price of The Southern Company (SO)?
What is the market cap of The Southern Company (SO)?
What services does The Southern Company provide?
Where is The Southern Company headquartered?
What recent achievements has The Southern Company made?
What is Southern Company's commitment to renewable energy?
What is Southern Company’s involvement in the Smart Neighborhoods™ project?
How is Southern Company supporting electric vehicle adoption?
What are Southern Company’s values?
How does Southern Company support diversity and inclusion?
How has Southern Company been recognized for its corporate culture?
What is Southern Company’s financial outlook?
