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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 (VNG) has invested in modernizing over 400 miles of its pipeline infrastructure, enhancing safety and reliability for over 300,000 customers. Utilizing AI technology developed by Urbint, VNG can predict and prevent potential excavation damages, thus minimizing risks associated with third-party dig requests. This initiative aligns with VNG's sustainability goals by helping reduce greenhouse gas emissions from potential gas leaks. VNG is recognized for its high customer satisfaction and commitment to safety and environmental stewardship.
Atlanta Gas Light has announced the expansion of its liquefied natural gas (LNG) facility in Cherokee County, which will double its capacity. This project aims to meet increasing natural gas demand in the region, featuring a second storage tank to optimize supply during peak demand periods. Construction will be phased over three years, supporting the company's commitment to providing clean and reliable natural gas. This initiative aligns with the company’s Integrated Capacity Development Plan approved in November 2021.
Southern Company has announced an increase in its annual dividend by 8 cents per share, raising the total to $2.72. This marks the 21st consecutive year of dividend increases. The new quarterly dividend stands at 68 cents per share, payable on June 6, 2022, to shareholders recorded by May 16, 2022. Southern Company has maintained a tradition of increasing its dividends for the past 75 years, supported by strong customer service and the performance of its energy businesses.
Georgia Power announced a new partnership with Georgia Northwestern Technical College to develop a training program for future lineworkers, celebrating National Lineman Appreciation Day on April 18, 2022. This program will include donated equipment and curriculum support to enhance vocational training. Students can also earn a commercial driver's license. The initiative aims to address the workforce needs for skilled lineworkers amidst challenging working conditions, reinforcing Georgia Power's commitment to building a trained workforce.
Atlanta Gas Light has launched a new video campaign aimed at educating Georgia's natural gas customers about its role in providing natural gas services. In Georgia's deregulated market, understanding the collaboration between Atlanta Gas Light and 13 certified Marketers can be confusing for customers. The campaign emphasizes Atlanta Gas Light's responsibilities, which include maintaining infrastructure, managing service connections, and ensuring reliable gas delivery. Atlanta Gas Light serves around 1.7 million customers, highlighting its commitment to clean and safe natural gas.
Wendell Dallas has been appointed as the new president and CEO of Nicor Gas, following the retirement of John O. Hudson, III on April 22, 2022. Dallas comes with over 25 years of experience in the natural gas industry, having previously served as vice president of sales and marketing for Georgia Power Company. He will oversee Nicor Gas, the largest natural gas distributor in Illinois, which serves more than 2.2 million customers. Southern Company Gas, the parent company, serves approximately 4.3 million natural gas customers across four states.
On April 13, 2022, Alabama Power Company declared quarterly dividends on its preferred stock for the quarter ending June 30, 2022. Shareholders will receive payments of $1.05 to $1.23 per share based on the stock's par value, with a 5.00% dividend of $0.3125 per share for Class A Preferred Stock. Payments are scheduled for July 1, 2022, to shareholders on record by June 16, 2022. Alabama Power, a subsidiary of Southern Company (NYSE:SO), serves 1.5 million customers in Alabama.
Volta Inc. (NYSE: VLTA) has launched PredictEV® Fleet, an AI-driven product designed for fleet electrification, in partnership with Southern Company (NYSE: SO). This collaboration aims to facilitate effective electrification strategies for fleets, utilizing machine learning and data analytics to recommend EVs and calculate cost savings. Southern Company plans to electrify 50% of its fleet by 2030. The PredictEV Fleet supports utilities in managing grid demands associated with increased electrification.
Southern Company has announced the launch of PredictEV® Fleet, a new tool developed in partnership with Volta Inc. (NYSE: VLTA) to assist businesses in transitioning their commercial vehicle fleets to electric vehicles (EVs). This software analyzes current vehicle data to provide recommendations on EV options, charging equipment, cost savings, and available incentives. Southern Company aims to leverage this innovation to meet rising EV demand and enhance customer sustainability efforts. This aligns with their goal of electrifying 50% of light-duty vehicles by 2030.
Southern Company will announce its first quarter 2022 earnings on April 28, 2022, at 7:30 a.m. EDT. The conference call, led by CEO Thomas A. Fanning and CFO Daniel S. Tucker, will take place at 1 p.m. EDT on the same day, targeting financial analysts. Investors and the public can access a live webcast and a replay for 12 months via the company's investor relations page. Southern Company serves 9 million customers through its subsidiaries, focusing on clean, reliable energy solutions.
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