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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.
Alabama Power has appointed Nicole Faulk as vice president of Transmission Construction and Protection & Control, effective April 1. She will lead teams focused on transmission line and substation construction, enhancing project implementation efficiency. Previously, Faulk served as Georgia Power's senior vice president of Customer Strategy and Solutions, with a strong background in customer service and operations. She holds both bachelor's and master's degrees in mechanical engineering from Auburn University, where she was recognized as the Mechanical Engineering Alumna of the Year in 2018.
Southern Company hosted a virtual event titled Investing in Tomorrow, Today, emphasizing the significance of a diverse talent pipeline in the clean energy sector. Key participants included U.S. Senator Raphael Warnock and Georgia Power’s CEO Chris Womack. The event highlighted a $50 million investment by Southern Company in HBCUs since 2021, aimed at enhancing educational equity and supporting diverse energy workforce initiatives. The company affirmed its commitment to diversity, equity, and innovation in building a clean energy future.
Southern Company will host a virtual event, Investing in Tomorrow, Today, on March 8 at 12:00 pm EST, in partnership with Black Enterprise. The event features notable speakers including U.S. Senator Raphael Warnock and Chris Womack from Georgia Power, discussing the significance of inclusive innovation in the energy sector. The discussions will highlight how diverse talent pipelines and HBCUs can foster opportunities for innovation. The event aims to promote a clean and equitable energy economy.
On March 8th at 12:00 pm EST, Southern Company (NYSE: SO) will co-host a virtual event titled Investing in Tomorrow, Today, focusing on diversity and equity in the energy sector. The event will feature notable speakers including Georgia’s Senator Raphael Warnock and Georgia Power CEO Chris Womack. Discussions will revolve around the significance of inclusive innovation, the role of Historically Black Colleges and Universities (HBCUs), and creating a diverse workforce in the energy field. The event is open for free RSVP.
Virginia Natural Gas (VNG) announced a $100,000 donation to YELLOWHAB, a private school founded by Grammy Award-winning artist Pharrell Williams, to support its 'Nourish Youth' initiative. This initiative aims to introduce healthy eating practices to 40 students in Norfolk, Virginia, primarily those from low-income backgrounds. The funding will provide nutritional meals and educational resources. This partnership builds on VNG's previous collaboration with Williams and highlights the company's commitment to community support and enhancement of student well-being.
Southern Company reported a loss of $215 million, or 20 cents per share, in Q4 2021, down from a profit of $387 million in Q4 2020. Full-year earnings fell to $2.39 billion, or $2.26 per share, compared to $3.12 billion in 2020. Adjusted earnings for Q4 were $380 million, with operating revenues increasing by 12.7% to $5.8 billion. Despite these challenges, the company maintains a positive outlook, projecting 2022 adjusted earnings between $3.50 and $3.60 per share and long-term growth of 5% to 7%.
Southern Company released its 2021 Transformation Report, emphasizing its commitment to diversity, equity, and inclusion (DE&I). Key highlights include that 58% of hires in 2021 were from underrepresented groups, and all operating companies have implemented DE&I training. The company donated $66 million to advance racial equity and plans to invest $225 million through 2025. Additionally, they pledged $40 million of a $50 million commitment to HBCUs. The report underscores Southern Company's intention to align its operations with equity goals.
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