Southern - SO STOCK NEWS

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.

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.