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.
Southern Power announces the operational launch of the 118-MW Glass Sands Wind Facility in Murray County, Oklahoma, marking its 15th wind facility. This project contributes to the company’s growing renewable energy portfolio, which now exceeds 4,930 MW across 43 facilities. The Glass Sands facility, equipped with 28 Vestas turbines, will sell generated electricity and renewable energy credits under a power purchase agreement with Amazon. This development strengthens Southern Power's strategy of acquiring and developing generating assets supported by long-term contracts.
Southern Company has partnered with the U.S. Department of Energy to develop the world’s first critical fast-spectrum salt reactor, the Molten Chloride Reactor Experiment. Funded under the Advanced Reactor Demonstration Program, this initiative, with a budget of $170 million, aims to commercialize TerraPower’s advanced nuclear technology. The project will be conducted in collaboration with notable partners such as Idaho National Laboratory and 3M. Expected to enhance clean energy generation, it supports Southern Company’s goal of net-zero greenhouse gas emissions by 2050.
On November 17, 2021, National Utility Scam Awareness Day highlights the rising threat of utility scams. Georgia Power emphasizes its commitment to customer safety amidst over 2 million reported fraud cases in 2020. The company warns customers of scammers who can spoof their phone numbers and offers crucial tips to avoid scams. Georgia Power clarifies that they do not ask for sensitive information over the phone and urges customers to verify calls by directly dialing their customer service line. The company collaborates with law enforcement to combat these scams.
Chattanooga Gas Foundation has donated $25,000 to Project Return to support formerly incarcerated individuals in Tennessee. This donation aims to facilitate their transition back into society, aligning with the foundation's commitment to diversity, equity, and inclusion. Project Return has achieved an 82% job acquisition rate and a 13% recidivism rate, significantly lower than state and national averages. The expansion of Project Return's operations to Chattanooga reflects the area's strong economy and support from local leaders.
This holiday season, a collaboration between the Better Business Bureau and utility companies aims to raise awareness about increasing scam attempts targeting consumers. Steve Bernas, CEO of the BBB of Chicago, indicates a rise in imposters posing as utility workers. In 2020, Americans lost over $3.3 billion to fraud, with nearly $1.2 billion due to impersonation scams. The initiative coincides with Utility Scam Awareness Week (Nov. 14-20) to educate customers on protective measures, including verifying identification and never disclosing personal information to unsolicited contacts.
Chattanooga Gas is participating in Utility Scam Awareness Week from Nov. 15-19 to educate customers on prevalent scams, which caused over $3.3 billion in losses in 2020, per the FTC. The company emphasizes the importance of vigilance against tactics used by scammers, such as threats of disconnection and requests for immediate payments through unconventional methods. Chattanooga Gas reassures customers that it employs no aggressive methods and provides tips for identifying legitimate communications.
Atlanta Gas Light joins 150 U.S. and Canadian energy firms for Utility Scam Awareness Week from Nov. 15-19, aiming to educate customers on common scams. In 2020, imposter scams cost consumers over $3.3 billion, with nearly $1.2 billion attributed to imposter scams alone. The company emphasizes customer safety and awareness, advising customers to be vigilant against threats of disconnection, unusual payment requests, and other scam tactics. Atlanta Gas Light will not contact customers regarding natural gas bills, reinforcing its commitment to community awareness and safety.
Southern Company announced the launch of Energy Impact Partners' (EIP) Fund II, securing $1 billion in commitments aimed at advancing climate solutions. The fund focuses on investing in innovative companies enhancing the zero-carbon economy. Southern Company emphasizes its commitment to sustainability and innovation as it collaborates with EIP. Fund II has already invested in over a dozen technology firms critical to energy transition. Southern Company serves 9 million customers and promotes a portfolio of energy resources, including renewables and carbon capture technologies.
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