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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.
Georgia Power announced its commitment to expanding renewable energy, launching a draft Request for Proposals (RFP) for 1,030 MW of new Utility-Scale renewable resources, with in-service dates in 2023 and 2024. This initiative follows the 2019 Integrated Resource Plan, which authorized the procurement of 2,000 MW of renewable resources. Already hosting over 2,700 MW of renewable capacity, Georgia Power aims to enhance its portfolio while offering competitive rates to its customers. Bidding for the RFP will commence in Q1 2022.
The Atlanta Gas Light Foundation has donated $50,000 to the Georgia Justice Project (GJP) to enhance opportunities for rehabilitated individuals impacted by the criminal justice system. This funding aims to assist the estimated 1.5 million eligible Georgians in expunging their criminal records. The initiative aligns with GJP's mission to reduce recidivism through employment and education access. The donation is part of a larger commitment by Southern Company Gas, which is contributing $700,000 to various organizations promoting equity and social justice.
Southern Company reported third-quarter 2021 earnings of $1.1 billion, or $1.04 per share, down from $1.3 billion or $1.18 per share in the same period of 2020. Year-to-date earnings were $2.6 billion, or $2.46 per share, compared to $2.7 billion, or $2.58 per share in 2020. However, excluding certain items, third-quarter earnings improved slightly to $1.30 billion, or $1.23 per share. Operating revenues increased to $6.2 billion in Q3 2021, up 11% year-over-year, driven by higher customer usage and growth, though impacted by $197 million charge related to construction.
Shipshape, based in Austin, Texas, plans to establish a new Network Operations Center in Birmingham, Alabama, aiming to create over 750 high-tech jobs by 2025. The center will occupy the top floor of a Class-A office building on Arlington Avenue. This initiative builds on previous partnerships with Alabama Power and participation in the Techstars Alabama EnergyTech Accelerator. Shipshape focuses on smart home technology, assisting homeowners in reducing maintenance costs while enhancing efficiency.
Atlanta Gas Light has announced initiatives to assist customers facing winter heating bill challenges amid dropping temperatures. The company emphasizes support through available resources, including the federally funded Low Income Home Energy Assistance Program (LIHEAP) starting enrollment for eligible residents on Nov. 1, 2021. Other assistance options include the Heating Energy Assistance Team and various community programs. Additionally, Atlanta Gas Light offers a monthly $14 discount for eligible seniors on their natural gas bills. The company aims to ensure customer comfort and reliability this winter season.
Chattanooga Gas is reminding customers about financial assistance options amid rising energy costs during winter. The company emphasizes the Low Income Home Energy Assistance Program (LIHEAP), which supports households under 150% of the poverty line, urging eligible families to enroll quickly. Furthermore, local organizations in Tennessee offer additional support. Chattanooga Gas also shares energy efficiency tips, like using programmable thermostats and sealing windows, to help customers manage their expenses better.
The Atlanta Area Council, Boy Scouts of America, has partnered with Georgia Natural Gas to join the Greener Life® for Business program. This initiative enables organizations to offset their carbon emissions from natural gas usage without disrupting operations or incurring additional costs. Georgia Natural Gas will retire carbon offsets quarterly to ensure carbon neutrality for participating customers. The program reflects Southern Company Gas's commitment to sustainability, aiming to inspire local businesses to adopt similar measures for a cleaner energy future.
On October 27, 2021, the Atlanta Gas Light Foundation announced a $150,000 donation to the Technical College System of Georgia (TCSG). This funding aims to enhance HVAC and Pipefitting programs and address financial gaps for students, as many are forced to leave due to unpaid fees. The initiative reflects a broader commitment by Southern Company Gas, which plans to donate $700,000 to various organizations focused on education and community support. Atlanta Gas Light emphasizes the importance of providing students with the tools needed for career success.
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