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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 has revised the schedule for its Vogtle 3 & 4 nuclear expansion project, now projecting Unit 3 in-service by Q3 2022 and Unit 4 by Q2 2023. This delay is due to ongoing construction challenges and the need for extensive safety testing. Unit 3 is 99% complete, with total project progress at 95%. A peak rate impact of approximately 10% on retail customers is expected, but protective measures may save customers about $1.3 billion. The project is vital for providing carbon-free energy and has created over 7,000 construction jobs.
Southern Company has declared a quarterly dividend of 66 cents per share on its common stock, payable on Dec. 6, 2021, to shareholders on record by Nov. 15, 2021. This maintains the company's long-standing commitment, as it has paid equal or increased dividends every quarter for over 70 years. Serving around 9 million customers across multiple states, Southern Company is recognized for providing reliable and affordable energy through diverse resources, with a focus on a low-carbon future.
Nicor Gas has launched the Northern Illinois Community Initiatives (NICI) to drive economic development in severely under-resourced areas of Northern Illinois. Funded by $20 million from Southern Company Gas and an additional $250,000 grant, NICI aims to collaborate with local entities to revitalize communities that lack investment. Initial grants will support projects like a feasibility study for the Wood Street corridor and the establishment of an e-commerce hub in Matteson. The initiative responds to the growing economic distress in these communities, exacerbated by COVID-19.
Southern Company announced the election of Kristine L. Svinicki as an independent director, effective October 17, 2021. Svinicki, former chairman of the U.S. Nuclear Regulatory Commission, brings extensive experience in energy policy and nuclear technologies. She joins the Business Security and Resiliency and Operations, Environmental and Safety Committees. Southern Company emphasizes its commitment to corporate governance and diversity through this appointment, positioning itself to better address future energy challenges.
The board of directors of Alabama Power Company has announced regular quarterly dividends on preferred stock, effective for the quarter ending December 31, 2021. The dividends include: 4.20% at $1.05, 4.52% at $1.13, 4.60% at $1.15, 4.64% at $1.16, 4.72% at $1.18, and 4.92% at $1.23 per share. Class A Preferred Stock dividends will be at 5.00% or $.3125 per share. Payment is scheduled for January 1, 2022, to shareholders recorded by December 17, 2021. Alabama Power serves approximately 1.5 million customers in Alabama and is a subsidiary of Southern Company (NYSE:SO).
Southern Company will announce its third-quarter earnings on November 4, 2021, at 7:30 a.m. EDT. This will be followed by a conference call at 1 p.m. EDT, where Chairman Thomas A. Fanning and CFO Daniel S. Tucker will discuss results with financial analysts. Investors can access a live webcast of the call through the company's investor relations website, with a replay available for one year. Southern Company serves 9 million customers and is committed to providing reliable and affordable energy while focusing on a low-carbon future.
Georgia Power has received approval from the Georgia Public Service Commission to construct and operate the Mossy Branch Battery Facility, marking a significant step in its sustainability efforts. This 65 MW/260 MWh battery energy storage system will be the first standalone of its kind on the Georgia Integrated Transmission System. It is part of a broader 80 MW battery storage initiative approved in 2019. The facility aims to enhance the reliability of renewable energy by enabling quick responses to fluctuating energy needs and optimizing battery usage for various applications.
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