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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 is enhancing the state's electric mobility ecosystem by supporting the adoption of electric vehicles (EVs). With 30,000 EVs and 930 public charging stations currently in Georgia, the company is investing nearly $6 million by 2022 to expand charging infrastructure. This includes installing 51 Direct Current fast chargers, significantly improving travel convenience across the state. By 2030, the company aims to convert 50% of its fleet to EVs and collaborates with major automotive OEMs. Georgia's favorable business conditions and infrastructure are attracting EV-related investments.
Georgia Power announced the election of Aaron Abramovitz as executive vice president, chief financial officer, and treasurer, effective Sept. 1, 2021. Abramovitz, previously vice president at Southern Nuclear, will oversee accounting and financial functions, focusing on the Vogtle 3 & 4 project. This transition follows Dan Tucker's move to Southern Company as executive vice president and CFO on the same date. Abramovitz brings 20 years of experience with Southern Company, aiming to enhance the company's financial stewardship and stakeholder engagement.
Southern Company announced the retirement of Andrew W. Evans, Executive Vice President and Chief Financial Officer, effective Sept. 1, 2021. He will remain as a senior advisor until Dec. 31, 2021. Daniel S. Tucker, currently CFO of Georgia Power, will succeed him. Evans has been with Southern Company since 2002 and served as CFO since 2018, contributing significantly to financial strategies. Southern Company's leadership transitions are part of long-term succession planning aimed at ensuring business continuity.
Georgia Power is mobilizing over 100 employees to assist with recovery efforts in Connecticut due to Hurricane Henri. The team, including linemen and engineers, departed from Lawrenceville at 6 a.m. on Sunday. The utility company is part of a mutual assistance network, allowing it to offer support to other utilities while maintaining service for its own customers. Georgia Power had previously received support from other utilities during major storms like Hurricanes Michael and Irma. Additionally, the company has pandemic protocols in place to ensure worker and customer safety during storm response efforts.
Georgia Power urges customers to review and select a rate plan that aligns with their energy needs as summer temperatures rise. The company offers various flexible options designed to help customers manage their energy costs, including FlatBill®, PrePay, and Smart Usage plans. Georgia Power aims to deliver reliable and affordable energy while maintaining rates below the national average. The company is recognized for its commitment to customer satisfaction, serving 2.6 million customers in Georgia.
Southern Company Gas has partnered with Grammy-winning artist Chauncey Black of Blackstreet to promote safe digging through a remix of the iconic ’90s hit “No Diggity.” The campaign, launched in August for safe digging awareness month, emphasizes the importance of calling 811 before any digging project. The Common Ground Alliance notes that utility line damage occurs every few minutes due to unmarked digging. Black’s involvement aims to raise awareness about the dangers of unsafe digging and encourage adherence to safety guidelines.
PowerSecure, a subsidiary of Southern Company, has appointed Dat Tran as president, effective August 16, 2021. Tran brings over 27 years of experience in the energy sector, previously serving as president of Southern Company Gas' midstream division. This leadership change comes as PowerSecure experiences significant growth in its distributed infrastructure business amidst increasing demand for resilient energy solutions. CEO Chris Cummiskey emphasized the need for sustainable services, particularly in light of recent extreme weather events.
Georgia Power is responding to approximately 8,000 customer outages due to heavy rain and winds from Tropical Storm Fred as of August 17, 2021. Crews are addressing downed wires and poles caused by fallen trees and debris. The company emphasizes safety precautions for customers and provides resources for storm preparedness and outage reporting. Investments in infrastructure and Smart Grid technology aim to enhance reliability and resilience against severe weather.
Tropical Storm Fred is anticipated to hit Georgia, prompting Georgia Power to urge residents to prioritize safety. The company has prepared for potential service disruptions and encourages customers to monitor weather conditions. They provide resources like storm videos and an Outage & Storm Center for updates and safety tips. Georgia Power emphasizes the importance of infrastructure investment to enhance reliability during severe weather events and offers various tools for outage reporting and safety.
Southern Company has successfully spun out Cloverly, a leading API for carbon offsetting, retaining a minority stake. Cloverly raised $2.1 million in a seed round, led by Tech Square Ventures, with participation from SoftBank's SB Opportunity Fund and others. This move underscores Southern Company's commitment to innovation and decarbonization, as it aims for net-zero GHG emissions by 2050. Cloverly has already offset over 55 million pounds of carbon since its launch in April 2019 and introduces a unique approach to automating carbon offsets during transactions.
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