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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 launched various energy efficiency programs aimed at assisting residential customers in managing their energy usage and reducing power bills, particularly during hot summer months. These programs include free online energy checkups, rebates for energy-efficient improvements, and assistance for income-qualified customers. Notable offerings are the Home Energy Improvement Program and Refrigerator Recycling that can save customers an average of $125 annually. Georgia Power is committed to providing value and reliable service to 2.6 million customers across Georgia.
Georgia Power is launching a series of new STEM experiment videos as part of its Learning Power initiative, aimed at enhancing summer learning for students. The program includes 12 videos, featuring engaging hands-on activities that only require basic supplies. This year marks the 10th anniversary of Learning Power, which has reached 900,000 students across 1,600 schools in Georgia. The initiative supports STEM education and aligns with state standards, fostering a love for learning among students.
Southern Company announced a quarterly dividend of 66 cents per share on July 19, 2021. This dividend is payable on Sept. 7, 2021, to shareholders of record as of Aug. 16, 2021. The company has maintained or increased its dividend for over 70 years, demonstrating a strong commitment to returning value to shareholders. Southern Company serves 9 million customers across various states, providing a range of energy solutions, including nuclear, natural gas, and renewable energy.
Nicor Gas has received approval from the Illinois Commerce Commission for its Renewable Gas Interconnection Pilot, aimed at promoting renewable natural gas (RNG) production. The $16 million initiative will interconnect RNG facilities into its distribution system, allowing for cleaner energy alternatives. The pilot could create significant economic impacts, including $478 million in economic output and over 200 jobs tied to a single RNG project. The program underscores Nicor Gas's commitment to sustainable energy solutions in Illinois.
Georgia Power, a subsidiary of Southern Company (NYSE: SO), has announced energy assistance programs aimed at helping income-eligible customers manage their energy bills during the summer months. Key offerings include a Senior Citizen Discount of up to $24 monthly for seniors over 65, a complimentary in-home energy assessment for eligible seniors through the HopeWorks program, and the Project SHARE initiative in partnership with The Salvation Army, allowing customers to donate to community members in need. For more details, visit Georgia Power's Energy Assistance.
Georgia Power has achieved significant solar growth, ranking #7 in the U.S. for solar photovoltaic installations in 2020, according to the Solar Energy Industries Association. The company accounted for 93% of Georgia's solar installations. The Georgia Public Service Commission certified an additional 970 MW of utility-scale solar in July 2021, with a target of 5,400 MW by 2025. Georgia Power maintains a diverse energy mix and emphasizes its renewable programs, which include Community Solar and Customer Renewable Supply Procurement, to support sustainability efforts.
The board of directors of Alabama Power Company has declared quarterly dividends on preferred stock for the quarter ending September 30, 2021, payable on October 1, 2021. The declared 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 for preferred stock, and 5.00% at $0.3125 per share for Class A preferred stock. Shareholders of record on September 16, 2021, will receive these payments.
Georgia Power is actively assessing damage and restoring power after Tropical Storm Elsa impacted Southeast Georgia on July 8, 2021. Around 6,350 customers were without power, mainly in Chatham, Effingham, and Glynn counties. The company anticipates restoring power to 95% of affected customers by 10 p.m. the same day. Crews from other areas have been mobilized to aid in recovery efforts, focusing on safety measures during the aftermath of the storm. Georgia Power continues investments in infrastructure to enhance system reliability and resilience against severe weather.
As Tropical Storm Elsa approaches Georgia, Georgia Power is mobilizing crews to assist with potential storm damage. The company emphasizes customer safety and encourages residents to monitor weather updates and prepare for hazardous conditions. Key safety recommendations include staying indoors during the storm, avoiding downed power lines, and being cautious of electrified areas post-storm. Georgia Power is continuously investing in infrastructure to enhance reliability and resilience against severe weather events. The company serves 2.6 million customers across most of Georgia.
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