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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 reminding customers of its energy assistance programs as temperatures soar above 90 degrees. The company collaborates with nonprofits to support income-qualifying customers in managing energy costs. Key programs include:
- Senior Citizen Discount: Up to $24 off monthly bills for eligible seniors.
- Home Energy Efficiency Assistance Program (HEEAP): Allows customers to contribute to energy efficiency upgrades for low-income households.
- Project SHARE: In partnership with The Salvation Army, customers can donate to help those in need, with Georgia Power matching contributions.
Southern Company Gas has secured $1 million from the U.S. Department of Energy to develop a technology for producing clean hydrogen from food waste. This collaborative project with Electro-Active Technologies and T2M Global focuses on renewable hydrogen generation to support the DOE's Hydrogen Energy EarthShot initiative. The project aims to enhance hydrogen commercialization by diverting food waste from landfills, thus reducing greenhouse gas emissions. With a commitment to net-zero emissions by 2050, Southern Company is positioning itself as a leader in the clean hydrogen sector.
Georgia Power alerts customers about a rise in scams involving fraudsters impersonating company employees. The company emphasizes that it will not request sensitive information via phone or demand payments in unconventional forms such as Bitcoin. Customers should be cautious of unsolicited calls and verify contact numbers. Guidance includes how Georgia Power communicates regarding account issues, and the company is collaborating with law enforcement to combat these scams. More resources can be found on their website.
Southern Company reported Q2 2021 earnings of $372 million (35 cents/share), down from $612 million (58 cents/share) in Q2 2020. Year-to-date earnings reached $1.51 billion ($1.42/share), slightly up from $1.48 billion ($1.40/share) last year. Excluding certain items, Q2 earnings were $891 million (84 cents/share), compared to $822 million (78 cents/share) in Q2 2020. Operating revenues increased by 12.5% to $5.2 billion, driven by strong customer usage and growth despite higher operational costs and a $343 million charge related to Plant Vogtle's construction.
Georgia Power announced a revised schedule and cost forecast for the Vogtle 3 & 4 nuclear expansion project. The in-service dates are now projected for Unit 3 in Q2 2022 and Unit 4 in Q1 2023, reflecting a 3-4 month delay. The total project capital cost has increased by $460 million, with Georgia Power's share at $9.2 billion. Despite challenges, Unit 3's Hot Functional Testing is complete, achieving 99% construction completion. The project aims to provide emissions-free electricity for over 500,000 homes, supporting Southern Company's goal of net-zero carbon emissions by 2050.
Nicor Gas has awarded the inaugural Nicor Gas Multicultural Innovator Award to Celadyne Technologies, granting $25,000 to support the clean energy startup founded by a minority. This initiative aims to foster diversity and innovation in the clean energy sector. Celadyne's hydrogen technology could reduce carbon dioxide emissions by 30% in various industries, enhancing energy efficiency. The award includes 12 months of business mentorship, connecting the company with potential investors and customers, ultimately contributing to a sustainable economy in Illinois.
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.
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