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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 encourages customers to prepare for the summer heat with tips and resources aimed at reducing energy costs. With temperatures expected to reach 90 degrees, the company highlights customizable rate plans that can help manage electricity bills. Customers are urged to review their current plans and explore energy assistance programs supporting those in need. Free online resources like the Online Energy Checkup and My Power Usage program facilitate energy efficiency. These efforts aim to provide reliable energy while keeping costs below the national average.
Georgia Power has announced a donation of $100,000 to the Center for Pan Asian Community Services (CPACS) to support Asian American and Pacific Islander (AAPI) communities. Funds will aid in providing essential services, including interpretation, translation, and COVID-19 relief. This initiative aligns with Georgia Power's commitment to racial equity and community support, especially in response to increased violence against Asian communities during the pandemic. The company emphasizes its dedication to ending racial discrimination and enriching diverse communities across Georgia.
Georgia Power urges its 2.6 million customers to prepare for the Atlantic Hurricane Season, partnering with GEMA and NWS for National Hurricane Preparedness Week from May 9-15. Key safety tips include building an emergency kit, having a communication plan, and understanding risks associated with severe weather. The company emphasizes generator safety and proper food storage during outages. New resources include educational videos and an outage map for real-time updates. Georgia Power continually invests in infrastructure for reliability and resiliency against severe weather events.
On May 5, 2021, Southern Company Gas took ownership of the Meadow Branch Landfill Methane Recovery Facility, forming a new subsidiary, Southern Company Gas Renewables. This facility enhances the company's ability to provide renewable natural gas (RNG), aligning with its goal of achieving net-zero greenhouse gas emissions by 2050. In 2020, the facility produced 340,000 MMBtu of RNG, enough to power 3,400 homes for a year, while reducing CO2 emissions by nearly 18,000 metric tons. The initiative aims to create economical, sustainable fuel solutions and support local job creation.
Georgia Power is currently addressing widespread power outages affecting around 8,000 customers due to severe weather, which includes high winds, rain, and tornadoes. Crews are working diligently to restore power while facing ongoing storm conditions that pose safety risks. The company emphasizes safety for customers, advising on precautions regarding downed power lines. Georgia Power continues to monitor the situation, offering resources and tips for storm preparedness to enhance customer safety and service during these challenging conditions.
Georgia Power is actively assessing damage and restoring electricity after severe storms hit the state, impacting approximately 7,500 customers, particularly in the Atlanta area. The storms caused significant damage, including downed power lines and broken poles. Crews are working diligently to repair the issues as more severe weather is anticipated. Georgia Power advises customers to stay alert and follow safety guidelines regarding downed wires, as hazardous conditions persist. Customers can utilize various tools for outage updates and storm information, including the Georgia Power mobile app and their website.
Southern Company reported Q1 2021 earnings of $1.14 billion or $1.07 per share, a significant increase from $868 million or 82 cents per share in Q1 2020. Excluding certain items, adjusted earnings were $1.04 billion or 98 cents per share, up from $825 million or 78 cents. Operating revenues rose 17.8% to $5.9 billion, driven by colder weather and higher residential sales. The company highlights robust customer growth and recovery from the pandemic as key positive factors.
Georgia Power, in partnership with the Georgia Department of Transportation, promotes awareness of work zone safety during National Work Zone Awareness Week from April 26-30. With 17,297 crashes in Georgia work zones in 2020 resulting in 5,123 injuries and 24 fatalities, the theme for this year is 'Drive Safe. Work Safe. Save Lives.' Motorists are urged to obey posted signs, slow down, and be vigilant around work zones. Since July 2016, Georgia's 'Move Over Law' includes utility vehicles, emphasizing the need for driver caution to protect roadside workers.
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