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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 announced that all modules for the Vogtle 3 & 4 nuclear expansion project have been installed, with the final water tank lifted into place. This completion marks the last major crane lift at the site. The Passive Containment Cooling Water Storage Tank will play a crucial role in the plant's safety system, holding 750,000 gallons of water for emergency cooling. The Vogtle units are set to provide power for over 500,000 homes and businesses, supporting Southern Company's net-zero carbon goal by 2050. The project has created over 7,000 jobs, reinforcing its status as Georgia's largest construction project.
Southern Power has acquired the 118-MW Glass Sands Wind Facility from Steelhead Americas, marking its 15th wind project. Located in Murray County, Oklahoma, Glass Sands will utilize 28 Vestas-manufactured turbines and is projected to commence operations in Q4 2021. The facility will supply electricity and renewable energy credits under a power purchase agreement with Amazon. This acquisition expands Southern Power's wind portfolio to over 2,533 MW, part of a larger 4,928-MW renewable fleet, reinforcing the company's strategy of acquiring long-term, credit-supported generating assets.
Southern Company announced an 8 cents per share increase in its annualized dividend to $2.64 per share, marking 20 consecutive years of dividend growth. A quarterly dividend of 66 cents per share will be paid on June 7, 2021, to shareholders of record as of May 17, 2021. This decision reflects a commitment to shareholder value and underscores the company's stable energy business performance. Since 1948, Southern Company has consistently maintained or increased its dividends, showcasing its resilience in the energy sector.
Georgia Power encourages customers to enhance energy efficiency this spring, highlighting the importance of assessing rate plans to save on energy bills. The company offers practical tips for improving home energy consumption, such as maintaining refrigerators, optimizing air conditioning, and utilizing outdoor cooking. Customers can explore tailored rate options, including FlatBill, PrePay, Pay by Day, Smart Usage, PEV, Nights & Weekends, and Residential Services. Georgia Power, a subsidiary of Southern Company (NYSE: SO), serves over 2.6 million customers in Georgia, focusing on reliable and affordable energy.
The board of directors of Alabama Power Company has declared quarterly dividends on preferred stock, effective for the quarter ending June 30, 2021. Dividends include 4.20% at $1.05 per share, up to 4.92% at $1.23 per share for various preferred categories, and Class A preferred stock at 5.00% with dividends of $0.3125. Payment is scheduled for July 1, 2021, to shareholders of record on June 16, 2021. As a subsidiary of Southern Company (NYSE:SO), Alabama Power serves 1.5 million customers in Alabama.
Southern Company is set to release its Q1 2021 earnings on April 29, 2021, at 7:30 a.m. EDT. A conference call is scheduled for 1 p.m. EDT, where CEO Thomas A. Fanning and CFO Andrew W. Evans will discuss the results. Stakeholders can access a live webcast of this call, which will also be available for replay for 12 months. Southern Company serves 9 million customers and emphasizes clean, reliable energy solutions while maintaining competitive pricing below the national average.
Southern Company announced key executive changes following the retirement of Mark Lantrip, who served 40 years in various roles. Stan Connally will step in as CEO of Southern Company Services (SCS) while maintaining his role in operations. Martin Davis retains his position as CIO and will focus on aligning technology functions. Jim Kerr will become chief of staff. Chris Cummiskey has been appointed as executive vice president and Chief Commercial and Customer Solutions Officer. The changes aim to drive collaboration and innovation across the company's diverse energy operations.
QTS Realty Trust (NYSE: QTS) has announced a partnership with Southern Telecom, Inc. (STI) for the deployment of a dark fiber network at its Atlanta-Metro data center campus. This partnership enhances QTS' connectivity options, providing multiple dark fiber paths across the Southeast. The recent opening of Atlanta-Metro Data Center 2 (DC2) adds 240,000 square feet and 72 megawatts of power capacity. The campus is expected to support more than 275 megawatts of power capacity upon full development, boosting QTS' competitive edge in the data center market.
Southern Company announced a 52% reduction in greenhouse gas (GHG) emissions from 2007 levels in 2020, surpassing its 2030 goal of 50%. The company aims for net zero emissions by 2050, with expectations to maintain or exceed a 50% reduction by 2025. The shift from coal to renewables is notable, with coal's share dropping to 17% in 2020. The approach includes a focus on clean energy technologies and regulatory decision-making. The company emphasizes its commitment to sustainability without government mandates.
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