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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.
On March 2, 2021, Southern Company announced its partnership with five other energy firms to form the Electric Highway Coalition, aiming to develop a network of DC fast chargers across major U.S. highways. This initiative addresses concerns about electric vehicle (EV) charging availability during long trips, with projections estimating 18 million EVs on U.S. roads by 2030. The coalition will enhance travel convenience and support Southern Company's commitment to sustainability, pledging net zero greenhouse gas emissions by 2050 and an internal fleet electrification goal by 2030.
Georgia Power's average outage time was 42% lower than the national average in 2019, according to recent data. The company prepared for severe weather by mobilizing over 4,000 personnel during the 2020 storm season, responding to more than 26 severe weather events, including Hurricane Zeta, which impacted over 822,000 customers. Their storm response includes assessing conditions and making swift repairs. Georgia Power emphasizes safety for both workers and customers. The company is a subsidiary of Southern Company (NYSE: SO) and is committed to providing reliable energy across Georgia.
Georgia Power, a subsidiary of Southern Company (NYSE: SO), promotes responsible landscaping on Georgia Arbor Day, emphasizing the importance of planting trees appropriately to enhance power reliability. The company divides planting into three zones and maintains extensive transmission lines to serve 2.6 million customers. Georgia Power planted over 361,000 loblolly pines last year as part of its conservation efforts. Additionally, it encourages customers to call 811 before digging to ensure safety around utility lines.
On February 19, 2021, Southern Company announced that several of its attorneys have been selected for programs by the Leadership Council for Legal Diversity (LCLD). Ruby Jackson and Latoya Brisbane will participate in the LCLD Fellows Program, while Calida Joy McCampbell and Felicia Long will join the Pathfinders Program. These year-long programs aim to enhance leadership skills for diverse attorneys. Southern Company has been actively involved with LCLD for six years, promoting diversity and inclusion within the legal profession.
Georgia Power President Chris Womack has been honored as a 2021 Leader in Corporate Citizenship by Atlanta Business Chronicle. This recognition highlights individuals who integrate social responsibility into their business strategies. Womack emphasized Georgia Power's commitment to community empowerment and sustainable growth. Notably, the company has initiated a $50 million multi-year program for HBCU students, offering scholarships and internships. Georgia Power, the largest electric subsidiary of Southern Company (NYSE: SO), serves 2.6 million customers and is dedicated to providing reliable and affordable energy.
Southern Company reported Q4 2020 earnings of $387 million (37 cents per share), a decline from $440 million (42 cents per share) in Q4 2019. For full-year 2020, earnings totaled $3.12 billion ($2.95 per share), down from $4.74 billion ($4.53 per share) in 2019. Excluding certain items, Q4 earnings were $497 million (47 cents per share), up from $283 million (27 cents per share) year-over-year. Despite a 4.9% decrease in annual revenues to $20.4 billion, there was a 4.1% increase in Q4 revenues compared to the previous year. Earnings guidance for 2021 will be discussed in today's analyst call.
Georgia Power has issued a reminder to customers that colder weather may lead to increased energy usage, necessitating enhanced energy efficiency. The company provides several winter energy-saving tips, including utilizing sunlight, optimizing heating systems, installing smart thermostats, and improving insulation. Customers can also track their energy use through the 'My Power Usage' program. As the largest electric subsidiary of Southern Company (NYSE: SO), Georgia Power is dedicated to delivering reliable energy at competitive rates, with a customer base across Georgia.
As winter storm Uri affects the Southeast, Georgia Power is closely monitoring conditions to ensure prompt response to potential service interruptions. Crews are pre-staging to assist within the Southern Company system while also maintaining local coverage for customers. The company emphasizes customer safety and offers tools for storm preparedness, including outage alerts and a mobile app. Georgia Power collaborates with other utilities through a mutual assistance network to enhance restoration efforts. The firm is committed to delivering reliable energy and customer service across Georgia.
Georgia Power and Atlanta Airlines Terminal Company have announced a $100 million investment to enhance the infrastructure of Hartsfield-Jackson Atlanta International Airport. This long-term investment aims to ensure reliable power supply with a new back-up generation system across all terminals and concourses. Georgia Power will install and maintain this state-of-the-art power system over the next two years, replacing the existing back-up system. The investment reflects a partnership with the City of Atlanta to support the airport's operational needs and future growth.
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