Welcome to our dedicated page for The Southern Company news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on The Southern Company stock.
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 identified locations for 500 MW of new battery energy storage systems (BESS) approved in the 2023 Integrated Resource Plan Update. The portfolio includes four projects: Robins BESS (128 MW), Moody BESS (49.5 MW), Hammond BESS (57.5 MW), and McGrau Ford Site Phase II BESS (265 MW). These 4-hour duration BESS will serve as dispatchable capacity resources, providing reliable and economical electricity for winter 2026/2027.
The BESS projects leverage existing infrastructure, reducing deployment time and costs. They qualify for Inflation Reduction Act tax incentives and offer energy arbitrage benefits. Georgia Power is also nearing completion of the 65 MW Mossy Branch Battery Facility and developing the 265 MW McGrau Ford Phase I BESS project.
PowerSecure, a subsidiary of Southern Company (NYSE: SO), has announced a 100% Renewable Fuel Initiative for its Durham campus microgrid. The initiative, starting this month, will use hydrotreated vegetable oil (HVO) as a renewable fuel in the PowerBlock generator, part of the hybrid microgrid.
HVO, a high-quality fuel similar to conventional diesel, is produced through hydrotreatment of vegetable oils or renewable raw materials. This initiative aligns with PowerSecure's commitment to innovation, sustainability, and a clean energy future. CEO Chris Cummiskey emphasized the initiative's role in displacing carbon emissions and serving as a milestone for PowerSecure and its clients.
This move is part of PowerSecure's 'all of the above' energy strategy, designed to provide continued value to customers and communities in the rapidly evolving energy sector.
Georgia Natural Gas® has announced that its Greener Life® program has offset 500 million pounds of carbon emissions, equivalent to removing over 50,000 cars from the road for a year. To celebrate this milestone, the company has enhanced the program to include certified low emissions gas at no additional cost to customers. This gas is sourced from companies using best practices to reduce methane emissions and environmental impact, certified by MiQ, a leading not-for-profit certifier.
Since its launch in 2019, Greener Life has attracted over 30,000 Georgian customers who have made their natural gas usage carbon neutral. The program now offers both carbon offset projects and certified low emissions gas benefits, allowing customers to reduce their emissions footprint more effectively.
Georgia Power, a subsidiary of Southern Company (NYSE: SO), is enhancing its transmission line inspection process by deploying unmanned aerial systems (drones). This innovative approach has led to significant improvements:
- 40% reduction in inspection time
- 60% cost savings compared to traditional methods
- Inspection of 14 miles of transmission lines per day
- Plans to review over 15,000 structures in 2024
The drones capture high-quality images and videos, allowing for detailed inspections of the company's 12,000 miles of transmission lines. This method improves safety, efficiency, and data accuracy while reducing fuel and maintenance costs. The initiative is part of Georgia Power's broader strategy to enhance grid resiliency and operational efficiency.
Georgia Power and Georgia 811 have launched a new public service announcement (PSA) for 811 Day on August 11, emphasizing the importance of contacting the national 'Call Before You Dig' number. The PSA, available in English and Spanish, features Georgia Power employees and Georgia 811's mascot, Digger Dog. Both customers and excavators are advised to call 811 at least three business days before starting any digging projects to have underground facilities marked.
Georgia Power is celebrating 50 years of partnership with Georgia 811, which now includes over 850 utility members and processes more than 1.3 million tickets annually. The initiative aims to prevent damage to underground utilities and ensure safety. For more information, visit www.GeorgiaPower.com/Dig.
Georgia Power is celebrating Generation Appreciation Month this August, highlighting diverse career opportunities in power plants. The company employs over 1,100 team members across the state in various roles, including Engineering, Maintenance, and Operations. Georgia Power hired 80+ team members last year and expects this trend to continue. The company emphasizes its diverse generation mix, including traditional and renewable sources, and the need for an equally diverse workforce.
The company's generation fleet maintained high reliability in 2023, with a low equivalent forced outage rate (EFOR) of 1.49%. Georgia Power continues to add renewable energy and battery storage to its mix while focusing on reliability. The company invites potential employees to explore career opportunities in power generation, offering strong training programs and apprenticeships.
Ericsson (NASDAQ: ERIC) has announced a landmark collaboration with NRTC, Southern Linc, and Anterix (NASDAQ: ATEX) to deliver cutting-edge private network solutions to electric cooperatives across the United States. This partnership aims to provide reliable, resilient, and secure network infrastructure for modernizing grid infrastructure.
Key aspects of the collaboration include:
- NRTC augmenting its fiber capabilities with Ericsson's cellular and microwave technologies
- Southern Linc providing core hosting solutions
- Anterix offering 900 MHz spectrum and ecosystem access
- Enabling co-ops to construct, own, and maintain LTE/5G-ready sites
This initiative is set to revolutionize co-op communications, setting new standards for reliability and security in the digital age.
Georgia Power is mobilizing restoration teams as Hurricane Debby approaches Georgia. The company has pre-positioned resources and deployed its Mobile Command Center to southern Georgia to ensure a swift response to potential power outages and damages. Customers are urged to stay safe and weather-aware, finalizing emergency plans and following official advice.
Georgia Power offers various tools to keep customers informed, including Outage Alerts, a mobile app, and an interactive Outage Map. The company emphasizes safety tips for before, during, and after the storm, such as unplugging major appliances, taking shelter away from windows, and avoiding downed power lines.
As the largest electric subsidiary of Southern Company (NYSE: SO), Georgia Power serves 2.7 million customers across Georgia, focusing on value, reliability, customer service, and stewardship.
Southern Company reported second-quarter 2024 earnings of $1.2 billion, or $1.10 per share, compared to $838 million, or 77 cents per share, in Q2 2023. Excluding certain items, adjusted earnings were $1.2 billion, or $1.10 per share, up from $868 million, or 79 cents per share, in Q2 2023. Operating revenues increased 12.4% to $6.5 billion. For the first half of 2024, earnings were $2.3 billion, or $2.13 per share, compared to $1.7 billion, or $1.56 per share, in the same period of 2023.
Key drivers for the improved earnings included higher utility revenues, partially offset by increased interest expense, depreciation and amortization, and income taxes. The company noted strong business fundamentals and robust economic development in its Southeastern service areas.
The Rockefeller Foundation announced John W. Rogers Jr. as the new Chair of the Economic Opportunity Coalition's (EOC) Management Committee. Edison International, Exelon (EXC), and Southern Company have joined the EOC with new procurement commitments, alongside existing members Xcel Energy, Micron, and Air Products. The EOC aims to strengthen domestic supply chains and build wealth in underserved communities through targeted procurement practices.
Companies partnering with the EOC have collectively purchased over $10 billion in products and services from small and historically underutilized businesses. The EOC Business Procurement pledge includes sponsoring technical assistance programs and allocating at least 15% of U.S.-based contracting spending to small and underutilized businesses by 2026. EOC members also committed more than $1 billion in deposits to Community Development Financial Institutions and Minority Depository Institutions in 2023.
FAQ
What is the current stock price of The Southern Company (SO)?
What is the market cap of The Southern Company (SO)?
What services does The Southern Company provide?
Where is The Southern Company headquartered?
What recent achievements has The Southern Company made?
What is Southern Company's commitment to renewable energy?
What is Southern Company’s involvement in the Smart Neighborhoods™ project?
How is Southern Company supporting electric vehicle adoption?
What are Southern Company’s values?
How does Southern Company support diversity and inclusion?
How has Southern Company been recognized for its corporate culture?
What is Southern Company’s financial outlook?
