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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 warns customers of increasing scams by impersonators posing as their representatives. The company advises customers to avoid sharing sensitive payment information over the phone and to be cautious of suspicious calls and emails. Georgia Power emphasizes that it never solicits payments in person or requests credit card information via phone. To ensure safety, customers can verify the official customer service number at 888-660-5890 and check authorized payment locations. The company is collaborating with law enforcement to combat these fraudulent activities.
Southern Power, a subsidiary of Southern Company, has entered into two 20-year power purchase agreements with Southern California Edison to enhance its solar facilities in California. They will incorporate battery energy storage systems to improve grid reliability. The Garland Solar Facility will add 88 MW and 352 MWh, while the Tranquillity Solar Facility will add 72 MW and 288 MWh of storage. These projects align with Southern Power's strategy of sustainable growth through long-term contracts, further integrating renewable energy into the grid.
On February 2, 2021, Southern Company received an A- from the CDP Climate Change Disclosure for its leadership in environmental transparency in North America. This marks an improvement from a B in 2019. The company aims for net zero emissions by 2050, building on a 50% emissions reduction goal by 2030 from 2007 levels. By participating in the CDP disclosure, Southern Company shows its commitment to environmental accountability. Over 9,600 companies disclosed through CDP in 2020, indicating a growing trend in corporate environmental responsibility.
Georgia Power is urging its 2.6 million customers to prepare for severe weather during Severe Weather Awareness Week from February 1 to 5. Each day focuses on different types of severe weather and safety actions, including family preparedness, thunderstorm safety, tornado safety, lightning safety, and flooding. Georgia Power emphasizes the importance of having an emergency kit, staying updated with weather forecasts, and using their Outage Alert service for notifications. The company maintains a commitment to reliable service and prepares to respond promptly to severe weather-related outages.
Southern Company is set to release its fourth quarter and full-year 2020 earnings on February 18, 2021, at 7:30 a.m. EST. The conference call, featuring Chairman Thomas A. Fanning and CFO Andrew W. Evans, will take place at 1 p.m. EST. This earnings report will provide insights into the company’s performance and future outlook, impacting its 9 million customers across several states. Investors can access the live webcast and a replay at investor.southerncompany.com/webcasts.
Southern Company announced a quarterly dividend of 64 cents per share on its common stock, with payment scheduled for Mar. 8, 2021. Shareholders of record as of Feb. 16, 2021 will receive this payment. This marks over 70 years of consistent quarterly dividends being paid at equal or higher rates than the previous quarter. Southern Company provides energy services to approximately 9 million customers across multiple states, focusing on clean, reliable, and affordable energy solutions.
Georgia Power has received two prestigious awards from the Edison Electric Institute (EEI) for its storm response efforts during the 2020 hurricane season. The company was honored with the Emergency Recovery Award for restoring power after Hurricane Zeta and the Emergency Assistance Award for aiding First Energy following Hurricane Isaias. Damage from Hurricane Zeta included approximately 700 broken power poles and more than 822,000 outages. This marks Georgia Power's ninth Emergency Recovery Award and sixth Emergency Assistance Award, recognizing their commitment to public service during challenging times.
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