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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 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.
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.
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