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.
Southern Power, a subsidiary of Southern Company, announced the transfer of 2,409 acres of endangered species habitat in Georgia to the Open Space Institute at a discounted rate. This move contributes to over 10,000 acres preserved for species conservation in the state. The property supports critical wildlife such as the gopher tortoise and hairy rattleweed. Southern Power Chairman Mark Lantrip emphasized the company's commitment to environmental stewardship. The initiative aligns with conservation goals, aiding in the protection of the endangered species and enhancing local ecosystems.
Georgia Power announced the completion of the pre-operational condenser vacuum test for Vogtle Unit 3, marking a significant milestone in the Vogtle 3 & 4 nuclear expansion project. This test confirms the readiness of steam supply and cooling systems ahead of hot functional testing and the initial fuel load. The unit will generate electricity via a turbine system, powered by steam from the nuclear reactor. The project has achieved various milestones in 2020, including the completion of critical tests and the issuance of operator licenses. The Vogtle project aims to provide clean energy for decades.
Georgia Power has received its first nuclear fuel shipment for Vogtle Unit 3, marking a key milestone for the first new nuclear units in the U.S. in over 30 years. This shipment is a crucial step towards the expected fuel load in April 2021, and aims to provide carbon-free energy for 60-80 years, reducing rates for customers. The Vogtle expansion project is poised to create over 800 permanent jobs and power more than 500,000 homes while supporting Southern Company's goal of net-zero carbon emissions by 2050.
On December 9, 2020, Georgia Power recognized Christina Newton with the 5th Annual A Citizen Wherever We Serve Community Impact Award for her over 21 years of service. The award highlights employees who embody community commitment. Along with Newton, Lynn Lovett and Tina Stevens were finalists. As part of her recognition, Newton will direct a $5,000 donation to a nonprofit of her choice. Last year, Georgia Power employees volunteered over 62,053 hours, reinforcing the company's dedication to community service.
The Georgia Power Foundation has announced a $500,000 donation over three years to support the Atlanta BeltLine Partnership's Legacy Resident Retention Program. This initiative aims to help seniors and working families stay in their historic neighborhoods by covering property tax increases. More than 2,500 households are expected to benefit from this program. Georgia Power emphasizes its commitment to community development, stating its long-standing focus on supporting local residents amidst rising property values.
On December 7, 2020, Georgia Power and the Atlanta Business Chronicle announced the third annual Business of Film Rising Star Student Scholarship. This $5,000 scholarship aims to support Georgia students pursuing degrees in film-related studies. This year's recipient is Mia D'Zerrea Taylor, a senior at Oglethorpe University majoring in Theatre. Georgia Power aims to nurture talent in the growing film industry in Georgia by providing resources such as industrial properties and power needs.
Southern Company Gas has appointed David Poroch as the new executive vice president and chief financial officer, effective Jan. 1, 2021. He succeeds Dan Tucker, who will transition to a similar role at Georgia Power. Poroch, who joined Southern Company in 2012, has held key financial roles within the organization, including his recent position as CFO at Georgia Power. His extensive experience in the energy and financial services sectors is expected to drive growth and innovation at Southern Company Gas, which serves approximately 4.2 million natural gas customers.
Georgia Power has appointed Dan Tucker as the new executive vice president, chief financial officer, and treasurer, starting January 1, 2021. Tucker, who has over 20 years of experience at Southern Company, will oversee financial functions at Georgia Power. Previously, he served as CFO at Southern Company Gas, managing finance and risk. His predecessor, David Poroch, will take over his role at Southern Company Gas. Georgia Power continues to focus on providing reliable and affordable energy, serving around 2.6 million customers across Georgia.
Georgia Power concludes the 2020 Atlantic hurricane season, responding to 26 severe weather events, a record number. The season featured Hurricane Zeta, which caused significant damage affecting over 822,000 customers. Over 4,000 personnel were mobilized for restoration efforts, following more than 22,650 outage events and repairs to nearly 400 miles of power lines. The company emphasizes the importance of a mutual assistance network with other utilities and encourages safety awareness for customers. Additionally, Georgia Power prepares for winter weather while maintaining pandemic health protocols.
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