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 Company has launched a Sustainable Financing Framework, marking it as the first large-cap utility in the U.S. to do so. This Framework allows the issuance of sustainable financing instruments to fund projects in renewable energy, energy efficiency, and social initiatives. The inaugural green bond of $400 million was issued by Southern Power on January 8, 2021, contributing to a total of nearly $3.9 billion in green bonds issued by the company. The Framework aligns with various sustainability principles and goals, reinforcing Southern Company's commitment to a net-zero future.
Nicor Gas has successfully upgraded over 2.2 million natural gas meters as part of its Meter Modernization program, which began two years ago. This initiative aims to enhance customer communication and improve the reliability of meter reading and billing. The upgrades include the installation of two-way communication devices that automate meter readings, allowing for timely and accurate data transmission. The project has also created over 200 jobs during the pandemic, with remaining upgrades primarily needing indoor access. The program aims to further empower customers in managing their energy use and reducing carbon footprints.
Georgia Power is closely monitoring severe weather expected to impact Georgia on New Year's Day. Heavy rain and saturated soil could lead to downed trees and power outages. The company urges customers to prepare by checking emergency kits and staying informed through their storm resources. Storm safety tips include assessing risks before storms, seeking shelter during storms, and avoiding contact with downed power lines afterward. Georgia Power emphasizes its readiness, backed by investments in Smart Grid technology to enhance service reliability.
Georgia Power announced the distribution of 8,000 energy efficiency kits and 150,000 ENERGY STAR® LED bulbs to income-qualified customers in Georgia. The energy kits aim to improve home efficiency and reduce electricity costs. Items included in the kits are LED bulbs, heat shrink wrap, furnace filters, and more. The LED bulbs are expected to save users up to 90% on energy costs. This initiative reflects Georgia Power's commitment to providing affordable energy solutions and enhancing customer satisfaction.
Georgia Power, a subsidiary of Southern Company (NYSE: SO), has shared energy efficiency tips for customers as winter approaches. Key suggestions include maximizing natural sunlight, maintaining heating systems, installing smart thermostats, and improving insulation. The company encourages customers to explore its online Marketplace for energy-efficient products and tools, aiming to help reduce energy costs. Georgia Power prioritizes delivering reliable and affordable energy to over 2.6 million customers, focusing on customer satisfaction and maintaining rates below the national average.
Southern Company announced the appointment of Chris Cummiskey as the new Chief Commercial and Customer Solutions Officer effective January 1, 2021, succeeding Mark Lantrip, who is retiring after 40 years. Cummiskey's role focuses on delivering growth and customer solutions across subsidiaries, emphasizing customer satisfaction and collaboration.
Lantrip's retirement will be effective in April 2021. He has been instrumental in the company’s innovation and growth strategies. Southern Company continues to prioritize a transition to net zero emissions, aligning with its commitment to sustainability and clean energy solutions.
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.
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