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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 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.
Southern Power announced the operational status of the 136-MW Skookumchuck Wind Facility in Washington, marking its 12th wind facility and the first in the state. The facility comprises 38 Vestas-manufactured turbines and will sell electricity under a 20-year power purchase agreement with Puget Sound Energy, supporting the Green Direct program. Acquired in October 2019, the project created over 380 construction jobs. Southern Power's wind portfolio now exceeds 2,115 MW, part of a total renewable fleet of 4,510 MW across 41 facilities.
Georgia Power and Southern Company provide $1.625 million in funding for Georgia's Historically Black Colleges and Universities (HBCUs) through the Southern Company Foundation. This grant aims to enhance technology tools and infrastructure for the 2020-2021 academic year, part of a broader $50 million HBCU Initiative initiated in January 2020. Six institutions will benefit, including Morehouse College and Spelman College. The support is crucial for assisting these colleges amid pandemic challenges and fosters leadership development among HBCU students.
Georgia Power has been recognized as the number one utility for business customer satisfaction in the South by J.D. Power for 2020, marking the third consecutive year in this ranking. The evaluation, based on 18,457 responses from business customers spending at least $200 monthly on electricity, highlighted Georgia Power's excellence in price and communication. The company emphasizes its commitment to superior customer service and innovative energy solutions while maintaining rates below the national average.
Georgia Natural Gas (GNG) has initiated the call for entries for its 10th Annual TrueBlue Community Awards, focusing on nonprofits providing COVID-19 relief in Georgia. The awards offer $25,000 in grants, distributed among six nonprofits across four categories: children and education, seniors, energy assistance, and the environment. GNG has previously donated nearly $500,000 to local nonprofits. This initiative is part of Southern Company Gas's overall commitment to pandemic relief efforts, totaling over $2.5 million contributed across various communities.
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