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 announced Chris Womack's appointment as the new chairman, president, and CEO of Georgia Power, effective upon Paul Bowers' retirement in April 2021. Womack, currently the executive vice president and president of External Affairs, will assume leadership responsibilities starting November 1, 2020. Bowers has led Georgia Power for over a decade, achieving industry recognition for customer service and maintaining competitive rates. The transition comes as the company prepares for the fuel load of Vogtle Unit 3, expected in April 2021, marking a significant milestone in its nuclear project.
Georgia Power has announced the election of Chris Womack as the new chairman, president, and CEO, succeeding Paul Bowers, who will retire in April 2021. Womack, currently Southern Company's executive vice president, will begin his role at Georgia Power on November 1, 2020. Bowers noted the importance of transitioning leadership as the company prepares for the upcoming fuel load of Vogtle Unit 3. Womack brings extensive experience in the energy sector, having worked with Southern Company since 1988, and aims to continue building a clean energy future for Georgia Power's 2.6 million customers.
Hurricane Zeta has impacted Georgia Power operations, causing over 550,000 customers to lose power due to severe weather conditions including high winds and heavy rain. Damage assessment will start once conditions are safe, and repair efforts may take time. Georgia Power is part of a mutual assistance network to expedite restoration. The company has reported over 3,500 individual damage cases. Safety tips emphasize avoiding downed wires and saturated ground. Georgia Power remains committed to reliable service and customer safety.
Southern Company reported a decrease in third-quarter 2020 earnings, totaling $1.25 billion or $1.18 per share, down from $1.32 billion or $1.26 per share in Q3 2019. For the first nine months of 2020, earnings were $2.73 billion or $2.58 per share, compared to $4.30 billion or $4.12 per share in the same period last year. Operating revenues also fell to $5.6 billion, a 6.3% decline year-over-year. Factors affecting earnings include reduced sales from COVID-19 and milder weather, although cost management helped offset some losses.
Georgia Power is closely monitoring Hurricane Zeta as it approaches the Gulf Coast, coordinating with emergency partners and power companies to prepare for potential service interruptions. The company urges customers to stay safe and prepare for possible outages due to saturated soil and high winds. They offer tips for before, during, and after a storm, emphasizing safety precautions. Georgia Power maintains readiness through pandemic plans to ensure reliable service and highlights resources such as outage alerts and an interactive outage map for customer assistance.
The Southern Company is under a proposed settlement of $87.5 million related to a class action lawsuit for shareholders who bought its common stock between April 25, 2012, and October 30, 2013. A court hearing will occur on January 14, 2021, to approve the settlement as fair and adequate, and to award attorney fees. Class members must submit a Proof of Claim by February 18, 2021, to be eligible for distribution from the settlement fund. Failure to submit the claim may result in rejection and loss of recovery.
Southern Company Gas announced the election of two new directors, Norman G. Holmes and Vanessa Allen Sutherland, enhancing its leadership team. Holmes, with over 40 years in the natural gas pipeline sector, brings extensive regulatory and business development experience. He previously negotiated a strategic venture with Southern Company. Sutherland, an expert in environmental compliance and public policy, currently serves as executive vice president at Norfolk Southern. These appointments are aimed at strengthening the company’s commitment to delivering reliable and sustainable natural gas options.
Georgia Power is gearing up for potential service interruptions as Tropical Storm Zeta approaches the Gulf Coast, likely impacting its service areas in Georgia. With concerns over saturated soil and high winds, the company encourages customers to prepare for possible outages. They are monitoring the storm and ready to coordinate with other utilities for assistance. Preparations include safety tips for before, during, and after the storm, as well as resources like the Outage Map and alerts for effective communication.
Georgia Power has filed an update regarding the Vogtle nuclear expansion project, announcing the completion of significant milestones for Unit 3. As of now, Unit 3 construction is approximately 94% complete, with the focus shifting to hot functional testing, scheduled for January 2021, followed by fuel load in April 2021, and in-service operation expected by Q3 2021. The company remains committed to its regulatory-approved dates for both Units 3 and 4, with Unit 4's in-service date adjusted to June 2022 due to continued progress.
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