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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.
Georgia Power, a subsidiary of Southern Company, announced an ambitious plan to convert 50% of its fleet vehicles to electric by 2030. This initiative aligns with a broader corporate goal towards fleet electrification and sustainability. The company will invest $6 million over three years in fast-charging EV infrastructure statewide, having already installed 41 fast chargers. Additionally, Georgia Power is providing resources and incentives for EV adoption among customers, contributing to the state's aim of becoming a leading EV-friendly region.
On Sept. 28, 2020, Southern Company announced an ambitious goal to electrify 50% of its fleet vehicles by 2030, aligning with its broader commitment to sustainability and clean energy. This initiative comes in conjunction with the company's target of achieving net zero greenhouse gas emissions by 2050. Southern Company emphasizes that this shift not only benefits the environment but also creates economic opportunities for communities. Their efforts are part of National Drive Electric Week, a campaign aimed at promoting electric vehicles and their benefits.
Virginia Natural Gas (VNG) is enhancing its infrastructure and gas procurement strategies to meet increased energy demand for the upcoming heating season. Key projects include the operational Southside Connector pipeline, which has already saved customers an estimated $2.5 million by enabling cost-effective gas purchases. VNG is also stockpiling natural gas purchased at lower prices to ensure reliability and affordability for its nearly 300,000 customers in southeast Virginia. These efforts are part of VNG's commitment to providing safe, clean, and affordable natural gas supply.
Georgia Power has made substantial progress in restoring power to customers following Hurricane Sally, with approximately 88,000 customers restored since midnight. As of 5 p.m., about 9,800 customers remained affected across 337 outage cases. The estimated restoration times indicate that power will be restored to most affected areas by this evening, particularly in Western Georgia and North DeKalb. The company's advanced electric system has enabled effective rerouting and restoration, despite challenging weather conditions.
Georgia Power has initiated restoration efforts after Hurricane Sally affected Georgia, leaving approximately 28,000 customers without power as of 11 a.m. EDT on September 17, 2020. The company is addressing around 675 damage reports statewide. While weather conditions are improving, potential scattered outages may still occur. Georgia Power encourages safety by advising against touching downed power lines and offers various tools for customers, including Outage Alerts and a mobile app for real-time updates.
As Hurricane Sally impacts Alabama, Georgia Power is prepared to assist recovery efforts, having deployed approximately 500 personnel to the affected areas. The company's resources can be shared easily across its system, ensuring rapid response to service interruptions. With a focus on safety, Georgia Power is coordinating with other utilities to expedite power restoration while also providing safety tips for customers during the hurricane season.
For reliable service and customer support, Georgia Power emphasizes its commitment to delivering safe, affordable energy throughout Georgia.
Southern Company has elected Colette D. Honorable as an independent director, effective Oct. 1, 2020. Honorable brings extensive energy policy and regulation experience, having served as a FERC commissioner from Jan. 2015 to June 2017. Her knowledge is expected to strengthen Southern Company's governance and risk oversight. Honorable's background includes leadership roles at the Arkansas Public Service Commission and significant contributions to energy efficiency programs. The company emphasizes its commitment to corporate governance and diversity through her appointment.
Georgia Power is actively monitoring Hurricane Sally as it approaches Georgia, coordinating with emergency partners. Customers are advised to prioritize safety and prepare with emergency kits. The company offers resources such as an Outage Alert service and an interactive Outage Map for real-time updates on power outages. With a commitment to reliability, Georgia Power leverages Smart Grid technology and has implemented pandemic response measures to ensure customer and employee safety during service interruptions. Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO).
Georgia Power, serving 2.6 million customers, is promoting National Preparedness Month in collaboration with FEMA and GEMA this September. The initiative urges customers to prepare for emergencies with essential safety tips. Key recommendations include building an emergency kit, having a communication plan, and understanding local risks. The company also highlights tools such as the Outage Map and Outage Alerts for efficient safety management. Committed to delivering reliable energy at competitive rates, Georgia Power emphasizes safety and proactive measures for severe weather preparedness.
Southern Company has been awarded the prestigious EEI Edison Award for its excellence in energy storage research and development initiatives. The recognition highlights the company's leadership in advancing energy storage technology, including the Energy Storage Research Center in Birmingham, Alabama. This marks the fifth time Southern Company has received this accolade, further emphasizing its commitment to a net-zero carbon future and innovation in the electric utility industry. The award acknowledges collaboration with various partners, including federal agencies and research institutions.
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