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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 announced significant progress in safely closing all 29 ash ponds at its coal-fired power plants across Georgia. Currently, 19 ash ponds are being excavated, while 10 will be securely closed in place. Notable achievements include halting coal ash receipt at all ponds, ongoing dewatering at six sites, and recycling over 85% of ash and gypsum produced. The company has also expanded its groundwater monitoring network to over 550 wells. Georgia Power's efforts comply with federal and state Coal Combustion Residual regulations and aim to protect local water quality.
Southern Company plans to announce its third-quarter 2020 earnings on Oct. 29 at 7:30 a.m. EDT. A conference call led by CEO Thomas A. Fanning and CFO Andrew W. Evans will follow at 1 p.m. EDT. Investors can access a live webcast of the call, with replays available for up to 12 months. Serving 9 million customers, Southern Company focuses on delivering reliable energy through its diverse portfolio, including renewables, natural gas, and nuclear energy. The company emphasizes innovation and customer service.
Georgia Power is encouraging its 7,000 employees to participate in the upcoming November 3 general election by providing accessible voter information resources. The company highlights the importance of voting as a civic duty and encourages employees to practice COVID-19 safety measures while voting. Key dates include voter registration, which must be completed by October 5, and early voting from October 12 to October 30. Georgia Power aims to promote community engagement and ensure a safe voting process.
Georgia Power's typical residential customer will receive a $13 credit on their October bill, part of a $61.6 million one-time credit approved by the Georgia PSC. This credit, combined with lower fuel rates, results in a total reduction of over $18 for the month. Customers will see a cumulative total of more than $46 in credits this year. Earlier this year, credits of $11.29 in June and $22 in February were implemented due to financial results and tax legislation, respectively. Georgia Power maintains rates below the national average while ensuring reliable service.
Georgia Power encourages customers to implement energy-saving measures to reduce costs during fall's variable temperatures. Key tips include utilizing natural sunlight, optimizing heating and cooling systems, and reviewing rate plans. Notable rate options include Pay by Day, Smart Usage, and FlatBill, which cater to diverse customer needs. The company emphasizes the importance of insulation and maintenance in achieving energy efficiency. Georgia Power, a subsidiary of Southern Company (NYSE: SO), serves 2.6 million customers in Georgia, delivering reliable energy at competitive rates.
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.
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