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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 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.
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.
Georgia Power is promoting Careers in Energy Week from October 19-23, 2020, by launching poweringcareers.com, aimed at high school students and career influencers. The initiative seeks to raise awareness about energy careers and their significance. The company emphasizes workforce development as essential for supporting Georgia's economy, partnering with educational institutions to prepare students for future energy jobs. A virtual event on October 20 will showcase various careers in energy, highlighting Georgia Power's commitment to fostering a skilled workforce.
Southern Company has declared a quarterly dividend of 64 cents per share on its common stock, payable on Dec. 7, 2020, to shareholders on record by Nov. 16, 2020. This marks over 70 consecutive years of quarterly dividends at or above the prior quarter's rate. Southern Company serves 9 million customers across three states, focusing on clean, reliable, and affordable energy solutions. The company prioritizes customer service and innovation, maintaining affordable prices below the national average.
Georgia Power announced the completion of cold hydro testing for Vogtle Unit 3, now 94% complete, as part of its nuclear expansion project. This milestone paves the way for hot functional testing ahead of initial fuel load. The overall Vogtle expansion project is 88% complete. The company expects to meet the regulatory-approved in-service dates of November 2021 and 2022 for Units 3 and 4, respectively. With over 7,000 workers on site and 800 permanent jobs expected, this project will provide carbon-free energy for over 500,000 homes.
Georgia Power employees have raised over $35,000 this year and more than $2 million since 1997 for the American Cancer Society (ACS) through the annual 'Run for the Reason' relay event, despite challenges posed by the COVID-19 pandemic. The fundraising has transitioned to virtual formats, enabling continued support for critical research. Additionally, employees contributed over $23,000 to ACS's 'Relay for Life' events. ACS anticipates 1.8 million new cancer cases and 606,320 deaths in the U.S. this year, with a total investment of over $4.9 billion in cancer research since 1946.
Georgia Power encourages customers to review their rate plans to optimize energy costs amid seasonal changes. The company offers various plans including Pay by Day, Smart Usage, FlatBill, Plug-In Electric Vehicle (PEV), Nights & Weekends, PrePay, and standard Residential Services. Resources for energy savings and customized reports through an Online Energy Checkup are also available. Georgia Power aims to provide reliable energy at competitive rates and is recognized for customer satisfaction, serving 2.6 million customers across Georgia.
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