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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.
Atlanta Gas Light is allocating $1 million for low-income energy assistance to help customers pay natural gas bills and improve appliance efficiency. The funding targets agencies like United Way, St. Vincent de Paul, H.E.A.T., and Project SHARE of the Salvation Army, enhancing their ability to support families in need. This initiative aims to expand outreach during the pandemic while ensuring service continuity despite the Georgia Public Service Commission's approval for resuming service disconnections for nonpayment. This funding is critical for maintaining services for over 1.6 million customers.
Georgia Power reaffirmed its commitment to safe operations at Plant Scherer in Juliette, Georgia, following a lawsuit filed on July 29. The company plans to vigorously defend itself, believing the claims are without merit, similar to a similar case from 2013 that was voluntarily dismissed. The plant has operated for nearly four decades, generating 3,720 megawatts of electricity to power over two million homes. Georgia Power emphasizes its adherence to environmental standards in closing its ash pond and ongoing groundwater monitoring to ensure water quality.
Georgia Power has launched its new Customer-Connected Solar Program (CCSP), a 25 MW initiative to enhance renewable energy in Georgia. Approved by the Georgia Public Service Commission in May 2020, the program allows customers to generate and sell solar energy back to the utility, which will purchase 100% of the output. Applications are accepted until January 2022 or until the capacity is filled. The initiative aims to add up to 1,400 MW of solar capacity by 2021, building on the company’s existing 1,625 MW of solar generation.
Southern Company reported a second-quarter 2020 net income of $612 million (58 cents per share), down from $899 million (86 cents per share) in the same period last year. The six-month earnings totaled $1.48 billion ($1.40 per share), a decrease from $2.98 billion ($2.86 per share) in 2019. Operating revenues fell 9.4% to $4.62 billion for the quarter, primarily due to lower fuel costs and reduced sales from the COVID-19 pandemic. Despite these challenges, management highlighted diligent cost control and ongoing progress in nuclear construction.
Georgia Power has introduced a series of interactive videos aimed at helping children engage with STEM topics from home during the summer. These videos provide hands-on activities using common household items, focusing on concepts such as energy transformation and solar energy. The Learning Power program, which partners with Georgia educators, has reached over 790,000 students since 2011, offering free educational resources aligned with state standards. Georgia Power, the largest electric subsidiary of Southern Company (NYSE: SO), is committed to providing reliable energy and exceptional customer service.
Southern Company has announced a regular quarterly dividend of 64 cents per share on common stock, payable on Sept. 8, 2020. Shareholders of record as of Aug. 17, 2020 will receive this dividend. The company has maintained its dividend payment for over 70 years, consistently matching or exceeding previous quarter amounts. Serving 9 million customers, Southern Company is committed to providing reliable and affordable energy while advancing sustainable energy solutions.
The board of directors of Alabama Power Company has declared quarterly dividends on preferred stock for the quarter ending September 30, 2020. Dividends include $1.05 per share for 4.20%, $1.13 for 4.52%, $1.15 for 4.60%, $1.16 for 4.64%, $1.18 for 4.72%, and $1.23 for 4.92%. For Class A Preferred Stock, the dividend is $.3125 per share at a 5.00% rate. Payment will occur on October 1, 2020, to shareholders of record on September 16, 2020. Alabama Power serves over 1.4 million customers with electricity prices below the national average.
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