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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.
Dr. Selwyn M. Vickers, senior vice president of medicine and dean at the University of Alabama School of Medicine, has been appointed to the board of directors of Alabama Power. This decision, announced on September 3, 2020, was welcomed by Mark Crosswhite, Alabama Power's chairman, highlighting Vickers' expertise as valuable for the company and its customers. Vickers is a renowned pancreatic cancer surgeon and researcher, actively engaged with UAB Medicine and multiple prestigious medical associations. Alabama Power is a subsidiary of Southern Company (NYSE: SO), serving over 1.4 million customers.
Georgia Power, the largest non-governmental recreation facility provider in Georgia, reminds customers and vacationers about safety guidelines as Labor Day weekend approaches. The company emphasizes adherence to social distancing and safety protocols advised by health authorities. With a surge in visitors expected at Georgia's lakes, Georgia Power stresses water and boating safety, highlighting critical tips from the SPLASH initiative to prevent drowning, particularly for young children, who are at a higher risk. For detailed safety information, visit Georgia Power's website.
Georgia Power announced a one-time $12 credit for typical residential customers using 1,000-kilowatt hours on their October bill, as approved by the Georgia Public Service Commission. This credit is part of a $61.6 million customer relief program stemming from Georgia Power's 2019 financial results. Customers who had accounts active as of December 31, 2019, will receive this and two other credits this year, totaling over $45. Combined with lower fuel rates, customers will experience a reduction exceeding $17 in their October bills.
Georgia Power reported that the Vogtle nuclear expansion project is now approximately 87% complete, with in-service dates set for November 2021 for Unit 3 and November 2022 for Unit 4. The company achieved critical testing milestones for Unit 3, including closed vessel testing and successful completion of the final module placement. More than 7,000 workers are currently on site, with over 800 permanent jobs expected once operations begin. Georgia Power emphasizes that safety and quality remain top priorities amidst the ongoing COVID-19 pandemic.
As Hurricane Laura made landfall, Georgia Power dispatched approximately 100 personnel to Baton Rouge to assist Entergy Louisiana with storm restoration efforts. An additional 300 support staff stand ready for further assistance. Georgia Power's mutual assistance network allows collaboration with other utilities to restore power efficiently. The company has also implemented pandemic preparedness measures to ensure the safety of its teams and customers during storm responses.
Georgia Power is mobilizing crews to assist Entergy Louisiana in response to Hurricane Laura. Crews are prepared to tackle potential service interruptions while strictly adhering to pandemic protocols. The company collaborates with a mutual assistance network, enabling it to provide and receive support during major storms. Historically, Georgia Power has requested aid during previous hurricanes. Additionally, the company emphasizes its commitment to customer safety and operational readiness amidst the ongoing pandemic, ensuring reliable energy distribution.
Georgia Power is actively preparing to assist utilities affected by Hurricane Laura as the storm approaches the Gulf Coast. The company is coordinating with a network of utilities for mutual aid, ensuring a rapid restoration of power. Customers are reminded of safety measures during the hurricane season and are encouraged to utilize resources such as the Outage Map and the Georgia Power mobile app for real-time updates. The company is also implementing pandemic precautions to protect its workforce while maintaining service reliability.
Southern Company Gas announces the appointment of Robert Duvall as president of Virginia Natural Gas, effective Sept. 4, succeeding Jim Kibler who is retiring. Kibler will advise the company until year-end. Under Kibler's leadership, the company reduced methane emissions by 50% while expanding operations. Duvall returns with experience in customer operations and has previously led initiatives that earned high customer service ratings. The company aims to deliver safe and affordable fuel while committing to environmental goals.
Georgia Power has introduced a new "Pay by Day" rate plan, allowing residential customers to manage their energy payments with a fixed daily price for electricity for one year. This prepaid service helps customers avoid price fluctuations during extreme weather. Customers can sign up by calling 1-800-642-4590 and can contribute funds online or at authorized locations. Additionally, 25% of payments from customers with past-due balances will be applied to outstanding amounts, with no late fees if paid by April 2021. This plan follows a pilot program approved by the Georgia Public Service Commission.
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