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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.
Northern Illinois Community Initiatives (NICI) has awarded $700,000 in Impact Grants to seven nonprofits in Rockford, Joliet, and South Suburban Cook County. These grants aim to boost economic mobility, commercial development, and small business support in underserved communities within Nicor Gas' service areas.
Founded in 2021 by Nicor Gas with a $20 million endowment from Southern Company Gas (SO), NICI's mission is to attract investment and connect resources to these communities. Each selected nonprofit will receive a $100,000 grant to support various economic and workforce development programs.
The Impact Grants are part of NICI's broader initiative to create opportunities and foster economic prosperity in areas that need it most. Community leaders have welcomed these grants, recognizing their potential for transformative change in their respective regions.
Southern Company (SO) has declared a quarterly dividend of $0.72 per share on its common stock. The dividend is payable on September 6, 2024, to shareholders of record as of August 19, 2024. This announcement continues Southern Company's impressive track record of 76 consecutive years of paying dividends that are either equal to or greater than the previous quarter. This consistent dividend policy demonstrates the company's commitment to providing steady returns to its shareholders and reflects its financial stability in the utility sector.
Southern Company has announced a collaboration with Sightline Climate to enhance its understanding and deployment of climate technology. This partnership aims to leverage Sightline's market data and insights platform to accelerate the adoption of clean energy solutions. By developing comprehensive datasets and analysis tools, Southern Company intends to evaluate sector readiness and identify commercial opportunities within the climate tech industry. Robin Lanier, Director of New Ventures for Southern Company, emphasized the strategic nature of this partnership in reinforcing their commitment to innovative solutions. Kimberly Zou, CEO of Sightline Climate, highlighted the significance of Southern Company joining their Development Partners Program, underlining their shared objective of moving climate commitments to actual deployments.
Georgia Power, a subsidiary of Southern Company, has partnered with the U.S. Army Garrison Fort Eisenhower in a $72 million utility energy service contract (UESC). This initiative aims to enhance the energy efficiency and resilience of the 55,000-acre military installation near Augusta, GA. The project, the largest of its kind in Georgia Power's history, will focus on upgrading lighting systems, mechanical controls, on-site generation, and water conservation. Expected to be completed by Q1 2026, the upgrades will replace old diesel generators with modern natural gas systems, leading to an estimated $6 million in annual energy cost savings and a significant reduction in greenhouse gas emissions.
Southern Company announced a collaboration with Singularity Energy to enhance grid carbon reporting. The initiative focuses on providing customers with transparent and detailed carbon emissions data linked to their energy usage. This effort supports Southern Company's commitment to achieving net-zero greenhouse gas (GHG) emissions by 2050. A recent memorandum of understanding (MOU) with the U.S. General Services Administration (GSA) underscores this goal, aiming to develop a certification and reporting process for Renewable Energy Certificates and Scope 2 emissions. The partnership with Singularity will leverage operational data and customer usage information to offer hourly emissions data, aiding customers in decarbonization strategies. Southern Company continues to lead in sustainable energy solutions through innovative research and collaborations.
Southern Company will release its Q2 2024 earnings on August 1 at 7:30 a.m. EST. Chairman, President, and CEO Christopher C. Womack, along with CFO Daniel S. Tucker, will host a conference call for financial analysts at 1 p.m. EST on the same day to discuss the results. A live webcast of the call will be available to investors, media, and the public on the company's investor relations website, with a replay accessible for 12 months.
Georgia Power, a Southern Company subsidiary, has partnered with U.S. Army Garrison Fort Eisenhower on a $72 million utility energy service contract (UESC) aimed at enhancing energy efficiency, resiliency, and reducing greenhouse gas emissions at the 55,000-acre military installation near Augusta, Georgia. This initiative, the largest UESC in Georgia Power's history, includes upgrading lighting, mechanical systems, on-site generation, and water conservation. Key improvements involve replacing aging diesel generators with new natural gas systems, projected to save $6 million annually in energy costs. Coordinated by Georgia Power and PowerSecure, the project is expected to be completed by Q1 2026.
Georgia Power has expanded its 'Income-Qualified Senior Discount' to assist more customers with incomes. Approved by the Georgia Public Service Commission in December 2023, the expanded program took effect on May 1, 2024. It aims to benefit tens of thousands more annually, with a $33.50 monthly discount for eligible participants. This includes seniors, those on Social Security Disability Insurance, Supplemental Security Income, or HUD Section 8. The company also offers other income-qualified programs like Energy Assistance for Savings & Efficiency (EASE) and collaborates with community agencies for additional support. For full details, visit Georgia Power's website.
Nicor Gas has released its 2023 Community Impact Report, showcasing its commitment to supporting Illinois communities through philanthropic efforts. In 2023, Nicor Gas and its foundations donated over $5.3 million to more than 160 nonprofits in Northern Illinois. The report focuses on three strategic areas: supporting basic needs, protecting the environment, and enabling economic opportunity.
Key achievements include providing 5.4 million meals and 237,000 nights of shelter, maintaining 10,000 acres of open space, and fostering economic growth through partnerships with organizations like the Quad County Urban League. Nicor Gas aims to further community enrichment, diversity, environmental stewardship, and education.
As summer heat intensifies in Georgia, Georgia Power is offering tips and tools for customers to save on energy bills. Recommendations include setting thermostats to 78 degrees, using fans, changing air filters regularly, washing full laundry loads with cold water, and using outdoor grills instead of indoor stoves. Moreover, closing curtains during peak hours and unplugging unused devices can also help. Customers can benefit from programs like the Free Online Energy Checkup, Home Energy Improvement Program (HEIP), and Energy Assistance for Savings & Efficiency Program (EASE) for additional savings. Georgia Power remains committed to energy efficiency and affordability, making various resources and flexible rate plans available to residents.
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