Welcome to our dedicated page for The Southern Company news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on The Southern Company stock.
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 has introduced a special payment plan to assist customers facing past-due balances due to the COVID-19 pandemic, allowing payment over six months from October 2020 to March 2021 without late fees. Disconnections are suspended until July 15. Customers can switch to the PrePay plan to pay their outstanding balances. Additionally, the Georgia Public Service Commission approved a 17.2% reduction in fuel rates, saving residential customers around $10.26 monthly through September 2020. Further, a $51.5 million credit will be issued in June.
On July 14, 2020, Southern Company Gas announced that three of its local distribution companies—Chattanooga Gas, Nicor Gas, and Virginia Natural Gas—were named among the 2020 Most Trusted Business Partners in the utility industry by Escalent. The recognition resulted from their efforts to support businesses during the COVID-19 pandemic, providing financial assistance and resources. Chattanooga Gas ranked first, while Nicor Gas and Virginia Natural Gas secured second among their respective regions. The survey included feedback from over 14,000 business utility customers, highlighting a significant increase in trust ratings.
Georgia Power announced the successful completion of major testing milestones for the Vogtle Unit 3 containment vessel on July 13, 2020. The tests confirmed that the vessel meets all safety and construction standards, serving as a crucial protective barrier in emergencies. Key achievements include the placement of significant components and the completion of vital safety tests. With over 7,000 workers on-site, the project is vital to Georgia Power's commitment to clean energy, aiming to support over 500,000 homes once operational. The expected in-service dates for Unit 3 and Unit 4 are November 2021 and November 2022, respectively.
Georgia Power has introduced measures to help customers manage increased energy use during the summer amid COVID-19. Key initiatives include a fuel rate reduction of $10.26 per month for typical residential customers, along with a one-time credit of $11.29 on June bills. The company's My Power Usage program allows users to track energy consumption. Customers can also access energy-saving tips, assistance programs for seniors and low-income households, and rebates through GeorgiaPower.com/Save.
Southern Company is set to release its second quarter earnings on July 30, 2020, at 7:30 a.m. EDT. A conference call with Chairman and CEO Thomas A. Fanning and CFO Andrew W. Evans will follow at 1 p.m. EDT on the same day to discuss the results. Investors and the public can access a live webcast of the call on Southern Company’s investor relations website, which will be available for replay for 12 months. Southern Company serves 9 million customers across various states and is committed to providing clean and reliable energy.
Georgia Power announced a special payment plan for customers struggling with past-due balances due to the COVID-19 pandemic. Customers who enroll by July 15 can defer payments over six months, with no late fees until April 2021. The utility also suspended disconnections until July 15. Additional support includes payment options for PrePay customers and a 17.2% reduction in fuel rates, amounting to $740 million in total savings. Customers may receive a one-time credit of $11.29 on their June bill, enhancing affordability during summer months.
Georgia Power, the largest non-governmental recreation facility provider in Georgia, urges customers and vacationers to adhere to safety guidelines at its lakes during the July 4th weekend. The company emphasizes social distancing, mask-wearing, and group-size restrictions per CDC and Georgia Department of Public Health recommendations. Additionally, Georgia Power supports the SPLASH initiative to reduce drowning incidents, particularly among young children. Key water safety tips include constant supervision of children, wearing life jackets, and being aware of water conditions, ensuring a safe holiday experience.
Southern Company Gas has announced the retirement of Melvin D. Williams, president of Nicor Gas, effective Sept. 1, 2020. Williams has led significant safety improvements and infrastructure rehabilitation during his tenure, including the replacement of over 831 miles of natural gas pipeline and 100,000 service replacements. His successor will be John O. Hudson, III, who previously served as executive vice president and chief external and public affairs officer. Nicor Gas serves over 2.2 million customers in northern Illinois.
Georgia Power announced a resequencing of activities for Plant Vogtle Units 3 & 4 due to COVID-19 impacts and construction productivity challenges. For Unit 3, structural integrity testing will now precede cold hydro testing, which has been delayed to fall 2020. The company aims for a fuel load in 2020, although it's not mandatory until 2021. Current in-service dates remain set for November 2021 and 2022 for Units 3 & 4, respectively. Major milestones achieved include the placement of critical safety modules and completion of testing operations.
On June 22, 2020, Southern Company announced the creation of the Southern Energy Resources Group, uniting Southern Power, PowerSecure, and Southern Holdings under the leadership of Chris Cummiskey as Group CEO. Effective July 1, Cummiskey will oversee competitive power businesses and strategic investments for the company, which serves 9 million customers. Mark Lantrip will continue as chairman of each subsidiary. This restructuring aims to optimize services for large commercial and municipal customers while maintaining brand integrity.
FAQ
What is the current stock price of The Southern Company (SO)?
What is the market cap of The Southern Company (SO)?
What services does The Southern Company provide?
Where is The Southern Company headquartered?
What recent achievements has The Southern Company made?
What is Southern Company's commitment to renewable energy?
What is Southern Company’s involvement in the Smart Neighborhoods™ project?
How is Southern Company supporting electric vehicle adoption?
What are Southern Company’s values?
How does Southern Company support diversity and inclusion?
How has Southern Company been recognized for its corporate culture?
What is Southern Company’s financial outlook?
