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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 has appointed Jill Campbell to its board of directors, effective August 19, 2020. Campbell, currently the executive vice president and chief people and operations officer for Cox Enterprises, brings extensive leadership experience managing over 55,000 employees. Her past roles include overseeing operations at Cox Communications. Paul Bowers, CEO of Georgia Power, noted that Campbell's corporate strategy expertise will enhance the company's efforts toward a sustainable energy future. Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO).
Georgia Power encourages customers to take advantage of energy efficiency programs to save on summer electric bills. Simple measures, such as setting thermostats to 78 degrees and replacing inefficient appliances, can lead to significant savings. The company estimates that residential customers saved approximately $300 million over the past five years through these initiatives. Additionally, the Georgia PSC approved a 17.2% reduction in fuel rates and a $51.5 million credit for residential customers, offering further financial relief this summer.
Georgia Power encourages customers to adopt energy efficiency measures to save on summer electric bills. Over the past five years, participating customers have saved approximately $300 million through various programs approved by the Georgia Public Service Commission. The Home Energy Improvement Program (HEIP) offers rebates of up to $600 annually for energy upgrades, while customers can also benefit from LED lighting and programmable Smart Thermostats. Various assistance programs are available for low-income households, including senior citizen discounts.
Georgia Power and Georgia 811 are collaborating to promote safety on National 811 Day (August 11) by urging customers to call 811 before digging. This initiative helps prevent dangerous accidents and power outages caused by unmarked underground utilities. The company emphasizes compliance with the Georgia Dig Law, which mandates contacting Georgia 811 for utility line marking. Customers can make location requests at no cost, with professionals dispatched to mark lines. This effort underscores Georgia Power's commitment to safety and public awareness.
Cox Automotive Mobility's Pivet Atlanta facility has partnered with Georgia Power and ChargePoint to complete a major electric vehicle (EV) charging installation, marking one of the largest in the Southeast. The facility now features 20 Level 2 fleet chargers and a combination of DC Fast Chargers to support fleet electrification, including Lyft programs. This project addresses the charging gaps in South Metro Atlanta, aiming to facilitate a transition to zero-emission vehicles. Built with future EV expansion in mind, the infrastructure will help analyze charging needs, enhancing efficiency and supporting the electrified fleet future.
Atlanta Gas Light has launched the Do Your Part campaign to promote safe digging practices by encouraging the public and contractors to call 811 before any excavation. Every three minutes, a utility line is damaged during digging, often due to a lack of proper notification. Between April 1 and July 16, 245 projects occurred without 811 calls, with 173 from construction companies. The campaign includes digital ads and public artwork across Atlanta to raise awareness, aiming to prevent damages that can disrupt services and incur costs.
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.
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