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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 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.
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.
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