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 and Georgia 811 have launched a new public service announcement (PSA) for 811 Day on August 11, emphasizing the importance of contacting the national 'Call Before You Dig' number. The PSA, available in English and Spanish, features Georgia Power employees and Georgia 811's mascot, Digger Dog. Both customers and excavators are advised to call 811 at least three business days before starting any digging projects to have underground facilities marked.
Georgia Power is celebrating 50 years of partnership with Georgia 811, which now includes over 850 utility members and processes more than 1.3 million tickets annually. The initiative aims to prevent damage to underground utilities and ensure safety. For more information, visit www.GeorgiaPower.com/Dig.
Georgia Power is celebrating Generation Appreciation Month this August, highlighting diverse career opportunities in power plants. The company employs over 1,100 team members across the state in various roles, including Engineering, Maintenance, and Operations. Georgia Power hired 80+ team members last year and expects this trend to continue. The company emphasizes its diverse generation mix, including traditional and renewable sources, and the need for an equally diverse workforce.
The company's generation fleet maintained high reliability in 2023, with a low equivalent forced outage rate (EFOR) of 1.49%. Georgia Power continues to add renewable energy and battery storage to its mix while focusing on reliability. The company invites potential employees to explore career opportunities in power generation, offering strong training programs and apprenticeships.
Ericsson (NASDAQ: ERIC) has announced a landmark collaboration with NRTC, Southern Linc, and Anterix (NASDAQ: ATEX) to deliver cutting-edge private network solutions to electric cooperatives across the United States. This partnership aims to provide reliable, resilient, and secure network infrastructure for modernizing grid infrastructure.
Key aspects of the collaboration include:
- NRTC augmenting its fiber capabilities with Ericsson's cellular and microwave technologies
- Southern Linc providing core hosting solutions
- Anterix offering 900 MHz spectrum and ecosystem access
- Enabling co-ops to construct, own, and maintain LTE/5G-ready sites
This initiative is set to revolutionize co-op communications, setting new standards for reliability and security in the digital age.
Georgia Power is mobilizing restoration teams as Hurricane Debby approaches Georgia. The company has pre-positioned resources and deployed its Mobile Command Center to southern Georgia to ensure a swift response to potential power outages and damages. Customers are urged to stay safe and weather-aware, finalizing emergency plans and following official advice.
Georgia Power offers various tools to keep customers informed, including Outage Alerts, a mobile app, and an interactive Outage Map. The company emphasizes safety tips for before, during, and after the storm, such as unplugging major appliances, taking shelter away from windows, and avoiding downed power lines.
As the largest electric subsidiary of Southern Company (NYSE: SO), Georgia Power serves 2.7 million customers across Georgia, focusing on value, reliability, customer service, and stewardship.
Southern Company reported second-quarter 2024 earnings of $1.2 billion, or $1.10 per share, compared to $838 million, or 77 cents per share, in Q2 2023. Excluding certain items, adjusted earnings were $1.2 billion, or $1.10 per share, up from $868 million, or 79 cents per share, in Q2 2023. Operating revenues increased 12.4% to $6.5 billion. For the first half of 2024, earnings were $2.3 billion, or $2.13 per share, compared to $1.7 billion, or $1.56 per share, in the same period of 2023.
Key drivers for the improved earnings included higher utility revenues, partially offset by increased interest expense, depreciation and amortization, and income taxes. The company noted strong business fundamentals and robust economic development in its Southeastern service areas.
The Rockefeller Foundation announced John W. Rogers Jr. as the new Chair of the Economic Opportunity Coalition's (EOC) Management Committee. Edison International, Exelon (EXC), and Southern Company have joined the EOC with new procurement commitments, alongside existing members Xcel Energy, Micron, and Air Products. The EOC aims to strengthen domestic supply chains and build wealth in underserved communities through targeted procurement practices.
Companies partnering with the EOC have collectively purchased over $10 billion in products and services from small and historically underutilized businesses. The EOC Business Procurement pledge includes sponsoring technical assistance programs and allocating at least 15% of U.S.-based contracting spending to small and underutilized businesses by 2026. EOC members also committed more than $1 billion in deposits to Community Development Financial Institutions and Minority Depository Institutions in 2023.
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.
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