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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.
The TOUR Championship has been recognized as a GEO Certified® Tournament for the first time in its history. They are delivering 100% renewable energy for the event, aligning with their goal of achieving net-zero emissions by 2050. The recognition showcases their commitment to sustainability.
Solar energy accounted for over 50% of new U.S. electricity generating capacity in 2023, with a record 32.4 gigawatts added to the grid, a 51% increase from 2022. Southern Company and its subsidiaries lead the solar expansion in the Southeast, with plans to triple solar capacity by the early 2030s. The company aims to have around 20,000 MW of renewable capacity and storage by 2030, contributing to a net-zero greenhouse gas emissions goal by 2050.
Southern Company (NYSE: SO) announced the pricing of $1.3 billion in Series 2024A 4.50% Convertible Senior Notes due June 15, 2027, reflecting an upsize of $200 million. The Convertible Notes will have an initial conversion rate of 10.8166 shares of common stock per $1,000 principal amount, with an initial conversion price of approximately $92.45 per share. The offering is expected to close on May 9, 2024. Southern Company intends to use the proceeds to repay commercial paper borrowings and for general corporate purposes.
Southern Company (NYSE: SO) announced an offering of $1.1 billion in convertible senior notes due June 15, 2027, to qualified institutional buyers. The terms of the notes will be determined at pricing, with interest paid semiannually. The company plans to use the proceeds to repay commercial paper borrowings and for general corporate purposes.
Southern Company reported first-quarter earnings of $1.1 billion, or $1.03 per share, in 2024 compared to $862 million, or 79 cents per share, in the first quarter of 2023. Adjusted earnings drivers included higher utility revenues offset by increased expenses. Operating revenues for Q1 2024 were $6.6 billion, a 2.6% increase from Q1 2023. The company highlighted the achievement of commercial operation at Plant Vogtle Unit 4, making it the largest generator of clean energy in the US.
PROPEL and Southern Company have launched the HBCU Cybersecurity Consortium, aiming to bridge the gap in cybersecurity talent shortage by providing industry-aligned education and opportunities for HBCU students and faculty. This groundbreaking initiative will offer professional development, accelerated learning, and a workforce pipeline to enhance skills and prepare future cybersecurity professionals.
Southern Power, a subsidiary of Southern Company, has announced the expansion of its Millers Branch Solar Facility in Texas, adding 180 MW to the existing 200 MW project. The total capacity could reach 500 MW. The project aims to provide renewable energy solutions to diverse customers and communities, with commercial operation expected in the second quarter of 2026. Various companies have signed power purchase agreements to support the environmental attributes of the expansion. This move aligns with Southern Power's strategy of bolstering its wholesale business through long-term contracts with reliable partners.
Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, has announced the operational status of the 150MW South Cheyenne Solar Facility in Wyoming. This marks their 30th solar facility and first in Wyoming, contributing to their clean energy fleet spanning from California to Maine. The facility will generate electricity under a 20-year agreement with Cheyenne Light, Fuel and Power, supporting a data center customer. Acquired from Qcells USA Corp., the project created over 200 jobs and adds to Southern Power's 2,740MW solar portfolio within a 5,280MW renewable fleet strategy.
Alabama Power announced the election of Lee Goodloe, Larry Howell, and Will Wilson to its Board of Directors. The company expressed enthusiasm for their leadership and expertise, highlighting the valuable perspectives they bring. Goodloe, Howell, and Wilson each have impressive backgrounds in their respective industries, with a focus on manufacturing, wooden pallet production, and real estate investment.
Georgia Power announced that Plant Vogtle Unit 4 has entered commercial operation, making it the largest generator of clean energy in the U.S. The plant can power 500,000 homes and businesses, offering reliable, emissions-free energy for at least 60-80 years. With all four units in operation, Plant Vogtle is expected to produce over 30 million megawatt hours of electricity annually.
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