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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.
Southern Company announced a collaboration with Singularity Energy to enhance grid carbon reporting. The initiative focuses on providing customers with transparent and detailed carbon emissions data linked to their energy usage. This effort supports Southern Company's commitment to achieving net-zero greenhouse gas (GHG) emissions by 2050. A recent memorandum of understanding (MOU) with the U.S. General Services Administration (GSA) underscores this goal, aiming to develop a certification and reporting process for Renewable Energy Certificates and Scope 2 emissions. The partnership with Singularity will leverage operational data and customer usage information to offer hourly emissions data, aiding customers in decarbonization strategies. Southern Company continues to lead in sustainable energy solutions through innovative research and collaborations.
Southern Company will release its Q2 2024 earnings on August 1 at 7:30 a.m. EST. Chairman, President, and CEO Christopher C. Womack, along with CFO Daniel S. Tucker, will host a conference call for financial analysts at 1 p.m. EST on the same day to discuss the results. A live webcast of the call will be available to investors, media, and the public on the company's investor relations website, with a replay accessible for 12 months.
Georgia Power, a Southern Company subsidiary, has partnered with U.S. Army Garrison Fort Eisenhower on a $72 million utility energy service contract (UESC) aimed at enhancing energy efficiency, resiliency, and reducing greenhouse gas emissions at the 55,000-acre military installation near Augusta, Georgia. This initiative, the largest UESC in Georgia Power's history, includes upgrading lighting, mechanical systems, on-site generation, and water conservation. Key improvements involve replacing aging diesel generators with new natural gas systems, projected to save $6 million annually in energy costs. Coordinated by Georgia Power and PowerSecure, the project is expected to be completed by Q1 2026.
Georgia Power has expanded its 'Income-Qualified Senior Discount' to assist more customers with incomes. Approved by the Georgia Public Service Commission in December 2023, the expanded program took effect on May 1, 2024. It aims to benefit tens of thousands more annually, with a $33.50 monthly discount for eligible participants. This includes seniors, those on Social Security Disability Insurance, Supplemental Security Income, or HUD Section 8. The company also offers other income-qualified programs like Energy Assistance for Savings & Efficiency (EASE) and collaborates with community agencies for additional support. For full details, visit Georgia Power's website.
Nicor Gas has released its 2023 Community Impact Report, showcasing its commitment to supporting Illinois communities through philanthropic efforts. In 2023, Nicor Gas and its foundations donated over $5.3 million to more than 160 nonprofits in Northern Illinois. The report focuses on three strategic areas: supporting basic needs, protecting the environment, and enabling economic opportunity.
Key achievements include providing 5.4 million meals and 237,000 nights of shelter, maintaining 10,000 acres of open space, and fostering economic growth through partnerships with organizations like the Quad County Urban League. Nicor Gas aims to further community enrichment, diversity, environmental stewardship, and education.
As summer heat intensifies in Georgia, Georgia Power is offering tips and tools for customers to save on energy bills. Recommendations include setting thermostats to 78 degrees, using fans, changing air filters regularly, washing full laundry loads with cold water, and using outdoor grills instead of indoor stoves. Moreover, closing curtains during peak hours and unplugging unused devices can also help. Customers can benefit from programs like the Free Online Energy Checkup, Home Energy Improvement Program (HEIP), and Energy Assistance for Savings & Efficiency Program (EASE) for additional savings. Georgia Power remains committed to energy efficiency and affordability, making various resources and flexible rate plans available to residents.
Southern Company has announced an official partnership with the U.S. UNDERRATED Golf Tour, aimed at promoting equity, access, and opportunity for underrepresented student-athletes.
The tour kicks off at Old Barnwell Golf Course in Aiken, SC, from June 21-23, 2024. The partnership was revealed by Southern Company's CEO Chris Womack at the World Golf Hall of Fame Induction Ceremony, where Stephen Curry received the Charlie Sifford Award.
The tour, supported by national recognition, aims to level the playing field in golf. It includes four regional stops and culminates in the Curry Cup at Ridgewood Country Club, NJ, from September 2-5, 2024.
Virginia Natural Gas (VNG) announced a $620,000 investment in workforce development across southeastern Virginia. This initiative aims to enhance job readiness programs focusing on young adults, veterans, and students at Virginia Historically Black Colleges and Universities. The funds will support organizations like Hampton Roads Workforce Foundation, Virginia Chamber Foundation, Norfolk State University, and others to provide skills training, scholarships, and employment connections in high-demand industries. The investment underscores VNG's commitment to community growth, economic development, and a skilled local workforce. VNG's President and CEO, Robert Duvall, emphasized the importance of developing technical and professional skills for regional success, while Shawn Avery, CEO of Hampton Roads Workforce Council, highlighted the significant impact on youth programs. The investment is part of VNG's broader effort to foster economic growth and improve quality of life in Virginia.
Georgia Power is set to host its 2024 Hurricane Preparedness Summit on June 11 to showcase its emergency response strategies for the Atlantic Hurricane Season. Media attendees will get a close look at the storm response team's operations, including a tour of a mock Staging Site featuring a Mobile Command Center, response drones, and other emergency vehicles. The event will also include a visit to the Georgia Power Storm Center and interviews with experts such as Storm Center Manager Jason Stott. Attendees will learn about tools like the Distribution Resource Management and Outage Summary applications, as well as strategies for maintaining customer engagement during storms.
Southern Company and its partners celebrated the opening of Vogtle Units 3 and 4 at the Vogtle Nuclear Plant in Waynesboro, Georgia. The event saw attendance from notable figures including Georgia Governor Brian Kemp and U.S. Secretary of Energy Jennifer Granholm. The new units mark a significant milestone, making the plant the largest generator of clean energy in the U.S., capable of producing over 30 million megawatt hours annually. The project is expected to have a substantial economic impact, attracting businesses such as Hyundai Motor Group. The units will provide enough electricity for approximately 1 million homes and businesses, contributing significantly to Georgia's clean energy goals and economic growth.
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