Southern Stock Price, News & Analysis

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.

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.