Welcome to our dedicated page for Southern news (Ticker: SO), a resource for investors and traders seeking the latest updates and insights on Southern stock.
The Southern Company reports news about an energy provider serving 9 million customers through electric operating companies in three states, natural gas distribution companies in four states, Southern Power, PowerSecure, fiber optics and telecommunications services. Recurring updates cover earnings, dividend actions and operating developments across Alabama Power, Georgia Power, Mississippi Power, Southern Power and Southern Company Gas.
Company news also includes Georgia Power matters before the Georgia Public Service Commission, including resource planning, capacity procurement, solar resources, transmission and distribution upgrades, grid reliability programs, storm readiness and customer safety communications. PowerSecure updates focus on distributed energy solutions such as utility-scale battery storage, solar generation, backup power and resiliency projects.
Southern Company announced that Executive Vice President and Chief Information Officer Martin B. Davis will retire effective April 1, 2025. During his tenure since 2015, Davis led over 2,000 technology professionals, driving innovation in technology, cybersecurity, and customer solutions. Prior to joining Southern Company, Davis served as CTO at Wells Fargo, where he managed the largest technology integration in U.S. financial services history with Wachovia. Davis holds a business administration degree from Winston-Salem State University and currently serves on the boards of Piedmont Healthcare and South State
Georgia Power, serving 2.7 million customers, has been awarded $160 million in funding by the Department of Energy's Grid Deployment Office. The funding, part of the Grid Resilience and Innovation Partnerships (GRIP) Program, aims to enhance grid flexibility, improve power system resilience, and ensure affordable, reliable electricity access.
Projects will include deploying new grid-enhancing technologies such as dynamic line rating and reconductoring of high voltage power lines. These investments are important for serving existing and new customers, connecting clean generation, and increasing energy resilience. Georgia Power plans to share insights and best practices with the broader industry through collaborations with organizations like EEI and EPRI.
The company will work with community organizations and stakeholders, including IBEW union crews, to provide training on new transmission conductor installation. The project is expected to bring community benefits such as decreased environmental impacts, increased clean enterprise contracting, and job creation.
The Nicor Gas Energy Efficiency Program's Community Connection Center (C3) has been honored with the 2024 E Source Achievement in Residential Customer Experience Award. Launched in 2022, C3 is a unique offering that connects income-eligible customers with energy efficiency and bill payment assistance options, as well as basic needs support.
Since its inception, C3 has helped Nicor Gas customers access over $18.5 million in energy assistance grants. The program has provided free energy efficiency services to over 4,500 customers and free groceries to more than 5,000 families. C3 serves as a one-stop shop for connecting customers with local grants, community partners, and free resources that extend beyond energy bills.
This initiative addresses a critical need in Illinois, where nearly 1.5 million people live at or below the poverty level, representing more than 12% of the state's population. Many of these families struggle to maintain basic essentials, including heat, food, housing, and medical assistance.
Georgia Power has launched Installment Payment Plans to support customers recovering from Hurricane Helene. Eligible customers can pay their current account balance over 2, 4, or 6 months in equal installments. This initiative follows previously announced customer assistance measures, including suspended disconnections, waived late fees, and paused collection activities through December 15, 2024.
Enrollment for these plans is open until November 30, 2024. Customers can sign up online or through an automated phone system. The company encourages customers to maintain their regular billing cycle to avoid falling behind. Georgia Power's response to Hurricane Helene involved over 20,000 personnel, restoring power to more than 1.5 million customers. The Southern Company system has also pledged $3 million to support recovery efforts.
Southern Company has announced a regular quarterly dividend of 72 cents per share on its common stock. The dividend is payable on December 6, 2024, to shareholders of record as of November 18, 2024. This announcement continues Southern Company's impressive track record of 77 consecutive years of paying dividends that are either equal to or greater than the previous quarter. This consistent dividend payment history demonstrates the company's commitment to providing steady returns to its shareholders and reflects its financial stability.
Georgia Power is monitoring Hurricane Milton in the Gulf of Mexico and preparing to respond to potential impacts in South Georgia as early as Thursday. The company is coordinating with state and local emergency partners and maintaining crews in Central and South Georgia. Georgia Power campgrounds at Lakes Oconee and Harding are open for evacuees, with normal campsite fees waived.
As part of a mutual assistance network, Georgia Power can tap into reinforcements when needed, as it did during Hurricane Helene. The company offers multiple ways for customers to stay informed, including Outage Alerts, an Outage & Storm Center, an interactive Outage Map, and a mobile app. Georgia Power also provides safety tips for before, during, and after storms.
Georgia Power has extended and expanded customer assistance programs following Hurricane Helene, the most destructive hurricane in its history. The company has suspended disconnections, waived late fees, and paused collection activities for residential and business customers through December 15, 2024. Georgia Power has restored power to over 1.5 million customers, representing 99% of those impacted by the storm.
The company offers various programs to help customers manage energy costs, including the Project SHARE program with the Salvation Army and the Income-Qualified Discount. Georgia Power encourages customers to use online tools like My Power Usage to track and manage energy use. The Southern Company system, including Georgia Power, has pledged $3 million to support recovery efforts.
Georgia Power has restored power to over 1.3 million customers, representing more than 95% of those impacted by Hurricane Helene, the most destructive hurricane in the company's history. Intensive restoration efforts continue in the hardest-hit areas, particularly Augusta, where 80% of affected customers have been reconnected. Approximately 50,000 customers remain without power.
The hurricane caused widespread destruction across Georgia, with more than 20,000 personnel involved in the rapid response. Damage estimates include 8,300+ power poles, 21,000+ spans of wire, and 2,000+ transformers that need repair or replacement. Georgia Power has mobilized additional resources from other states and Canada to aid in the response.
The company estimates that up to 8,000 customer homes may not be safely reconnected due to electric service entrance damage. Georgia Power continues to update estimated restoration times on its Outage Map and emphasizes safety precautions for customers in affected areas.
Southern Company has announced the release of its third-quarter 2024 earnings on Thursday, October 31, 2024. The earnings will be made public by 7:30 a.m. ET. Following the release, a conference call for financial analysts will be held at 1 p.m. ET on the same day. The call will feature discussions by Christopher C. Womack, Chairman of the Board, President and CEO, and Daniel S. Tucker, CFO.
Investors, media, and the public can access a live webcast of the conference call through the company's investor relations website. A replay of the webcast will remain available on the site for 12 months following the call.
Georgia Power has restored power to over 1.2 million customers, representing more than 90% of those impacted by Hurricane Helene, the most destructive storm in the company's history. The company expects to reach 95% total restoration by Saturday. More than 20,000 personnel are engaged in the response, with efforts intensifying in the hardest-hit areas.
Key damage statistics include:
- 8,300+ power poles to be repaired or replaced
- 21,000+ spans of wire damaged (approx. 1,000 miles)
- 1,600+ transformers damaged
- 3,200+ trees on power lines to be addressed