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.
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Southern Company reported first-quarter 2023 earnings of $862 million, or 79 cents per share, a decline from $1.03 billion, or 97 cents per share, in Q1 2022. Excluding items, net income was $867 million, still down from $1.033 billion in the previous year. Operating revenues decreased by 2.5% to $6.5 billion, attributed to milder weather and increased expenses, including higher depreciation and interest costs. Despite challenges, the company noted strong customer growth in both electric and gas sectors, signaling resilience amid economic pressures.
Georgia Power Company has announced a significant commitment of $5 million to the University of Georgia (UGA), focusing on electric mobility (e-mobility) initiatives. This donation, the largest in UGA's College of Engineering history, aims to cultivate an e-mobility network, fund scholarships, enhance research, and develop community partnerships. The funds will support a variety of programs, including the Georgia Power E-Mobility Scholarship Fund and the Georgia Power Research Fund in E-Mobility. UGA plans to leverage this investment to expand educational opportunities and strengthen its position in the rapidly growing e-mobility sector, which has seen over $23 billion in investments in Georgia since 2018. This is Georgia Power's second major contribution to UGA, following a $250,000 gift in April 2022.