Southern Stock Price, News & Analysis

Virginia Natural Gas (VNG) has announced an increase in its procurement of Next Generation Natural Gas to enhance its commitment to reducing greenhouse gas emissions. As of November 1, up to one-third of annual customer demand will be met by this new supply. VNG has secured agreements with suppliers that focus on lowering methane emissions, marking a significant milestone in sustainable energy practices. The initiative includes a partnership with bp for natural gas from Louisiana's Haynesville basin, certified for emissions performance. VNG aims to deliver reliable energy while fostering a low carbon future.

Georgia Power has appointed Chimaobi (Chima) Chijioke as the new Vice President of Customer Services, effective January 16. Chijioke, who has over 15 years of experience, previously served as Vice President of Customer Operations at Baltimore Gas and Electric. His role includes overseeing customer engagement, call center operations, and billing. Bentina Terry, Senior Vice President, emphasized Chijioke's expertise will enhance customer satisfaction. Georgia Power is recognized for its innovative service and recently ranked number one for business customer satisfaction among large utilities in the South by J.D. Power.

Caliche Development Partners II, in partnership with Orion Infrastructure Capital and GCM Grosvenor, announced the acquisition of Golden Triangle Storage and plans for Central Valley Gas Storage. This $186 million investment aims to enhance underground storage capabilities in North America, supporting the transition to lower-carbon energy solutions. The Golden Triangle Storage deal closed on November 18, 2022, with the Central Valley acquisition pending regulatory approval in 2023. The partnership underscores the growing demand for natural gas storage amidst increasing reliance on renewable energy sources.

Georgia Power has been recognized as the top utility company for business customer satisfaction in the South, according to the 2022 Electric Utility Business Customer Satisfaction Study by J.D. Power. This ranking marks a year-over-year improvement for Georgia Power, contrasting the broader industry's decline in customer satisfaction. The study involved 18,694 online interviews of business clients from February to October 2022. Georgia Power caters to 2.7 million customers, offering customized rate plans and energy-saving solutions.

Georgia Power, a subsidiary of Southern Company, is leading a coalition of Southeast utility companies to create a hydrogen hub aimed at reducing carbon emissions. This initiative aligns with the U.S. Department of Energy's $8 billion funding for regional hydrogen hubs under the Infrastructure Investment and Jobs Act. With hydrogen's potential for economic development and decarbonization, Georgia Power has successfully demonstrated a hydrogen-natural gas fuel blend, achieving a 7% reduction in emissions. Since 2007, the company has cut its carbon emissions by over 60%.

Southern Company reported third-quarter 2022 earnings of $1.5 billion, or $1.36 per share, surpassing $1.1 billion ($1.04 per share) from 2021. For the first nine months, earnings reached $3.6 billion ($3.38 per share), up from $2.6 billion ($2.46 per share) year-over-year. Operating revenues surged 34.3% to $8.4 billion in Q3, attributed to increased usage and pricing. Key advancements include the successful initial fuel load at Plant Vogtle Unit 3, enhancing future operational capabilities.