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.
Summary not available.
Summary not available.
Summary not available.
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.
Southern Company announced significant progress at its Vogtle nuclear expansion project in Georgia. The generator at Vogtle Unit 3 successfully generated electricity and connected to the electric grid for the first time, a crucial step towards its commercial operation. The in-service date for Unit 3 is projected for May or June 2023. Meanwhile, hot functional testing for Vogtle Unit 4 has commenced, with plans to enter service in late 2023 or early 2024. The new units will provide clean energy, serving over 500,000 homes with zero emissions. Despite these advancements, the press release includes cautionary notes regarding potential risks that may affect timelines, costs, and construction due to various factors including supply chain issues and regulatory approvals. Southern Company's commitment to clean energy remains strong as it moves forward with this project.
Southern Company announced that four of its system attorneys have been selected for programs by the Leadership Council for Legal Diversity (LCLD). Nitin Datt, chief counsel at Southern Company Gas, and Julia Yun, senior counsel at Southern Company Services, will join the Fellows program, aimed at experienced attorneys from diverse backgrounds. Meanwhile, Jamillah Pritchett and Danielle Hines will participate in the Pathfinders program, targeting early-career attorneys. These initiatives focus on enhancing leadership skills and fostering relationships within the legal field. Jim Kerr, executive vice president and chief legal officer, expressed pride in their commitment to diversity, equity, and inclusion. Southern Company has supported LCLD for seven years, emphasizing its dedication to developing diverse talent in legal professions.
On April 17, 2023, Southern Company (NYSE: SO) announced an increase in its annualized dividend by 8 cents to $2.80 per share. This marks the 75th consecutive year of dividends equal to or greater than the previous quarter and the 22nd consecutive year of dividend increases. The regular quarterly dividend, effective June 6, 2023, is set at 70 cents per share, payable to shareholders as of May 15, 2023. Southern Company emphasizes its commitment to providing clean, reliable, and affordable energy, which supports its focus on long-term shareholder value and sustainable dividend growth.
Southern Linc, a subsidiary of Southern Company (SO), has announced the launch of L3Harris Technologies radios enabling cross-network communications across LTE and P25 Land Mobile Radio (LMR) networks. This offering includes the XL Converge™ and XL Onboard™ series, allowing private sector customers to utilize Mission-Critical Push-To-Talk (MCPTT) services over a 122,000 square mile coverage area. This deployment marks Southern Linc as the first LTE carrier to actively deploy LTE-to-LMR solutions. Both companies have customized the XL series radios to meet specific customer needs, enhancing interoperability. The XL-185P and XL-200P models are available now, with the XL-200M mobile solution launching next month.
Virginia Natural Gas (VNG) announced an increase in its natural gas supply sourced from companies committed to reducing methane emissions, following the Virginia State Corporation Commission's approval of its Sustainable Gas Program on April 13, 2023. This initiative allows VNG to supply up to half of its customers' energy demands with Next Generation Natural Gas as of March 2023. The program supports economy-wide decarbonization efforts, contributing to VNG's goal of achieving net zero greenhouse gas emissions by 2050. VNG has a long-term commitment to sourcing gas with lower emissions, facilitating customer satisfaction and environmental stewardship.