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.
NORTHAMPTON, MA / ACCESSWIRE / April 4, 2023 / The National Carbon Capture Center (NCCC), operated by Southern Company, is making significant strides in carbon management technologies. This state-of-the-art facility collaborates with global innovators to develop technologies aimed at reducing greenhouse gas emissions from power plants and industrial operations. The NCCC functions as a neutral test site to assess emerging technologies in real-world conditions, driving them closer to commercialization.
Georgia Power has reached a major milestone at its Vogtle nuclear expansion project, as Unit 3 generated electricity for the first time and successfully connected to the grid. Unit 4 has commenced hot functional testing, a crucial step before initial fuel loading. The projected in-service date for Unit 3 is between May and June 2023, while Unit 4 is expected to begin operations in late 2023 or early 2024. These units will provide clean energy to over 500,000 homes and businesses. With a commitment to clean, reliable energy, Georgia Power emphasizes long-term investments in nuclear power.
Northern Illinois Community Initiatives (NICI), a foundation by Nicor Gas, has launched Northern Illinois Community Ventures (NICV), a $1 million economic development program aimed at supporting small business startups and women and minority entrepreneurs in Illinois.
In partnership with Allies for Community Business, NICV will invest $250,000 annually over four years in communities like Cook County, Joliet, and Rockford. The initiative will place funds into First Women's Bank, designed to facilitate access to capital for women-led businesses. This program responds to the unique challenges faced by these businesses post-pandemic, aiming to enhance their growth opportunities amidst rising lending rates.
Southern Company is committed to environmental sustainability and aims for net zero greenhouse gas emissions by 2050. The company is focusing on reducing both Scope 1 and Scope 2 emissions, while engaging partners to lower Scope 3 emissions. Key strategies include transitioning away from coal, increasing reliance on natural gas, and expanding the zero-carbon resource portfolio. By 2028, Southern plans to have only eight coal units remaining, significantly decreasing its coal generation capacity. Additionally, the company emphasizes a Just Transition to support employees and communities during these changes.
Southern Company is advancing its commitment to historically Black colleges and universities (HBCUs) by fostering investments and partnerships that promote future leadership among students. During a recent event for Black History Month, Mark Berry, senior vice president of research and development at Southern Company Services, led a discussion with Bobbie Knight, president of Miles College, and Tony Allen, president of Delaware State University. The dialogue focused on the significant impact of corporate investments on HBCUs and their role in shaping Black leaders. This initiative represents Southern Company's strategic focus on community support and education.
On March 27, 2023, Alabama Power announced key leadership changes aimed at enhancing its economic development and environmental stewardship. Leigh Davis was appointed senior vice president of Marketing and Economic Development, while Nicole Faulk will serve as senior vice president of Sustainability and Environmental Affairs. Brandon Dillard has been named senior vice president and senior production officer. These appointments, effective April 3, are designed to ensure reliable service and meet customer needs, with each leader bringing extensive experience and expertise to their roles.
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Southern Company aims to enhance its energy systems' reliability and resilience while transitioning to cleaner fuel sources. With a planned investment of $17 billion from 2022 to 2026 in electric transmission and distribution (T&D) systems, the company is focusing on upgrading infrastructure, deploying distributed generation solutions, and minimizing physical risks. As part of EPRI's Climate READi initiative, Southern Company is collaborating with global leaders to address climate risks. Ongoing innovations are essential for providing reliable, affordable energy amidst increasing severe weather and evolving customer needs.
On March 21, 2023, Alabama Power announced two new incentives aimed at encouraging residential customers to adopt electric vehicles. The EV Home Charger Rebate provides a one-time rebate of $500 for purchasing and installing a Level 2 charger, which allows for faster charging. The EV Night Charging Discount offers reduced rates for charging during off-peak hours, specifically from 9 p.m. to 5 a.m. These programs are designed to enhance energy efficiency and support customers in transitioning to new technologies. For additional information, customers can visit Alabama Power's website.
Virginia Natural Gas (VNG) has launched a five-year pilot program approved by the Virginia State Corporation Commission to promote renewable natural gas (RNG) production within its service territory. This initiative is part of VNG's Sustainable Gas Program, aiming for net-zero direct greenhouse gas emissions by 2050. VNG will integrate RNG into its distribution system, marking it as the first local distribution company in Virginia to establish a Commission-approved tariff for RNG interconnections. The initiative supports a clean energy future and enhances local economies while reducing greenhouse gas emissions.