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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 the election of David E. Meador and Lizanne Thomas as independent directors, effective April 1, 2023. Meador, a former vice chairman of DTE Energy, brings over 40 years of experience in finance, governance, and energy industry challenges. Thomas, a former partner at Jones Day, is an expert in corporate governance and has extensive experience in mergers and acquisitions. Both are expected to enhance the company's strategic direction, governance, and community engagement as Southern Company navigates the evolving energy landscape.
Alabama Power has announced leadership changes aimed at enhancing customer experience and strengthening community ties. Effective immediately, Alexia Borden has been appointed senior vice president of Customer and Community Engagement; Monica Graveline as senior vice president and General Counsel; Ashley Robinett as senior vice president of Shared Services; Staci Brooks as vice president of Charitable Giving; and Alex McCrary as vice president of Regulatory Affairs. CEO Jeff Peoples emphasized their commitment to meeting customer needs across the state, leveraging their collective expertise.
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Southern Company (NYSE: SO) announced the pricing of $1.5 billion in Series 2023A 3.875% Convertible Senior Notes due December 15, 2025, aimed at qualified institutional buyers under Rule 144A. The offering includes an option for initial purchasers to buy an additional $225 million in notes. Interest is set at 3.875% paid semiannually, with an initial conversion rate of 11.8818 shares per $1,000 principal, equating to a price of $84.16 per share, representing a 30% premium over the last price on February 23, 2023. Net proceeds will be used to repay commercial paper borrowings and for corporate purposes. The offering is expected to close on February 28, 2023.
Southern Company (NYSE: SO) has announced a private placement offering of $1.5 billion in convertible senior notes, maturing on December 15, 2025. The offering allows for an additional $225 million in notes. Final terms, including interest rate, will be set at the time of pricing. The proceeds will be used primarily to repay commercial paper borrowings and for general corporate purposes. These convertible notes will be senior and unsecured, with conversion options available under specific conditions. This move is part of Southern Company's strategy to strengthen its financial position and operational capabilities.
Chesapeake Utilities reported a full year 2022 EPS of $5.04, up 6.6% from $4.73 in 2021, driven by net income growth of 7.6% to $89.8 million. The fourth quarter EPS was $1.47, a 14.8% increase year over year. Average ROE was 11.1% for 2022, marking the 18th consecutive year above 11%. Chesapeake received Florida natural gas rate case approval with an expected order in March 2023. The company updated its capital expenditure guidance for 2023 to $200 million to $230 million and long-term guidance to $900 million to $1.1 billion for capital expenditures through 2025.
Southern Company leads the U.S. utility sector in innovative energy research and funding, focusing on clean, reliable, and affordable energy solutions. The company has built a robust portfolio including carbon-free nuclear, advanced carbon capture, and renewable technologies. A notable achievement is the successful hydrogen and natural gas fuel blending project at Georgia Power's Plant McDonough-Atkinson, which achieved a 7% reduction in carbon emissions. Southern Company's R&D strategy prioritizes sustainability, energy delivery solutions, customer needs, and improvements to the existing generation fleet, supporting the transition to a net-zero future.
Southern Company reported a fourth-quarter loss of $87 million, or 8 cents per share, in 2022, an improvement from a loss of $215 million, or 20 cents per share, in Q4 2021. For the full year, earnings reached $3.5 billion ($3.28 per share), up from $2.4 billion ($2.26 per share) in 2021. Adjusted earnings for Q4 were $285 million (26 cents per share), down from $380 million (36 cents per share) a year earlier. Operating revenues surged to $7.0 billion in Q4, a 22.2% increase, and $29.3 billion for the full year, up 26.7%. Key drivers included higher rates and customer growth, offset by rising operational costs.