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.
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.
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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.
Nicor Gas and Southern Company are collaborating with Habitat for Humanity to create Smart Neighborhood communities in Aurora and Northern Fox Valley, Illinois. The initiative will develop 30 net zero emissions homes, featuring renewable energy technologies to provide affordable housing while minimizing environmental impact. The Aurora site is set for groundbreaking in spring 2023, while development in Northern Fox Valley is scheduled for 2024. This project aims to make energy-efficient homes accessible to low-income families and promote job creation and sustainable practices.
Southern Company and TerraPower achieved a major milestone by completing the installation of the Integrated Effects Test, a significant step in developing the world's largest molten chloride fast reactor (MCFR) technology. This project, part of the Department of Energy's Advanced Reactor Concepts program, aims for a commercial-scale, carbon-free energy source by 2035. The test involved a $76 million investment with a 60%-40% public-private cost share, and it supports future deployment and safety validation of next-generation nuclear reactors, crucial for sustainability and achieving net-zero emissions.
Southern Company has declared a quarterly dividend of 68 cents per share on common stock, set for payment on December 6, 2022. Shareholders of record by November 21, 2022 will receive this dividend. This marks over 70 years of consistent dividend payments at or above the previous quarter's rate. The company serves around 9 million customers, providing reliable energy across multiple states with a commitment to innovation and sustainability.