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.
Virginia Natural Gas has announced safety guidelines for customers ahead of the 2022 hurricane season, which has already seen its first storm, Alex. Predictions from the Climate Prediction Center suggest an above-average season, with 14-21 named storms anticipated. The company emphasizes the importance of keeping natural gas meters operational to prevent flooding issues and offers various safety tips for meter and appliance handling during storms. Customers are encouraged to stay informed through various communication channels and to prepare personal emergency kits.
Georgia Natural Gas® (GNG) has announced a milestone in its Greener Life® program, achieving the offset of 100 million pounds of carbon emissions, equivalent to over 110 million miles driven by a gasoline vehicle. In celebration of World Environment Day on June 5, 2022, GNG will purchase an additional 10 million pounds of carbon offsets. The program allows customers to neutralize their natural gas usage, with offsets calculated monthly based on their emissions. GNG partners with local environmental projects, ensuring a net-zero greenhouse gas impact for participants.
Atlanta Gas Light urges customers to prepare for the 2022 Atlantic Hurricane Season, expecting 19 named storms and nine hurricanes. Safety is a priority, highlighting natural gas meter safety and appliance safety during severe weather. They recommend keeping meters clear and appliances connected. Customers are advised to contact certified professionals for gas appliance inspections post-flooding. For safety, Atlanta Gas Light stresses the importance of recognizing gas leaks and using generators safely. Established in 1856, Atlanta Gas Light serves approximately 1.7 million customers in Georgia.
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Georgia Power, alongside Governor Brian Kemp, announced the opening of Hyundai Motor Group's first dedicated electric vehicle and battery manufacturing facility in Georgia. This $5.54 billion investment is set to create approximately 8,100 jobs in Bryan County. The facility will produce a range of electric vehicles and establish a stable supply chain for EV batteries in the U.S. Georgia's automotive industry, already contributing over $3 billion annually, is expanding with this significant investment, further solidifying the state's reputation as a leader in electric transportation.
On May 13, 2022, Alabama Power Company announced the redemption of several series of preferred stock with a redemption date set for June 21, 2022. The preferred stock includes 4.20%, 4.60%, 4.92%, 4.52%, 4.64%, and 4.72% series, each with a par value of $100. Redemption prices range from $102.18 to $105.00 per share, plus accrued dividends. The announcement highlights Alabama Power's commitment to managing its capital structure effectively. Shareholders should note that no dividends will accrue after the redemption date. Alabama Power is a subsidiary of Southern Company (NYSE: SO).
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Southern Company (NYSE: SO) announced the successful remarketing of its Series 2019A and Series 2019B Remarketable Junior Subordinated Notes, maturing on August 1, 2024, and August 1, 2027, respectively. The Series 2019A Notes will bear an interest rate of 4.475%, while the Series 2019B Notes will bear 5.113%. The remarketing is set to close on May 9, 2022, and will not provide any proceeds directly to Southern Company as funds will be allocated to settle purchase contracts and distributed to Corporate Units holders. This offering is conducted under a shelf registration statement filed with the SEC.
Southern Company reported first-quarter 2022 earnings of $1.03 billion or 97 cents per share, down from $1.14 billion or $1.07 per share in Q1 2021. Excluding specific items, net income was $1.033 billion with basic earnings per share at $0.97, slightly lower than $0.98 in the previous year. The company experienced a 12.5% increase in operating revenues, reaching $6.6 billion, primarily driven by higher fuel costs. Despite rising operating costs, Southern Company remains optimistic about its financial objectives for 2022.
Virginia Natural Gas (VNG) is implementing aerial drone technology for inspecting its extensive pipeline infrastructure, which spans over 5,500 miles. This initiative, launched on April 27, 2022, makes VNG one of the pioneering natural gas utilities in Virginia to adopt unmanned aerial vehicles (UAVs). The drones will enhance safety, efficiency, and cost-effectiveness by enabling quick and high-quality inspections, minimizing environmental impact. The program is part of a broader pilot project involving VNG’s sister companies in Illinois, Georgia, and Tennessee.