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.
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.
Virginia Natural Gas (VNG) has invested in modernizing over 400 miles of its pipeline infrastructure, enhancing safety and reliability for over 300,000 customers. Utilizing AI technology developed by Urbint, VNG can predict and prevent potential excavation damages, thus minimizing risks associated with third-party dig requests. This initiative aligns with VNG's sustainability goals by helping reduce greenhouse gas emissions from potential gas leaks. VNG is recognized for its high customer satisfaction and commitment to safety and environmental stewardship.
Atlanta Gas Light has announced the expansion of its liquefied natural gas (LNG) facility in Cherokee County, which will double its capacity. This project aims to meet increasing natural gas demand in the region, featuring a second storage tank to optimize supply during peak demand periods. Construction will be phased over three years, supporting the company's commitment to providing clean and reliable natural gas. This initiative aligns with the company’s Integrated Capacity Development Plan approved in November 2021.
Southern Company has announced an increase in its annual dividend by 8 cents per share, raising the total to $2.72. This marks the 21st consecutive year of dividend increases. The new quarterly dividend stands at 68 cents per share, payable on June 6, 2022, to shareholders recorded by May 16, 2022. Southern Company has maintained a tradition of increasing its dividends for the past 75 years, supported by strong customer service and the performance of its energy businesses.
Georgia Power announced a new partnership with Georgia Northwestern Technical College to develop a training program for future lineworkers, celebrating National Lineman Appreciation Day on April 18, 2022. This program will include donated equipment and curriculum support to enhance vocational training. Students can also earn a commercial driver's license. The initiative aims to address the workforce needs for skilled lineworkers amidst challenging working conditions, reinforcing Georgia Power's commitment to building a trained workforce.
Atlanta Gas Light has launched a new video campaign aimed at educating Georgia's natural gas customers about its role in providing natural gas services. In Georgia's deregulated market, understanding the collaboration between Atlanta Gas Light and 13 certified Marketers can be confusing for customers. The campaign emphasizes Atlanta Gas Light's responsibilities, which include maintaining infrastructure, managing service connections, and ensuring reliable gas delivery. Atlanta Gas Light serves around 1.7 million customers, highlighting its commitment to clean and safe natural gas.
Wendell Dallas has been appointed as the new president and CEO of Nicor Gas, following the retirement of John O. Hudson, III on April 22, 2022. Dallas comes with over 25 years of experience in the natural gas industry, having previously served as vice president of sales and marketing for Georgia Power Company. He will oversee Nicor Gas, the largest natural gas distributor in Illinois, which serves more than 2.2 million customers. Southern Company Gas, the parent company, serves approximately 4.3 million natural gas customers across four states.
On April 13, 2022, Alabama Power Company declared quarterly dividends on its preferred stock for the quarter ending June 30, 2022. Shareholders will receive payments of $1.05 to $1.23 per share based on the stock's par value, with a 5.00% dividend of $0.3125 per share for Class A Preferred Stock. Payments are scheduled for July 1, 2022, to shareholders on record by June 16, 2022. Alabama Power, a subsidiary of Southern Company (NYSE:SO), serves 1.5 million customers in Alabama.