Southern Stock Price, News & Analysis

Southern Company has successfully spun out Cloverly, a leading API for carbon offsetting, retaining a minority stake. Cloverly raised $2.1 million in a seed round, led by Tech Square Ventures, with participation from SoftBank's SB Opportunity Fund and others. This move underscores Southern Company's commitment to innovation and decarbonization, as it aims for net-zero GHG emissions by 2050. Cloverly has already offset over 55 million pounds of carbon since its launch in April 2019 and introduces a unique approach to automating carbon offsets during transactions.

Georgia Power encourages customers to adopt energy-saving measures during the extreme summer heat. With temperatures soaring above 90 degrees, the company stresses the importance of taking action to lower electric bills. Georgia Power offers a range of resources, including energy efficiency tips and a dedicated website with tools to help customers manage their energy usage. Key strategies include optimal thermostat settings, HVAC maintenance, and effective food storage. Additionally, the company provides various rate plans and payment assistance programs tailored to customer needs.

Georgia Power and Georgia 811 are collaborating to promote National 811 Day on August 11, emphasizing the importance of contacting 811 before digging to prevent accidents. The law mandates that individuals must notify Georgia 811 to have underground utility lines marked before mechanized digging, which mitigates risks and costs. Georgia Power reinforces this message year-round, encouraging customers to submit location requests at no cost. A Public Safety Announcement has been created to explain the process easily. Georgia Power is a subsidiary of Southern Company (NYSE: SO), serving 2.6 million customers across Georgia.

Georgia Power, in partnership with Electric Power Research Institute (EPRI) and Southern Company, opened the first Ash Beneficial Use Center (ABUC) at Plant Bowen. This facility will facilitate research and pilot projects aimed at enhancing the recycling of coal combustion products (CCPs), primarily coal ash. Georgia Power currently recycles over 85% of its ash and gypsum. The initiative aims to create economic and environmental benefits while advancing coal ash technologies. One notable project is at Plant Mitchell, where 2 million tons of stored coal ash will be used in Portland cement manufacturing.

Georgia Power is reminding customers of its energy assistance programs as temperatures soar above 90 degrees. The company collaborates with nonprofits to support income-qualifying customers in managing energy costs. Key programs include:

• Senior Citizen Discount: Up to $24 off monthly bills for eligible seniors.
• Home Energy Efficiency Assistance Program (HEEAP): Allows customers to contribute to energy efficiency upgrades for low-income households.
• Project SHARE: In partnership with The Salvation Army, customers can donate to help those in need, with Georgia Power matching contributions.

Southern Company Gas has secured $1 million from the U.S. Department of Energy to develop a technology for producing clean hydrogen from food waste. This collaborative project with Electro-Active Technologies and T2M Global focuses on renewable hydrogen generation to support the DOE's Hydrogen Energy EarthShot initiative. The project aims to enhance hydrogen commercialization by diverting food waste from landfills, thus reducing greenhouse gas emissions. With a commitment to net-zero emissions by 2050, Southern Company is positioning itself as a leader in the clean hydrogen sector.

Georgia Power alerts customers about a rise in scams involving fraudsters impersonating company employees. The company emphasizes that it will not request sensitive information via phone or demand payments in unconventional forms such as Bitcoin. Customers should be cautious of unsolicited calls and verify contact numbers. Guidance includes how Georgia Power communicates regarding account issues, and the company is collaborating with law enforcement to combat these scams. More resources can be found on their website.

Southern Company reported Q2 2021 earnings of $372 million (35 cents/share), down from $612 million (58 cents/share) in Q2 2020. Year-to-date earnings reached $1.51 billion ($1.42/share), slightly up from $1.48 billion ($1.40/share) last year. Excluding certain items, Q2 earnings were $891 million (84 cents/share), compared to $822 million (78 cents/share) in Q2 2020. Operating revenues increased by 12.5% to $5.2 billion, driven by strong customer usage and growth despite higher operational costs and a $343 million charge related to Plant Vogtle's construction.

Georgia Power announced a revised schedule and cost forecast for the Vogtle 3 & 4 nuclear expansion project. The in-service dates are now projected for Unit 3 in Q2 2022 and Unit 4 in Q1 2023, reflecting a 3-4 month delay. The total project capital cost has increased by $460 million, with Georgia Power's share at $9.2 billion. Despite challenges, Unit 3's Hot Functional Testing is complete, achieving 99% construction completion. The project aims to provide emissions-free electricity for over 500,000 homes, supporting Southern Company's goal of net-zero carbon emissions by 2050.