Southern Stock Price, News & Analysis

Georgia Power is actively assessing damage and restoring electricity after severe storms hit the state, impacting approximately 7,500 customers, particularly in the Atlanta area. The storms caused significant damage, including downed power lines and broken poles. Crews are working diligently to repair the issues as more severe weather is anticipated. Georgia Power advises customers to stay alert and follow safety guidelines regarding downed wires, as hazardous conditions persist. Customers can utilize various tools for outage updates and storm information, including the Georgia Power mobile app and their website.

Southern Company reported Q1 2021 earnings of $1.14 billion or $1.07 per share, a significant increase from $868 million or 82 cents per share in Q1 2020. Excluding certain items, adjusted earnings were $1.04 billion or 98 cents per share, up from $825 million or 78 cents. Operating revenues rose 17.8% to $5.9 billion, driven by colder weather and higher residential sales. The company highlights robust customer growth and recovery from the pandemic as key positive factors.

Georgia Power, in partnership with the Georgia Department of Transportation, promotes awareness of work zone safety during National Work Zone Awareness Week from April 26-30. With 17,297 crashes in Georgia work zones in 2020 resulting in 5,123 injuries and 24 fatalities, the theme for this year is 'Drive Safe. Work Safe. Save Lives.' Motorists are urged to obey posted signs, slow down, and be vigilant around work zones. Since July 2016, Georgia's 'Move Over Law' includes utility vehicles, emphasizing the need for driver caution to protect roadside workers.

Georgia Power announced that all modules for the Vogtle 3 & 4 nuclear expansion project have been installed, with the final water tank lifted into place. This completion marks the last major crane lift at the site. The Passive Containment Cooling Water Storage Tank will play a crucial role in the plant's safety system, holding 750,000 gallons of water for emergency cooling. The Vogtle units are set to provide power for over 500,000 homes and businesses, supporting Southern Company's net-zero carbon goal by 2050. The project has created over 7,000 jobs, reinforcing its status as Georgia's largest construction project.

Southern Power has acquired the 118-MW Glass Sands Wind Facility from Steelhead Americas, marking its 15th wind project. Located in Murray County, Oklahoma, Glass Sands will utilize 28 Vestas-manufactured turbines and is projected to commence operations in Q4 2021. The facility will supply electricity and renewable energy credits under a power purchase agreement with Amazon. This acquisition expands Southern Power's wind portfolio to over 2,533 MW, part of a larger 4,928-MW renewable fleet, reinforcing the company's strategy of acquiring long-term, credit-supported generating assets.

Southern Company announced an 8 cents per share increase in its annualized dividend to $2.64 per share, marking 20 consecutive years of dividend growth. A quarterly dividend of 66 cents per share will be paid on June 7, 2021, to shareholders of record as of May 17, 2021. This decision reflects a commitment to shareholder value and underscores the company's stable energy business performance. Since 1948, Southern Company has consistently maintained or increased its dividends, showcasing its resilience in the energy sector.

Georgia Power encourages customers to enhance energy efficiency this spring, highlighting the importance of assessing rate plans to save on energy bills. The company offers practical tips for improving home energy consumption, such as maintaining refrigerators, optimizing air conditioning, and utilizing outdoor cooking. Customers can explore tailored rate options, including FlatBill, PrePay, Pay by Day, Smart Usage, PEV, Nights & Weekends, and Residential Services. Georgia Power, a subsidiary of Southern Company (NYSE: SO), serves over 2.6 million customers in Georgia, focusing on reliable and affordable energy.