Southern Stock Price, News & Analysis

As of 8 p.m. on October 29, 2020, Electric service has been restored to nearly 490,000 Georgia Power customers following Hurricane Zeta, although approximately 280,000 customers remain without power. The company anticipates restoration for 95% of impacted customers by Sunday night. Damage assessment is ongoing, with significant outages and damage reported across the state, including downed lines and broken poles. The advanced electric grid has aided restoration efforts despite limited external resources due to multiple storm impacts in the Southeast.

As of October 29, 2020, Georgia Power has restored electricity to over 280,000 customers following the damage caused by Hurricane Zeta. Approximately 417,000 customers remain without power, with 4,200 reported cases of damage. The company is conducting damage assessments and prioritizing repairs to restore service efficiently. Safety precautions are emphasized for customers, particularly regarding downed power lines. Georgia Power remains committed to reliable service while navigating pandemic precautions to ensure the safety of both workers and customers.

On October 29, 2020, Georgia Power initiated a comprehensive damage assessment following Hurricane Zeta, which left over 600,000 customers without power due to severe weather conditions. The assessment is crucial for beginning restoration efforts, with crews working on identifying damages. The company emphasizes safety, urging customers to avoid downed wires and hazardous areas. Georgia Power also highlights their initiatives to maintain safe operations during the COVID-19 pandemic, ensuring reliable energy delivery while prioritizing the safety of customers and staff. For updates, customers can subscribe to outage alerts and use the Georgia Power mobile app.

Southern Company announced the promotion of Bryan D. Anderson to executive vice president and president of external affairs, effective Nov. 1, 2020. Anderson, who has been with Southern Company since 2010, will oversee branding, corporate communications, and security policy, while continuing to manage its political and regulatory activities from Washington, D.C.. He succeeds Christopher C. Womack, who is now president of Georgia Power. Anderson brings experience from The Coca-Cola Company and a strong advocacy background, enhancing Southern Company's corporate governance.

Southern Company has announced Chris Womack's appointment as the new chairman, president, and CEO of Georgia Power, effective upon Paul Bowers' retirement in April 2021. Womack, currently the executive vice president and president of External Affairs, will assume leadership responsibilities starting November 1, 2020. Bowers has led Georgia Power for over a decade, achieving industry recognition for customer service and maintaining competitive rates. The transition comes as the company prepares for the fuel load of Vogtle Unit 3, expected in April 2021, marking a significant milestone in its nuclear project.

Georgia Power has announced the election of Chris Womack as the new chairman, president, and CEO, succeeding Paul Bowers, who will retire in April 2021. Womack, currently Southern Company's executive vice president, will begin his role at Georgia Power on November 1, 2020. Bowers noted the importance of transitioning leadership as the company prepares for the upcoming fuel load of Vogtle Unit 3. Womack brings extensive experience in the energy sector, having worked with Southern Company since 1988, and aims to continue building a clean energy future for Georgia Power's 2.6 million customers.

Hurricane Zeta has impacted Georgia Power operations, causing over 550,000 customers to lose power due to severe weather conditions including high winds and heavy rain. Damage assessment will start once conditions are safe, and repair efforts may take time. Georgia Power is part of a mutual assistance network to expedite restoration. The company has reported over 3,500 individual damage cases. Safety tips emphasize avoiding downed wires and saturated ground. Georgia Power remains committed to reliable service and customer safety.

Southern Company reported a decrease in third-quarter 2020 earnings, totaling $1.25 billion or $1.18 per share, down from $1.32 billion or $1.26 per share in Q3 2019. For the first nine months of 2020, earnings were $2.73 billion or $2.58 per share, compared to $4.30 billion or $4.12 per share in the same period last year. Operating revenues also fell to $5.6 billion, a 6.3% decline year-over-year. Factors affecting earnings include reduced sales from COVID-19 and milder weather, although cost management helped offset some losses.

Georgia Power is closely monitoring Hurricane Zeta as it approaches the Gulf Coast, coordinating with emergency partners and power companies to prepare for potential service interruptions. The company urges customers to stay safe and prepare for possible outages due to saturated soil and high winds. They offer tips for before, during, and after a storm, emphasizing safety precautions. Georgia Power maintains readiness through pandemic plans to ensure reliable service and highlights resources such as outage alerts and an interactive outage map for customer assistance.