Southern Stock Price, News & Analysis

Georgia Power reported that the Vogtle nuclear expansion project is now approximately 87% complete, with in-service dates set for November 2021 for Unit 3 and November 2022 for Unit 4. The company achieved critical testing milestones for Unit 3, including closed vessel testing and successful completion of the final module placement. More than 7,000 workers are currently on site, with over 800 permanent jobs expected once operations begin. Georgia Power emphasizes that safety and quality remain top priorities amidst the ongoing COVID-19 pandemic.

As Hurricane Laura made landfall, Georgia Power dispatched approximately 100 personnel to Baton Rouge to assist Entergy Louisiana with storm restoration efforts. An additional 300 support staff stand ready for further assistance. Georgia Power's mutual assistance network allows collaboration with other utilities to restore power efficiently. The company has also implemented pandemic preparedness measures to ensure the safety of its teams and customers during storm responses.

Georgia Power is mobilizing crews to assist Entergy Louisiana in response to Hurricane Laura. Crews are prepared to tackle potential service interruptions while strictly adhering to pandemic protocols. The company collaborates with a mutual assistance network, enabling it to provide and receive support during major storms. Historically, Georgia Power has requested aid during previous hurricanes. Additionally, the company emphasizes its commitment to customer safety and operational readiness amidst the ongoing pandemic, ensuring reliable energy distribution.

Georgia Power is actively preparing to assist utilities affected by Hurricane Laura as the storm approaches the Gulf Coast. The company is coordinating with a network of utilities for mutual aid, ensuring a rapid restoration of power. Customers are reminded of safety measures during the hurricane season and are encouraged to utilize resources such as the Outage Map and the Georgia Power mobile app for real-time updates. The company is also implementing pandemic precautions to protect its workforce while maintaining service reliability.

Southern Company Gas announces the appointment of Robert Duvall as president of Virginia Natural Gas, effective Sept. 4, succeeding Jim Kibler who is retiring. Kibler will advise the company until year-end. Under Kibler's leadership, the company reduced methane emissions by 50% while expanding operations. Duvall returns with experience in customer operations and has previously led initiatives that earned high customer service ratings. The company aims to deliver safe and affordable fuel while committing to environmental goals.

Georgia Power has introduced a new "Pay by Day" rate plan, allowing residential customers to manage their energy payments with a fixed daily price for electricity for one year. This prepaid service helps customers avoid price fluctuations during extreme weather. Customers can sign up by calling 1-800-642-4590 and can contribute funds online or at authorized locations. Additionally, 25% of payments from customers with past-due balances will be applied to outstanding amounts, with no late fees if paid by April 2021. This plan follows a pilot program approved by the Georgia Public Service Commission.

Georgia Power has appointed Jill Campbell to its board of directors, effective August 19, 2020. Campbell, currently the executive vice president and chief people and operations officer for Cox Enterprises, brings extensive leadership experience managing over 55,000 employees. Her past roles include overseeing operations at Cox Communications. Paul Bowers, CEO of Georgia Power, noted that Campbell's corporate strategy expertise will enhance the company's efforts toward a sustainable energy future. Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO).

Georgia Power encourages customers to take advantage of energy efficiency programs to save on summer electric bills. Simple measures, such as setting thermostats to 78 degrees and replacing inefficient appliances, can lead to significant savings. The company estimates that residential customers saved approximately $300 million over the past five years through these initiatives. Additionally, the Georgia PSC approved a 17.2% reduction in fuel rates and a $51.5 million credit for residential customers, offering further financial relief this summer.