Southern Stock Price, News & Analysis

Georgia Power and Georgia 811 are collaborating to promote safety on National 811 Day (August 11) by urging customers to call 811 before digging. This initiative helps prevent dangerous accidents and power outages caused by unmarked underground utilities. The company emphasizes compliance with the Georgia Dig Law, which mandates contacting Georgia 811 for utility line marking. Customers can make location requests at no cost, with professionals dispatched to mark lines. This effort underscores Georgia Power's commitment to safety and public awareness.

Cox Automotive Mobility's Pivet Atlanta facility has partnered with Georgia Power and ChargePoint to complete a major electric vehicle (EV) charging installation, marking one of the largest in the Southeast. The facility now features 20 Level 2 fleet chargers and a combination of DC Fast Chargers to support fleet electrification, including Lyft programs. This project addresses the charging gaps in South Metro Atlanta, aiming to facilitate a transition to zero-emission vehicles. Built with future EV expansion in mind, the infrastructure will help analyze charging needs, enhancing efficiency and supporting the electrified fleet future.

Atlanta Gas Light has launched the Do Your Part campaign to promote safe digging practices by encouraging the public and contractors to call 811 before any excavation. Every three minutes, a utility line is damaged during digging, often due to a lack of proper notification. Between April 1 and July 16, 245 projects occurred without 811 calls, with 173 from construction companies. The campaign includes digital ads and public artwork across Atlanta to raise awareness, aiming to prevent damages that can disrupt services and incur costs.

Atlanta Gas Light is allocating $1 million for low-income energy assistance to help customers pay natural gas bills and improve appliance efficiency. The funding targets agencies like United Way, St. Vincent de Paul, H.E.A.T., and Project SHARE of the Salvation Army, enhancing their ability to support families in need. This initiative aims to expand outreach during the pandemic while ensuring service continuity despite the Georgia Public Service Commission's approval for resuming service disconnections for nonpayment. This funding is critical for maintaining services for over 1.6 million customers.

Georgia Power reaffirmed its commitment to safe operations at Plant Scherer in Juliette, Georgia, following a lawsuit filed on July 29. The company plans to vigorously defend itself, believing the claims are without merit, similar to a similar case from 2013 that was voluntarily dismissed. The plant has operated for nearly four decades, generating 3,720 megawatts of electricity to power over two million homes. Georgia Power emphasizes its adherence to environmental standards in closing its ash pond and ongoing groundwater monitoring to ensure water quality.

Georgia Power has launched its new Customer-Connected Solar Program (CCSP), a 25 MW initiative to enhance renewable energy in Georgia. Approved by the Georgia Public Service Commission in May 2020, the program allows customers to generate and sell solar energy back to the utility, which will purchase 100% of the output. Applications are accepted until January 2022 or until the capacity is filled. The initiative aims to add up to 1,400 MW of solar capacity by 2021, building on the company’s existing 1,625 MW of solar generation.

Southern Company reported a second-quarter 2020 net income of $612 million (58 cents per share), down from $899 million (86 cents per share) in the same period last year. The six-month earnings totaled $1.48 billion ($1.40 per share), a decrease from $2.98 billion ($2.86 per share) in 2019. Operating revenues fell 9.4% to $4.62 billion for the quarter, primarily due to lower fuel costs and reduced sales from the COVID-19 pandemic. Despite these challenges, management highlighted diligent cost control and ongoing progress in nuclear construction.