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The Southern Company reports news about an energy provider serving 9 million customers through electric operating companies in three states, natural gas distribution companies in four states, Southern Power, PowerSecure, fiber optics and telecommunications services. Recurring updates cover earnings, dividend actions and operating developments across Alabama Power, Georgia Power, Mississippi Power, Southern Power and Southern Company Gas.
Company news also includes Georgia Power matters before the Georgia Public Service Commission, including resource planning, capacity procurement, solar resources, transmission and distribution upgrades, grid reliability programs, storm readiness and customer safety communications. PowerSecure updates focus on distributed energy solutions such as utility-scale battery storage, solar generation, backup power and resiliency projects.
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.
Southern Company Gas announced the election of two new directors, Norman G. Holmes and Vanessa Allen Sutherland, enhancing its leadership team. Holmes, with over 40 years in the natural gas pipeline sector, brings extensive regulatory and business development experience. He previously negotiated a strategic venture with Southern Company. Sutherland, an expert in environmental compliance and public policy, currently serves as executive vice president at Norfolk Southern. These appointments are aimed at strengthening the company’s commitment to delivering reliable and sustainable natural gas options.
Georgia Power is gearing up for potential service interruptions as Tropical Storm Zeta approaches the Gulf Coast, likely impacting its service areas in Georgia. With concerns over saturated soil and high winds, the company encourages customers to prepare for possible outages. They are monitoring the storm and ready to coordinate with other utilities for assistance. Preparations include safety tips for before, during, and after the storm, as well as resources like the Outage Map and alerts for effective communication.
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Georgia Power has filed an update regarding the Vogtle nuclear expansion project, announcing the completion of significant milestones for Unit 3. As of now, Unit 3 construction is approximately 94% complete, with the focus shifting to hot functional testing, scheduled for January 2021, followed by fuel load in April 2021, and in-service operation expected by Q3 2021. The company remains committed to its regulatory-approved dates for both Units 3 and 4, with Unit 4's in-service date adjusted to June 2022 due to continued progress.
Georgia Power is promoting Careers in Energy Week from October 19-23, 2020, by launching poweringcareers.com, aimed at high school students and career influencers. The initiative seeks to raise awareness about energy careers and their significance. The company emphasizes workforce development as essential for supporting Georgia's economy, partnering with educational institutions to prepare students for future energy jobs. A virtual event on October 20 will showcase various careers in energy, highlighting Georgia Power's commitment to fostering a skilled workforce.
Southern Company has declared a quarterly dividend of 64 cents per share on its common stock, payable on Dec. 7, 2020, to shareholders on record by Nov. 16, 2020. This marks over 70 consecutive years of quarterly dividends at or above the prior quarter's rate. Southern Company serves 9 million customers across three states, focusing on clean, reliable, and affordable energy solutions. The company prioritizes customer service and innovation, maintaining affordable prices below the national average.