Southern Co

Southern Company, a leading U.S. utility serving 9 million customers across the Southeast, generates and distributes electricity from a diverse fleet including natural gas, coal, renewables, and nuclear. It operates Vogtle Units 3 and 4 near Augusta, Georgia—the newest nuclear reactors in the U.S., each delivering 1,114 MW via Westinghouse AP1000 technology, adding over 2,200 MW of carbon-free capacity. Amid the nuclear renaissance driven by AI data centers and decarbonization, Southern exemplifies viable new-build nuclear, providing scalable baseload power that intermittent renewables cannot match.

In the last 12 months, Vogtle Unit 4 achieved commercial operation on April 29, 2024, after Unit 3 in July 2023, enabling full fleet integration and supporting 5% adjusted EPS growth in Q2 2024. Southern raised its dividend 3.5% and authorized $2 billion in share repurchases. Key risks include $35 billion Vogtle-related debt elevating leverage (debt-to-equity ~1.8x), output ramp-up delays from novel reactor tech, regulatory shifts on tax credits, and rising interest rates pressuring financing costs.

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