Southern Company těží z rostoucí poptávky po elektřině, hlavně od datových center; využití datových center meziročně vzrostlo o 55 % a kontrahovaná poptávka přesahuje 17 gigawattů. Zároveň ale čelí vysokým kapitálovým nárokům a rizikům kolem návratnosti investic.
Key Takeaways SO benefits from surging data center demand and more than 17 GW of contracted load.Its $81B capital plan through 2030 supports 9% projected rate-base growth at regulated utilities.Heavy investment, equity needs, higher borrowing costs and regulatory risks could pressure returns. Southern Company (SO - Free Report) is a major U.S. utility that provides electricity and natural gas all over the Southeast through regulated utilities and competitive energy businesses. The company’s second-quarter results highlighted continued growth in electricity demand, supported by data centers and large industrial customers, while ongoing investments in generation, grid modernization and renewable energy strengthened its long-term growth prospects.
SO’s stable regulated revenues, diversified operations and expanding data center projects position it to benefit from rising power demand and the transition to cleaner energy. With its broad scale and strategic investments, Southern Company remains a key part of the region’s energy infrastructure and is building a foundation for future financial performance.
The Zacks Consensus Estimate for Southern Company’s 2026 earnings has increased 6.74% to $4.59 per share, while the 2027 estimate has risen 7.12% to $4.91. These upward revisions suggest growing analyst confidence in the company’s earnings outlook.
Image Source: Zacks Investment Research
For investors, the pressing question is whether now is the right time to buy Southern Company stock or to wait. Let’s explore what makes the company an attractive investment and the potential risks that could influence that decision.
Why SO Stock Remains AttractiveAccelerating Electricity Demand: Southern Company is benefiting from accelerating electricity demand in the Southeast, particularly from data centers and large industrial customers. Weather-normal retail electricity sales rose 2.3% year to date, the strongest first-half growth in nearly two decades, while data center usage increased 55% year over year, supporting a durable load-growth outlook.
Large Pipeline of Contracted Demand: Southern Company has secured a substantial pipeline of large-load demand that can support utility growth. Contracts and agreements across its electric subsidiaries now exceed 17 gigawatts by the mid-2030s, while more than 75 gigawatts remain in the prospective pipeline and another 8 gigawatts are in late stages, including 3 gigawatts expected soon.
Long-Term OpenAI Contract: SO’s subsidiaryGeorgia Power's 3.2-gigawatt, 25-year contract with OpenAI provides Southern Company with long-duration demand visibility. The project is expected to begin service in phases from 2028 and includes 1 gigawatt of flexible demand response. The contract adds load while supporting reliability during periods of peak demand.
Customer Protections on Large-Load Contracts: Southern Company's large-load contracting structure reduces the risk that existing customers will bear the full cost of serving new data centers. Management said contracts include minimum bills covering at least 100% of incremental service costs, while many also include termination payments and high-quality collateral. Some dedicated assets also require customer contributions.
Strong Regulated Capital-Growth Opportunity: Southern Company has significant regulated investment opportunities, with its presentation showing $81 billion of projected capital expenditures from 2026 through 2030. About 95% is expected in state-regulated utilities, supporting projected rate-base growth of 9%. This provides a visible framework for long-term earnings expansion.
Risks That Could Weigh on SO’s SharesVery High Capital Requirements: Southern Company faces substantial financing needs because rapid demand growth requires heavy investment in generation, transmission and distribution. The company used $6.76 billion for investing activities in the first six months of 2026, primarily for construction programs, while financing activities provided $3.83 billion. Continued capital intensity could pressure leverage and returns.
Continued Need for Equity Financing: Southern Company's growth strategy is increasingly dependent on external financing and additional equity. Management said it sourced another $700 million of equity in the second quarter and still expects $1.1 billion of remaining equity needs through 2030. Although the plan supports credit quality, additional share issuance can dilute per-share earnings.
Higher Borrowing Costs: Rising debt costs remain a headwind as Southern Company expands its infrastructure. Second-quarter interest expense at Georgia Power increased $30 million to $228 million, while higher average borrowings and interest on finance-lease power purchase agreements contributed to the increase. Continued construction spending could require more borrowing and keep interest expense elevated.
Regulatory Cost-Recovery Risk: Southern Company's earnings remain exposed to regulatory cost recovery and affordability pressures. Its traditional electric businesses must obtain timely recovery for major investments while customers face affordability concerns. Management also identifies capital access and revenue recovery risks tied to data center growth, so planned investments may not earn the expected returns.
Underwhelming Returns Raise Concerns: Over the past 12 months, SO has significantly underperformed both its peers and the broader utilities market, declining approximately 3%, against gains of 13.1% for the Electric Power sub-industry (ZSI193M) and 8.7% for the Utilities Sector (ZS14M). This weak relative performance highlights SO’s inability to keep pace with the broader utility sector.
Image Source: Zacks Investment Research
Final Verdict on SO StockSO benefits from accelerating electricity demand in the Southeast, particularly from data centers and industrial customers, with retail sales up 2.3% year to date and data center usage rising 55% year over year. Its more than 17-gigawatt contracted demand pipeline, 25-year 3.2-gigawatt OpenAI agreement, customer protections on large-load contracts and $81 billion regulated capital-investment plan provide strong long-term growth and earnings visibility.
However, the company faces very high capital requirements, continued reliance on equity financing that could dilute per-share earnings, rising borrowing costs and increased interest expense. Regulatory cost-recovery and affordability concerns could limit returns on planned investments, while the stock’s roughly 3% decline over the past 12 months has significantly lagged the Electric Power sub-industry and the Utilities sector. Given this mix of strengths and potential challenges, investors should wait for a more opportune entry point instead of adding this Zacks Rank #3 (Hold) utility stock to their portfolios.
Key PicksInvestors interested in the utility sector might look at some better-ranked stocks like Enel Chile S.A. (ENIC - Free Report) , CenterPoint Energy (CNP - Free Report) and Exelon (EXC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enel Chile S.A. is worth approximately $6.16 billion. It is a leading power company in Chile. Enel Chile is engaged in electricity generation, transmission and distribution, with a growing focus on renewable energy and sustainable infrastructure.
CenterPoint Energy is worth approximately $26.13 billion. It is a major U.S. utility. CenterPoint Energy delivers electricity and natural gas to customers across several states, supported by regulated operations and ongoing investments in grid modernization.
Exelon is worth approximately $45.05 billion. It is one of the largest regulated utilities in the United States. Exelon serves millions of customers through its regional electric and gas utilities while investing in grid reliability, clean energy and infrastructure upgrades.
Boom kolem AI a datových center se soustředí hlavně na Southern, Duke Energy a American Electric Power, které v XLU nabízejí přímější expozici než celý fond. Southern hlásí 55% meziroční růst využití datových center, Duke 17 GW smluv a AEP 69 GW smluvně zajištěných přírůstků do roku 2030.
XLU gives you exposure to over 30 utilities, but the AI data-center boom is quietly concentrating inside just a handful of them, and owning the fund means paying for a lot of names that will miss the surge entirely.
If you own the Utilities Select Sector SPDR Fund (NYSEARCA:XLU), you bought it for a reason: cheap, diversified access to America’s regulated utilities, a low beta, and a dividend check that arrives whether the market rallies or rolls over. XLU has done that job for two decades, and its $23.1 billion in net assets says plenty of investors agree. But XLU’s roughly 2.7% yield and 3.78% one-year return understate what is happening inside the sector right now, and three of its own top holdings are the reason.
What XLU Actually Owns, and Why It Dilutes the Story XLU is top-heavy, with NextEra alone making 12.9% of the fund. The next four positions, Southern, Duke, Constellation, and AEP, make up another roughly 25%. The remaining 60% is a long tail of water utilities, gas distributors, and slower-growing regional names like Atmos, CenterPoint, Ameren, and PPL. That tail is what keeps XLU’s yield near the sector average and its earnings growth close to GDP. The AI and data-center demand supercycle is not evenly distributed across those 30-plus holdings. It is concentrated in a handful of them, and you can own those directly.
Southern Company: The Southeast Data-Center Magnet Southern Company (NYSE:SO | SO Price Prediction) yields 3.35% on a forward dividend of $3.04, meaningfully above XLU. More importantly, Q2 adjusted EPS came in at $1.13, and management said data center usage was 55% higher than the prior-year quarter. Georgia Power just signed a 3.2 gigawatt, 25-year contract with OpenAI, and total contracted large-load agreements now exceed 17 gigawatts by the mid-2030s, backed by roughly $21 billion of collateral. Southern has raised its dividend for more than two decades, most recently to $0.76 per quarter. Trading at a 19x forward P/E, it captures the Southeast growth story XLU only partially expresses.
Duke Energy: The Compounding Dividend Machine Duke Energy (NYSE:DUK) yields 3.53% and just raised its quarterly payout to $1.085, marking over 20 years of consecutive annual dividend increases. Duke beat consensus for a fifth straight quarter with Q2 adjusted EPS of $1.43, reaffirmed 5% to 7% long-term EPS growth through 2030, and guided to the top half of that range starting in 2028. CEO Harry Sideris said Duke is “deploying more than $1 billion per month” in regulated capital, with 7.8 gigawatts of signed data-center agreements and $5 to $10 billion of upside to the current five-year capital plan. At a 18x forward P/E, you are paying utility multiples for a growth ramp that XLU averages away.
American Electric Power: The Transmission Toll Road American Electric Power (NASDAQ:AEP) is the pure transmission play. Commercial load in its vertically integrated segment jumped 14.9% in Q2, and management raised 2026 EPS guidance to $6.25 to $6.55. The company’s $78 billion five-year capital plan is expected to produce nearly 11% rate-base CAGR, with contracted load additions now at 69 gigawatts through 2030, of which 45 gigawatts sit in ERCOT. AEP yields 3.08% and targets 7% to 9% annual earnings growth, with an expected CAGR above 9% through 2030. That is roughly double what the average XLU holding will deliver.
Tradeoffs You Are Accepting A three-stock sleeve of SO, DUK, and AEP concentrates you in regulated electric utilities in the Southeast, Carolinas/Midwest/Florida, and 11-state AEP footprint. You lose XLU’s exposure to water, gas distribution, and independent power producers like Vistra and Constellation. You take on single-state regulatory risk, and you have to rebalance yourself. With the 10-year Treasury at 4.67%, none of these yields dominate risk-free income, so the case rests on dividend growth plus rate-base compounding, not on income alone.
How to Think About the Switch In a tax-advantaged account, rotating out of XLU into an equal-weight basket of SO, DUK, and AEP is a clean trade: no capital-gains friction, higher blended yield, and direct exposure to the load-growth names already inside XLU. In a taxable account, weigh embedded gains from XLU’s 139% ten-year run before selling; a partial rotation, funded with new capital rather than a full liquidation, often makes more sense. If you want XLU’s diversification and defensive character above all else, stay put. If you want the AI power-demand tailwind expressed at full strength, the three names are already sitting in your ETF, just diluted, and the same buildout is pulling in the cooling, networking, and equipment suppliers we profiled in a free report on seven AI infrastructure stocks that aren’t chipmakers.
Contact [email protected] for any questions or corrections.
Borders & Southern Petroleum uvedla, že jedná s více stranami o farm-out svého nálezu Darwin, zatímco zájem o Falklandy roste díky rozvoji projektu Sea Lion.
Borders & Southern Petroleum (AIM:BOR) said accelerating development of the Sea Lion oil project is sharpening investor attention on the Falkland Islands as the company advances talks over a farm-out of its own Darwin discovery.
The explorer pointed to Navitas Petroleum’s commitment to secure a second FPSO for Sea Lion and Rockhopper Exploration’s recent capital raise to meet additional development costs, saying the investment reinforced the Falklands’ emergence as a new oil-producing region.
Borders & Southern owns 100% of its acreage and estimates Darwin contains 462 million barrels of recoverable liquid hydrocarbons on a P50 basis, alongside what it described as substantial exploration upside.
The company said it is engaging with multiple third parties on a farm-out and that “significant progress has been made”, with a further market update expected when the process concludes. Its three South Falkland Basin licences span nearly 10,000 square kilometres.
Earlier this week, Rockhopper Exploration PLC (AIM:RKH) (Rockhopper Exploration PLC (AIM:RKH)) said the value of its interest in the Sea Lion development has risen sharply after an updated independent assessment incorporated more resources and the accelerated development of the field's Central Development Area (CDA). It comes as JV partner Navitas is advancing plans to accelerate and expand efforts into the CDA, with an additional FPSO (floating production storage and offloading) vessel, with a project that Rockhopper recently noted would require additional funding.
The Netherland, Sewell & Associates evaluation increased the NPV10 attributable to Rockhopper's 35% interest across 2P reserves and development-pending 2C resources by around $788 million compared with the December 2025 assessment. Based on the figures published, those categories now carry a combined NPV10 of roughly $2.96 billion.
In the past, Rockhopper and its discovery at Sea Lion led the interest and sentiment and brought attention to other exploration stories like Borders & Southern. Now as Navitas pushes the same discovery though development and scale up, history may begin to repeat itself.
Borders today highlighted: "The steadfast dedication by Navitas demonstrates their confidence in the basin and the favourable fiscal regime. In particular, the Company would like to congratulate Sam Moody and his Rockhopper team in achieving a substantial capital raise, at minimal discount, to finance their share of the extra capex requirements.
"The commitment to secure a second FPSO and the concomitant substantial capital committed, reinforces the irrevocable journey the Falkland Islands is making to becoming a new oil province. For Borders & Southern, this continues to point the spotlight towards this nascent hydrocarbon region, and reenforces our own experience of support for renewed investor interest."
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Georgia Power získala schválení dohody s OpenAI o dodávce elektřiny pro plánovaný projekt v okrese Effingham County v Georgii, který může přidat asi 3 200 MW nové poptávky. OpenAI zaplatí projektovou infrastrukturu a až 1 000 MW odběru bude flexibilních.
Key Takeaways SO's Georgia Power secured approval for an OpenAI deal that could add 3,200 MW of demand.OpenAI will cover project-specific infrastructure costs and make up to 1,000 MW of electricity load flexible.Georgia Power projects about $950 million in annual customer savings starting in 2029. Southern Company’s (SO - Free Report) largest electric subsidiary, Georgia Power, has received regulatory approval for a major electricity supply agreement with OpenAI, highlighting the growing investment opportunity created by the rapid expansion of artificial intelligence (AI) and data center infrastructure.
The agreement covers OpenAI’s planned project in Effingham County, Georgia, and could add approximately 3,200 megawatts (“MW”) of new electricity demand to Georgia Power’s system. The deal is significant not only because of its size, but also because it shows how utilities could benefit from the accelerating power needs of the AI economy.
A 3.2-GW Customer Is a Major AdditionA 3.2-GW electricity load is substantial. It is comparable to the output of several large conventional power plants and represents a meaningful increase in demand for Georgia Power.
The agreement comes as electricity consumption in the United States is entering a period of renewed growth. After years of relatively modest demand increases, utilities are now preparing for rapidly expanding requirements from AI, cloud computing, semiconductor manufacturing, industrial reshoring and population growth.
Georgia is emerging as an important destination for hyperscale data centers and AI infrastructure. For Southern Company, this creates an opportunity to expand its customer base and potentially generate higher revenues as large technology companies require increasingly large amounts of electricity.
Importantly, OpenAI has agreed to make up to 1,000 MW of its electricity demand flexible. This means Georgia Power could reduce power deliveries to the facility during periods of exceptionally high system demand.
That flexibility could help the utility manage peak loads without building generation capacity solely for the data center. From an investor perspective, this is an important feature because it could help balance growth in electricity demand with the cost of maintaining system reliability.
Protecting Existing CustomersOne of the biggest questions surrounding the data center boom is who ultimately pays for the massive infrastructure required to serve these facilities.
Utilities may need to invest in generation, transmission and distribution infrastructure to accommodate new large-load customers. If those costs are spread across the broader customer base, residential and smaller commercial customers could potentially face higher rates.
Georgia Power’s agreement with OpenAI takes a different approach. According to the SO’s Unit press release, OpenAI will cover the full cost of infrastructure specifically required to serve its project. That arrangement could help reduce the risk that existing customers are forced to subsidize the infrastructure associated with rapidly expanding data center demand.
SO’s Unit and regulators have also established a framework for large-load customers designed to protect existing customers from costs associated with new data centers and other major industrial users. For Southern Company investors, this regulatory structure could become increasingly important as the utility pursues additional large-load opportunities.
Potential Customer Savings Add Another PositivePerhaps the most notable aspect of the announcement is the projected benefit to Georgia Power customers.
The utility expects revenues from OpenAI and other previously announced large-load customers, combined with additional projected growth, to generate approximately $950 million in annual customer savings beginning in 2029. Over the 2029–2031 period, Georgia Power projects total customer benefits of approximately $2.847 billion. For a typical residential customer using 1,000 kilowatt-hours per month, the projected benefit is now expected to reach at least $15 per month, or $180 annually, starting in 2029. That represents an increase from the previously announced commitment of $102 per year in December 2025.
For investors, these figures suggest that large-load growth does not necessarily have to translate into higher costs for existing customers. If structured effectively, attracting major electricity users could help spread fixed system costs across a larger revenue base while allowing the utility to invest in infrastructure that supports long-term growth.
Why This Matters for Southern CompanyGeorgia Power serves approximately 2.8 million customers and is Southern Company’s principal electric utility subsidiary. The OpenAI agreement therefore represents more than a single customer contract—it is a potential indicator of the changing economics of the utility industry.
Southern Company already operates in a region benefiting from population growth, manufacturing investment and rising electricity consumption. The addition of AI and hyperscale data centers could further strengthen the company’s long-term demand outlook.
The company’s ability to secure large customers while requiring them to shoulder project-specific infrastructure costs could also offer an attractive model for managing the financial risks associated with the data center boom.
The agreement follows a July 2025 freeze on Georgia Power base rates and a separate plan approved in May 2026 to reduce overall rates, adding another layer to the utility’s evolving regulatory and financial outlook.
The Bottom Line for SO InvestorsThe OpenAI deal reinforces a broader investment thesis for Southern Company: electricity demand is becoming an increasingly valuable growth driver. The key issue for investors will be whether SO can convert surging AI and data center demand into sustainable earnings and cash-flow growth while controlling capital expenditures and protecting existing customers from unnecessary costs.
Georgia Power’s agreement with OpenAI provides several encouraging signals. The 3.2-GW load creates substantial potential demand, the flexible-load commitment could improve grid management, and OpenAI’s responsibility for project-specific infrastructure helps limit the financial burden on existing customers.
As AI development accelerates, electricity may become one of the most important physical inputs supporting the technology boom. Utilities capable of supplying that power efficiently—and under favorable regulatory structures—could become some of the unexpected beneficiaries of the AI investment cycle. For Southern, Georgia Power’s OpenAI agreement could be an important early example of that opportunity.
SO’s Zacks Rank and Key PicksCurrently, SO carries a Zacks Rank #3 (Hold).
Investors interested in the utility sector might look at some better-ranked stocks like CLP (CLPHY - Free Report) , Exelon (EXC - Free Report) and RWE AG (RWEOY - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CLP is worth approximately $25.62 billion. CLP is a Hong Kong-based Asia-Pacific power company involved across the electricity value chain, including generation, transmission, distribution and retail, with a growing focus on renewable energy and storage.
Exelon is worth approximately $45.87 billion. Exelon is a U.S. regulated utility holding company that operates six transmission and distribution utilities serving nearly 11 million customers across several major U.S. markets.
RWE AG is worth approximately $48.69 billion. RWE is a Germany-based international power producer focused on renewable energy, including offshore wind, while also operating flexible conventional generation, storage and energy-trading businesses.
Westhaven oznámil, že vrt SNR26-117 v South Zone vrátil průsek o délce 10,04 m s 12,18 g/t Au a 103 g/t Ag a rozšířil mineralizaci pod nejhlubší navržené dobývací komory v PEA 2025.
Drill hole SNR26-117 returned 10.04m grading 12.18 g/t Au and 103 g/t Ag, extending high-grade gold and silver mineralization below the deepest mining stopes proposed in Westhaven’s 2025 preliminary economic assessment (“PEA”).
Drill hole SNR26-110 returned 37.34m grading 6.24 g/t Au and 55 g/t Ag, confirming thick, high-grade gold and silver mineralization at the southeastern margin of the deposit.
35,000m resource infill drilling program is >76% complete, with four active drills on the South Zone deposit
VANCOUVER, British Columbia, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V: WHN) (OTCQB: WTHVF) (FRA: 1W5) (“Westhaven” or the “Company”) is pleased to report the fifth batch of assay results from the ongoing 35,000m resource infill drilling program, presently supported by four drill rigs at the South Zone gold and silver deposit on the Shovelnose gold property in southern British Columbia.
Ken Armstrong, President and CEO of Westhaven, commented:
“This latest batch of assays from ongoing resource infill drilling includes two drill holes that confirm the presence of thick, high-grade gold and silver mineralization both below and at the southeastern margin of the South Zone deposit. Drill hole SNR26-117 is of particular importance as its 10m interval grading 12.18 g/t Au and 103 g/t Ag has extended mineralization below the deepest proposed mining stopes in Westhaven’s 2025 preliminary economic assessment. Similarly, SNR26-110, returning 37.34m grading 6.24 g/t Au and 55 g/t Ag, has confirmed thick, high-grade mineralization at the southeastern edge of the deposit. Follow up drilling is required in the vicinity of both of these holes where there is clearly potential to increase contained ounces in the South Zone deposit.”
Highlight results reported today include intersections of 37.34m grading 6.24 g/t Au and 55 g/t Ag (SNR26-110) in the southeastern part of the South Zone deposit, and 10.04m grading 12.18 g/t Au and 103 g/t Ag (SNR26-117) located below the proposed mine development in Westhaven’s 2025 PEA.
In addition to the infill resource drilling, the 2026 field program continues with exploration drilling and surface field work within the greater Shovelnose property area and is expected to continue through mid-December. This work is being funded under a strategic earn-in agreement with Dundee Corporation (“Dundee”), whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m resource infill and exploration drill program and ongoing pre-feasibility study (“PFS”) work at Shovelnose.
South Zone Mineral Resource Infill Drilling
Assay results from the ongoing 35,000m resource infill drilling program at the South Zone deposit continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3. Results have been received from an additional 6 infill drill holes and are reported in Table 1. Earlier assays from the 2026 infill drilling program can be found Westhaven news releases dated: May 7, linked here, May 26, linked here, July 7, linked here, and July 28, linked here. The resource drilling program has been designed to infill the deposit at nominal 25m centres with results to be included in an updated mineral resource estimate to support a PFS targeting completion in H2 2027. To date, 85 drill holes (26,581m) have been completed representing approximately three-quarters of the planned program metreage.
Table 1 shows assay results, including drill hole locations and orientations, and is also linked here. Reported assay intervals represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals.
Figure 1 shows the locations of the drill holes reported in this news release, as well as the other holes completed in 2026, the planned 2026 drill collar locations and the drill collars of pre-2026 drilling of the South Zone.
Figure 2 presents a South Zone cross-section highlighting drill hole SNR26-117, and Figure 3 presents a South Zone cross-section highlighting drill hole SNR26-110. The sections are viewed to the northwest (310°) and illustrate strong continuity of mineralization hosted within structurally controlled quartz veins and hydrothermal breccia zones.
Sampling, Laboratory Analyses and Quality Assurance/Quality Control (QA/QC)
Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package. Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen.
Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements.
All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size) or Au-ICP22 (50g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size, or Au-GRAV22 and a 50g sample size). The switch to 50g aliquots applies to 2026 resource infill drill holes starting at, and including, SNR26-98. Other over-limit elements may also be subjected to ore grade analyses which vary depending on the element of interest.
ALS’s facilities are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria.
QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples. Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides).
QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.
Figure 1 – Plan View Map August 2026
Figure 2 – South Zone Cross Section A-A’
Figure 3 – South Zone Cross Section B-B’
Reported intervals are at least 2m in length with a 1 g/t Au cut-off for individual samples and no more than 3m contiguous metres dilution.
Or less than 2m in length with an individual sample returning >10 g/t Au.
*Reported interval includes 4.10 contiguous metres with assays <1 g/t Au.
Table 1 – Assay Highlights
ABOUT WESTHAVEN GOLD CORP.
Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four properties spread along this underexplored belt.
The Shovelnose gold and silver project is the most advanced property, with a 2025 updated Preliminary Economic Assessment that validates the project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).1
On February 23, 2026, Westhaven closed a strategic earn-in agreement with Dundee Corporation, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program and pre-feasibility work at Shovelnose. The agreement allows for the accelerated exploration and evaluation of one of Canada's most compelling, undeveloped, high-margin gold and silver assets.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Robin Hopkins, P.Geo. (NT/NU), Vice President, Exploration for Westhaven and a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
1 See Westhaven's news release entitled "Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia" and dated March 3, 2025.
ON BEHALF OF THE BOARD OF DIRECTORS OF WESTHAVEN GOLD CORP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and Westhaven does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements in this news release may include, but are not limited to, statements with respect to completing approximately 50,000m of drilling during the year; completing an updated South Zone mineral resource estimate and the planned Pre-Feasibility Study; the results of the updated Preliminary Economic Assessment; future planned activities; future mineral production and future growth potential for the Company and its projects; the interpretation of preliminary results from exploration undertaken to date at the Shovelnose project using various exploration techniques and analysis; statements with respect to potential styles of epithermal mineralization at the Shovelnose Project; and, the possibility that the Company’s Shovelnose project may host multiple gold bearing epithermal systems.
In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information.
Such factors include, without limitation: the Company's dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis.
Mineral exploration involves a high degree of risk and few properties, which are explored, are ultimately developed into producing mines. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Infographics accompanying this announcement are available at
Southern Company zvýšila celoroční výhled upraveného zisku na horní hranici pásma 4,50 až 4,60 USD na akcii. Ve 2. čtvrtletí upravený zisk vzrostl na 1,13 USD na akcii z 92 centů.
Key Takeaways Southern's regulated model and stable base rates support earnings visibility through 2029.SO saw first-half weather-normal retail electricity sales rise 2.3% as data center demand surged.Southern raised its 2026 earnings outlook after stronger execution despite capital and funding risks. Southern Company (SO - Free Report) offers a defensive regulated utility model at a time when electricity demand across the Southeast is accelerating. Stable rates, customer additions and data center growth are supporting earnings visibility, while stronger execution has lifted the 2026 outlook.
The trade-off is valuation. Investors are paying a premium for dependable growth, leaving less room for construction setbacks, regulatory delays or higher financing costs.
Southern's Regulated Model Supports StabilitySouthern’s vertically integrated, state-regulated structure provides recurring electricity demand and a durable earnings base. Retail base rates at Georgia Power and Alabama Power are expected to remain stable through 2029, which supports customer affordability and reduces near-term rate uncertainty.
The company’s recession-resistant profile and expanding customer base add defensive appeal. Duke Energy (DUK - Free Report) offers a similar regulated utility framework across growing jurisdictions, while Dominion Energy (D - Free Report) also relies heavily on regulated electricity and natural gas operations. Southern’s Southeast footprint distinguishes it through stronger large-load demand.
SO's Demand Growth Strengthens the Earnings CaseWeather-normal retail electricity sales increased 2.3% in the first half of 2026, the strongest first-half growth in nearly two decades. Continued residential customer additions and diverse industrial activity helped broaden the demand base.
Data center usage rose 49% year over year, and systemwide data center load exceeded 1.2 gigawatts. More than 17 gigawatts of large-load demand is under contract for the mid-2030s, supporting a longer runway for generation, transmission and rate-base investment.
Southern's Valuation Leaves Less Room for ErrorSouthern trades at a trailing enterprise value-to-earnings before interest, taxes, depreciation and amortization multiple of 12.49. That is slightly below its five-year median of 12.79 and within the five-year range of 11.76 to 14.64, suggesting the multiple is not extreme relative to its own history.
Image Source: Zacks Investment Research
The forward price-to-earnings ratio of about 20.4 and PEG ratio of 6.4 are less forgiving. Those measures indicate that investors already assign considerable value to the company’s stability and expected growth, limiting upside if execution falls short.
SO Faces Heavy Funding and Execution RisksLong-term debt reached $68.8 billion at June 30, 2026, up from $65.6 billion at year-end 2025. Higher debt balances have raised interest expense, and the capital program still depends on continued access to debt and equity markets despite support from low-cost Department of Energy loans.
Construction inflation, equipment delays, contractor performance and regulatory recovery remain key risks. Environmental obligations and recurring wind-repowering charges could also pressure reported earnings and financial flexibility as Southern expands generation and transmission capacity.
Southern's Earnings Outlook Supports PatienceSecond-quarter adjusted earnings rose to $1.13 per share from 92 cents a year earlier and exceeded the Zacks Consensus Estimate of $1.01. First-half adjusted earnings reached $2.46 per share, reflecting regulated investment, customer usage and growth, equity-method earnings and tax benefits.
Image Source: The Southern Company
Management now expects full-year adjusted earnings near or at the top of its $4.50-$4.60 range. The execution is encouraging, but second-quarter revenues of $6.98 billion missed the consensus mark, underscoring the capital intensity and uneven revenue contribution behind the growth plan.
SO's Mixed Signals Favor a Measured StanceSouthern’s operating momentum and regulated earnings base support holding the stock, but the current valuation does not offer a wide margin of safety. New buyers may be better served by waiting for a more attractive entry point rather than paying fully for expected growth.
The stock currently carries a Zacks Rank #3 (Hold). Its VGM Score of B and Momentum Score of A are constructive, while the Value Score of C and Growth Score of C signal a more balanced profile. Together, these indicators favor a measured stance rather than an aggressively bullish position. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Southern Company oznámila nabídku konvertibilních seniorních dluhopisů za 2,15 miliardy USD. Část výnosů použije na odkup části stávajících konvertibilních dluhopisů a na splacení veškerého nebo části krátkodobého dluhu.
, /PRNewswire/ -- Southern Company (NYSE: SO) today announced offerings of $650 million in aggregate principal amount of its convertible senior notes due December 15, 2027 (the "2027 Convertible Notes") and $1.5 billion in aggregate principal amount of its convertible senior notes due September 15, 2029 (the "2029 Convertible Notes" and, together with the 2027 Convertible Notes, the "Convertible Notes") in private placements to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In addition, Southern Company expects to grant the initial purchasers of the Convertible Notes options to purchase, for settlement within a period of 13 days from, and including, the date the Convertible Notes are first issued, up to an additional $97.5 million in aggregate principal amount of the 2027 Convertible Notes and up to an additional $225 million in aggregate principal amount of the 2029 Convertible Notes.
Final terms of each series of Convertible Notes, including the initial conversion price, interest rate and certain other terms of the Convertible Notes, will be determined at the time of pricing. The Convertible Notes will be senior, unsecured obligations of Southern Company. Interest on the Convertible Notes will be paid semiannually. The Convertible Notes will mature on December 15, 2027 (in the case of the 2027 Convertible Notes) and September 15, 2029 (in the case of the 2029 Convertible Notes), unless earlier repurchased or converted in accordance with their terms.
Prior to September 15, 2027 (in the case of the 2027 Convertible Notes) or June 15, 2029 (in the case of the 2029 Convertible Notes), the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods. From and after September 15, 2027 (in the case of the 2027 Convertible Notes) or June 15, 2029 (in the case of the 2029 Convertible Notes), the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the applicable series of the Convertible Notes. Upon conversion, Southern Company will pay cash up to the aggregate principal amount of the Convertible Notes of the applicable series to be converted and pay or deliver, as the case may be, cash, shares of Southern Company's common stock, or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes of the applicable series being converted.
Southern Company intends to use a portion of the net proceeds from these offerings to repurchase a portion of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027 (the "Series 2024A Convertible Notes") and its Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 (together with the Series 2024A Convertible Notes, the "Existing Convertible Notes"), in each case through individually negotiated transactions with a limited number of holders thereof (each, a "note repurchase transaction"), effected through one of the initial purchasers of the Convertible Notes or its affiliate. Southern Company intends to use any remaining net proceeds to repay all or a portion of its outstanding short-term debt and for other general corporate purposes, which may include investment in its subsidiaries.
Contemporaneously with the pricing of the Convertible Notes, Southern Company expects to enter into one or more separate and privately negotiated transactions with a limited number of holders of the Existing Convertible Notes to use a portion of the proceeds of the offerings to repurchase a portion of the Existing Convertible Notes on terms to be negotiated with each such holder. The terms of each note repurchase transaction are anticipated to be individually negotiated with each such holder of the Existing Convertible Notes and will depend on several factors, including the market price of Southern Company's common stock and the trading price of the applicable Existing Convertible Notes at the time of each such note repurchase transaction. Southern Company may also repurchase outstanding Existing Convertible Notes following the completion of the offerings of the Convertible Notes. No assurance can be given as to how much, if any, of the Existing Convertible Notes will be repurchased or the terms on which they will be repurchased.
Southern Company expects that holders of the Existing Convertible Notes that sell their Existing Convertible Notes to Southern Company in any note repurchase transaction may enter into or unwind various derivatives with respect to Southern Company's common stock and/or purchase or sell shares of Southern Company's common stock in the market to hedge their exposure in connection with these transactions. In particular, Southern Company expects that many holders of the Existing Convertible Notes employ a convertible arbitrage strategy with respect to the Existing Convertible Notes and have a short position with respect to Southern Company's common stock that they would close, through purchases of Southern Company's common stock and/or the entry into or unwind of economically equivalent derivatives transactions with respect to Southern Company's common stock, in connection with Southern Company's repurchase of their Existing Convertible Notes for cash. This activity could increase (or reduce the size of any decrease in) the market price of Southern Company's common stock or the Convertible Notes at that time and could result in higher effective conversion prices for the Convertible Notes.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The offer and sale of the Convertible Notes and the shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and the Convertible Notes and such shares of common stock may not be offered or sold without registration or an applicable exemption from registration requirements.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy distribution company with national capabilities, a fiber optics network and telecommunications services.
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the planned offerings of the Convertible Notes, the expected use of proceeds from the offerings and the note repurchase transactions. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations and financial market conditions, and the results of financing efforts; access to capital markets and other financing sources; changes in Southern Company's credit ratings; and catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest or other similar occurrences. Southern Company expressly disclaims any obligation to update any forward‐looking information.
Southern ve 2. čtvrtletí vykázala upravený zisk 1,13 USD na akcii, nad odhadem společnosti, a zvýšila celoroční výhled na horní konec pásma 4,50 až 4,60 USD.
Sony Is Going All-Digital—But Investors Should Watch This InsteadSouthern NYSE: SO reported second-quarter 2026 adjusted earnings of $1.13 per share, up $0.21 from the prior-year period and $0.13 above the company’s estimate, as higher electricity usage, customer growth and construction-related earnings supported results.
Chief Financial Officer David Poroch said first-half adjusted earnings totaled $2.46 per share, above the company’s year-to-date expectations. Southern now expects full-year adjusted earnings to be near or at the top of its $4.50 to $4.60 per-share guidance range and provided a third-quarter adjusted EPS estimate of $1.65.
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Large-load contracts drive growth outlook Microsoft’s Xbox Problem Is Bigger Than a Console WarChairman, President and CEO Chris Womack said economic-development activity and power demand across the Southeast remained strong, particularly from data centers and other large-load customers.
During the quarter, Alabama Power added roughly 3 gigawatts through three projects, while Georgia Power signed a 25-year, 3.2-gigawatt electric-service agreement with OpenAI for a site near Savannah, Georgia. The OpenAI project is expected to begin taking service in phases beginning in 2028 and includes 1 gigawatt of flexible demand response.
How the Memory Shortage Is Crushing the Gaming IndustryWomack said the four projects together represent 6 gigawatts of newly contracted load. Including prior agreements, Southern’s electric subsidiaries now have more than 17 gigawatts of contracts and large-load agreements expected by the mid-2030s.
The company’s prospective pipeline of large industrial and data-center projects remains above 75 gigawatts. Beyond the 17 gigawatts already contracted, Southern identified another 8 gigawatts of projects in late stages, including 3 gigawatts it expects could be finalized in the near term. Poroch said several of those prospective projects are likely to start ramping in 2028 and continue into the next decade.
Southern’s systemwide data-center load exceeded 1.2 gigawatts during the quarter, an increase of more than 500 megawatts from a year earlier. Data-center usage rose 55% from the second quarter of 2025 and was up 49% year to date, according to Poroch.
Retail sales and customer additions increase Weather-normalized retail electricity sales increased 2.3% in the first half from the same period last year, which Poroch said was the company’s strongest sales growth through June in nearly two decades. Sales increased across residential, commercial and industrial customer classes.
Southern added approximately 11,000 residential electric customers during the second quarter, bringing net electric customer additions to more than 40,000 over the past year. Weather-normalized commercial sales rose 7.4% in the second quarter and were 6% higher year to date.
The company cited manufacturing and reshoring activity in Alabama, including primary metals, stone, clay, glass and pipeline-related segments, as contributors to industrial demand. Announcements in Southern’s electric territories during the quarter represented nearly $14 billion in investment and more than 3,000 jobs, led by data-center facilities in Alabama and an Amazon warehouse in Georgia, Poroch said.
Generation needs could create investment opportunities Southern said it has received approvals in recent years for 10 gigawatts of company-owned generation resources, including thermal, battery and solar assets, as well as hundreds of miles of transmission lines. Two battery sites are in service, while work continues on three combustion turbines at Plant Gaston.
Requests for proposals are underway at Alabama Power and Georgia Power for additional generation resources needed in the early 2030s. Poroch said any company-owned projects selected through the processes and approved by state public service commissions would represent incremental investment beyond Southern’s current capital plan.
Poroch said a rough rule of thumb for new generation capacity could be “about $2 billion or so” per gigawatt, covering a range of generation resources. He said spending related to potential projects could begin to enter the company’s projections around 2028, with assets potentially coming online in 2031 or 2032.
Southern also sees potential to expand investments in FERC-regulated pipeline infrastructure as electricity demand and potential gas-generation needs rise across the Southeast.
Rate protections and financing plans Womack said Southern’s large-load agreements include minimum bills designed to recover at least 100% of the incremental cost to serve customers, along with termination-payment provisions and collateral requirements. He said the structure is intended to protect existing customers and investors while supporting rate stability.
Retail base rates at Southern’s two largest subsidiaries, Georgia Power and Alabama Power, are set to remain stable until 2029, according to the company. Womack said the OpenAI project’s demand-response capability can help reduce peak demand and benefit the broader system.
On financing, Poroch said Southern sourced an additional $700 million of equity through its at-the-market program during the second quarter, using forward contracts that can settle through 2028. The company said its projected remaining equity need through 2030 has declined to $1.1 billion and reiterated its goal of reaching roughly 17% funds from operations to debt by 2029.
Southern Power is also discussing opportunities to recontract assets as existing tolling arrangements expire. Womack said potential new agreements would involve energy and capacity under long-term power-purchase agreements rather than typical tolling structures.
About Southern (NYSE:SO)Southern Company NYSE: SO is an Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses that generate, transmit and distribute electricity to residential, commercial and industrial customers.
Southern's principal regulated electric subsidiaries include Georgia Power, Alabama Power and Mississippi Power, which serve large portions of the southeastern United States.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Georgia Power zahájila výstavbu dvou nových plynových bloků v Plant Bowen, které přidají téměř 1 500 MW, a zároveň plánuje 500 MW bateriového úložiště. Investice mají pokrýt rostoucí poptávku po elektřině v Georgii.
Northwest Georgia power plant has served customers since 1971;
Investments in efficiency and technology include advanced air emissions controls and beneficial reuse of coal ash;
Company building new natural gas units totaling nearly 1,500 MW and 500 MW of battery energy storage
, /PRNewswire/ -- Since bringing the first unit online in 1971, Plant Bowen has been an essential piece of Georgia Power's diverse generation mix, providing reliable energy for the state as it has grown over the decades, and it has become one of the most advanced coal-fired power plants in the world. Leaders from Georgia Power this week joined the Department of Energy (DOE), as well as elected officials and community leaders, to celebrate the legacy of the plant, as well as the exciting improvements planned and underway as the company reinvests and expands operations at the plant to meet Georgia's growing energy needs. During a ceremony on Tuesday at the plant, the company marked the start of construction of two new combined-cycle natural gas units which will add nearly 1,500 megawatts (MW) of reliable generation. Georgia Power also highlighted its broader investments at Plant Bowen, including a new 500 MW battery energy storage system (BESS) as part of the company's strategy to meet Georgia's growing electricity demand.
Southern Company and Georgia Power host the Department of Energy, as well as elected officials and community leaders, to celebrate the future of Plant Bowen on July 28, 2026 at the plant near Euharlee, Ga. The power plant, which has served Georgia since 1971, is being expanded with new natural gas generation and battery energy storage systems. The new investments at Plant Bowen are part of Georgia Power's plan to meet increased demand for electricity in the coming years through projects and programs approved by the Georgia Public Service Commission (PSC). As the company builds the energy infrastructure needed for a growing state, it remains focused on lowering rates and keeping energy costs stable and predictable. As part of this strategy, in February, Southern Company and the Department of Energy's Office of Energy Dominance Financing announced an up to $26.5 billion loan package to support eligible projects across Georgia and Alabama, including investments in reliable generation, transmission, and grid modernization. The loan guarantee supports projects selected through DOE's financing review process to strengthen America's energy infrastructure while delivering affordable, reliable, and secure energy for the American people. Over the approximately 30-year term of the loans, customers are expected to realize an estimated $7.3 billion in electricity savings.
"For more than 50 years, Plant Bowen has been about more than just megawatts – it has been a source of pride and a cornerstone of the Northwest Georgia community, providing high-quality careers and a positive economic force for this entire region," said Kim Greene, chairman, president and CEO of Georgia Power at the event. "As we celebrate the new investments we're making to serve our customers across the state, and the future of this incredible plant alongside our partners from the Department of Energy and many local, state, and federal officials, we remain committed to making growth work for our customers with higher reliability and lower rates. I'm excited for what comes next at Plant Bowen, and for our entire state, as we continue to work together for a better Georgia for the next generation."
With the approval of the Georgia PSC, Georgia Power continues to expand its diverse generation mix to serve customers and meet growing energy demand with the addition of new natural gas generation, battery energy storage, nuclear uprates, investments in hydropower, as well as transmission system improvements and grid enhancements across the state. In addition to the new units at Plant Bowen, additional natural gas generation projects are planned or underway at sites such as Plant Wansley, Plant McIntosh and Plant Yates, with thousands of megawatts of additional battery energy storage systems also under development, and more than 1,000 miles of new transmission lines planned in the coming years across the state.
Most recently, Georgia Power announced the completion of the Moody Battery Facility, located just outside of Valdosta, Ga., capable of 49.5 MW of battery storage, which can be deployed back to the grid over a four-hour period. This flexible energy storage system matches the output of the nearby Moody solar facility and adds resiliency to the state's power grid. Read more here.
Plant Bowen – as well as Plant Scherer near Juliette, Ga. – are among the most advanced coal-fired power plants in the world, with Georgia Power investing billions of dollars over the decades to reduce emissions and comply with environmental regulations. In recent years, the company has added state-of-the-art technology to reduce the environmental footprint of those facilities such as scrubbers, selective catalytic reduction systems and baghouses. This investment has resulted in reductions in main air emissions by more than 95% over the past few decades.
Additionally, Georgia Power continues to research new and innovative ways to reuse coal ash that are beneficial for customers and communities. The company currently recycles 85% of all ash and gypsum, including more than 90% of fly ash, which it produces from operations for various beneficial uses such as concrete production as well as other construction products. Beneficial use can produce positive environmental, economic and performance benefits such as reduced use of resources, reduced cost of coal ash disposal, and improved strength and durability of building materials. Plant Bowen is currently home to the Ash Beneficial Use Center, a collaboration with Southern Company Research and Development and the Electric Power Research Institute (EPRI), as well as Georgia Power's first beneficial use facility which was the largest of its kind at the time of construction in 2022.
Plant Bowen's Community Impact
Plant Bowen has been a cornerstone and major employer in Northwest Georgia for decades. The plant employs more than 400 people today and Georgia Power expects approximately 1,000 construction workers to be onsite supporting construction of the new natural gas and BESS facilities.
The investment at Plant Bowen is expected to more than double the plant's contribution to property tax revenues in Bartow County. Additionally, Georgia Power, the non-profit Georgia Power Foundation, and individual employees at Plant Bowen have donated hundreds of thousands of dollars in recent years to local organizations with major fundraisers supporting local schools and education organizations, Toys for Tots of Bartow County, foster care programs and local food banks. The Plant Bowen chapter of the Citizens of Georgia Power, a volunteer organization of Georgia Power employees, retirees, and their spouses dedicated to community service, have donated more than 8,000 hours of community service since 2021.
As the plant continues to serve Georgia Power customers, so too are employees at the plant dedicated to serving Euharlee and the surrounding community.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.8 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
The Southern Company (SO) Q2 2026 Earnings Call July 30, 2026 1:00 PM EDT
Company Participants
Greg MacLeod - Director of Investor Relations
Christopher Womack - CEO, President & Chairman
David Poroch - Executive VP & CFO
Conference Call Participants
Nicholas Campanella - Barclays Bank PLC, Research Division
Shahriar Pourreza - Wells Fargo Securities, LLC, Research Division
Carly Davenport - Goldman Sachs Group, Inc., Research Division
Stephen D’Ambrisi - RBC Capital Markets, Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Steven Fleishman - Wolfe Research, LLC
Andrew Weisel - Scotiabank Global Banking and Markets, Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Richard Sunderland - Truist Securities, Inc., Research Division
Travis Miller - Morningstar Inc., Research Division
Presentation
Operator
Good afternoon. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to The Southern Company Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the call over to Mr. Greg MacLeod, Director of Investor Relations. Please go ahead, sir.
Greg MacLeod
Director of Investor Relations
Thank you, Christine. Good afternoon, and welcome to Southern Company's Second Quarter 2026 Earnings Call. Joining me today are Chris Womack, Chairman, President and Chief Executive Officer of Southern Company; and David Poroch, Chief Financial Officer.
Let me remind you that we will make forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K, Form 10-Q and subsequent securities filings.
In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call, which
Southern Company ve 2. čtvrtletí zvýšila čistý zisk na 1,2 miliardy USD, tedy 1,03 USD na akcii, z 0,9 miliardy USD před rokem. Tržby zůstaly téměř beze změny na 6,98 miliardy USD.
, /PRNewswire/ -- Southern Company today reported second-quarter earnings of $1.2 billion, or $1.03 per share, in 2026 compared with earnings of $0.9 billion, or $0.80 per share, in the second quarter of 2025. For the six months ended June 30, 2026, Southern Company reported earnings of $2.5 billion, or $2.24 per share, compared with $2.2 billion, or $2.01 per share, for the same period in 2025.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $1.3 billion, or $1.13 per share, during the second quarter of 2026, compared with $1.0 billion, or $0.92 per share, during the second quarter of 2025. For the six months ended June 30, 2026, excluding these items, Southern Company earned $2.8 billion, or $2.46 per share, compared with $2.4 billion, or $2.15 per share, for the same period in 2025.
Non-GAAP Financial Measures
Three Months Ended June
Year-To-Date June
Net Income – Excluding Items (in millions)
2026
2025
2026
2025
Net Income – As Reported
$ 1,174
$ 880
$ 2,531
$ 2,214
Less:
Accelerated Depreciation from Repowering
(143)
(40)
(296)
(65)
Tax Impact
32
9
66
14
Loss on Extinguishment of Debt
—
(129)
(11)
(129)
Tax Impact
—
32
3
32
Estimated Loss on Nicor Gas Capital Investments
(8)
—
(10)
—
Tax Impact
2
—
2
—
Estimated Loss on Plants Under Construction
—
(2)
—
(4)
Tax Impact
(4)
(4)
(4)
(3)
Disposition Impacts
(2)
—
(2)
—
Tax Impact
8
—
8
—
Net Income – Excluding Items
$ 1,289
$ 1,014
$ 2,775
$ 2,369
Average Shares Outstanding – (in millions)
1,137
1,101
1,130
1,100
Basic Earnings Per Share – Excluding Items
$ 1.13
$ 0.92
$ 2.46
$ 2.15
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Adjusted earnings drivers for the second quarter of 2026, as compared with the same period in 2025, were investment in state-regulated utilities, customer usage and growth, higher earnings from equity method investments and lower income taxes, partially offset by higher interest expense.
Second-quarter 2026 operating revenues were $6.98 billion, compared with $6.97 billion for the second quarter of 2025, an increase of 0.1%. For the six months ended June 30, 2026, operating revenues were $15.4 billion, compared with $14.7 billion for the corresponding period in 2025, an increase of 4.2%.
"Southern Company's strong performance reflects the strength of our customer-focused approach to serving growth," said Chris Womack, chairman, president and CEO of Southern Company. "Across the Southeast, extraordinary economic development momentum and demand for power continue to create meaningful opportunities for the customers and communities we are privileged to serve. We are investing responsibly and planning for the long term to serve new and existing customers while keeping reliability and rate stability at the center of our work. Our approach is designed to protect customers today, create lasting value for the people and places we serve and ensure that when growth is done right, everyone benefits."
Southern Company's second-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.
Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer David P. Poroch will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities a fiber optics network and telecommunications services. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success, driven by our nearly 30,000 employees dedicated to delivering exceptional service. To learn more, visit www.southerncompany.com.
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning plans to serve projected future growth and the potential benefits thereof. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state legal and regulatory changes, including tax, environmental and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws, regulations and guidance; the extent and timing of costs and legal requirements related to coal combustion residuals; current and future litigation or regulatory investigations, proceedings, or inquiries; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources; variations in demand for electricity and natural gas, including uncertainties related to projected significant growth in electricity demand driven primarily by data centers and other large load customers, and the related requirement for substantial new generation and transmission investments, creating capital access and revenue recovery risks for the traditional electric operating companies; customer affordability matters; available sources and costs of natural gas and other fuels and commodities; the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, public and policymaker support for such projects, and operational interruptions to natural gas distribution and transmission activities; transmission constraints; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects due to challenges which include, but are not limited to, changes in labor costs, availability, and productivity, challenges with the management of contractors or vendors, subcontractor performance, adverse weather conditions, shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor, contractor or supplier delay, the impacts of inflation and trade policies (including tariffs and other trade measures) of the United States and other countries, delays due to judicial or regulatory action, nonperformance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, engineering or design problems or any remediation related thereto, design and other licensing-based compliance matters, challenges with start-up activities, including major equipment failure or system integration, and/or operational performance, challenges related to future epidemic or pandemic health events, continued public and policymaker support for projects, environmental and geological conditions, delays or increased costs to interconnect facilities to transmission grids, and increased financing costs as a result of changes in interest rates or as a result of project delays; legal proceedings and regulatory approvals and actions related to past, ongoing, and proposed construction projects, including state public service commission or other applicable state regulatory agency approvals and Federal Energy Regulatory Commission and U.S. Nuclear Regulatory Commission actions; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds and, with respect to retiree benefit plans, changes in actuarial assumptions and differences between the assumptions and actual values, any of the foregoing of which could cause additional funding requirements; advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and the impact of advancing technology on data center and other large load customer demand; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to return on equity, equity ratios, additional generating capacity and transmission facilities, extension of retirement dates for fossil fuel plants, and fuel and other cost recovery mechanisms; the ability to successfully operate Southern Company's electric utilities' generation, transmission, distribution, and battery energy storage facilities, as applicable, and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating nuclear generating facilities; the inherent risks involved in generation, transmission, and distribution of electricity and transportation and storage of natural gas, including accidents, explosions, fires, mechanical problems, discharges or releases of toxic or hazardous substances or gases, and other environmental risks; the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, or interests therein, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts; prolonged or recurring U.S. federal government shutdowns; access to capital markets and other financing sources; changes in Southern Company's and any of its subsidiaries' credit ratings; the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, or other similar occurrences; the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources; impairments of goodwill or long-lived assets; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.
Southern Company
Financial Highlights
(In Millions Except Earnings Per Share)
Three Months Ended
June
Year-To-Date
June
Net Income – As Reported
2026
2025
2026
2025
Traditional Electric Operating Companies
$ 1,269
$ 1,047
$ 2,382
$ 2,073
Southern Power
(25)
51
(22)
138
Southern Company Gas
126
106
573
524
Total
1,370
1,204
2,933
2,735
Parent Company and Other
(196)
(324)
(402)
(521)
Net Income – As Reported
$ 1,174
$ 880
$ 2,531
$ 2,214
Basic Earnings Per Share(1)
$ 1.03
$ 0.80
$ 2.24
$ 2.01
Average Shares Outstanding
1,137
1,101
1,130
1,100
Non-GAAP Financial Measures
Three Months Ended
June
Year-To-Date
June
Net Income – Excluding Items
2026
2025
2026
2025
Net Income – As Reported
$ 1,174
$ 880
$ 2,531
$ 2,214
Less:
Accelerated Depreciation from Repowering(2)
(143)
(40)
(296)
(65)
Tax Impact
32
9
66
14
Loss on Extinguishment of Debt(3)
—
(129)
(11)
(129)
Tax Impact
—
32
3
32
Estimated Loss on Nicor Gas Capital Investments(4)
(8)
—
(10)
—
Tax Impact
2
—
2
—
Estimated Loss on Plants Under Construction(5)
—
(2)
—
(4)
Tax Impact
(4)
(4)
(4)
(3)
Disposition Impacts(6)
(2)
—
(2)
—
Tax Impact
8
—
8
—
Net Income – Excluding Items
$ 1,289
$ 1,014
$ 2,775
$ 2,369
Basic Earnings Per Share – Excluding Items
$ 1.13
$ 0.92
$ 2.46
$ 2.15
See Notes on the following page.
Southern Company
Financial Highlights
Notes
(1)
Dilution is not material in any period presented. Diluted earnings per share was $1.03 and $0.79 for the three and six months ended June 30, 2026, respectively, and $2.23 and $2.00 for the three and six months ended June 30, 2025, respectively.
(2)
Earnings include pre-tax charges of $143 million ($111 million after tax) and $296 million ($230 million after tax) for the three and six months ended June 30, 2026, respectively, and $40 million ($31 million after tax, net of noncontrolling interest impacts) and $65 million ($51 million after tax, net of noncontrolling interest impacts) for the three and six months ended June 30, 2025, respectively, associated with accelerated depreciation and decommissioning costs related to the repowering of certain wind facilities at Southern Power Company. Accelerated depreciation and decommissioning costs associated with the replacement of equipment will continue until the completion dates of the repowering projects, which are projected to occur through the third quarter 2027. At June 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $205 million in 2026 and $120 million in 2027.
(3)
Earnings include costs associated with the extinguishment of debt at Southern Company totaling $11 million ($8 million after tax) for the six months ended June 30, 2026, as a result of Southern Company's redemption of certain junior subordinated notes, and $129 million ($97 million after tax) for the three and six months ended June 30, 2025, as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(4)
Earnings for the three and six months ended June 30, 2026 include an estimated loss of $8 million ($6 million after tax) and $10 million ($8 million after tax), respectively, at Southern Company Gas related to costs associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission in November 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain.
(5)
Earnings include income tax charges of $4 million for the three and six months ended June 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and six months ended June 30, 2025 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Dismantlement of the abandoned gasifier-related assets was completed at the end of 2025. Site restoration activities are substantially complete, and any additional costs are expected to be immaterial.
(6)
Earnings for the three and six months ended June 30, 2026 include a state income tax refund of $9 million ($7 million after federal tax) at Southern Company Gas associated with the 2018 disposition of Elizabethtown Gas, partially offset by related contingency fee expenses of $2 million ($1 million after tax) incurred in connection with obtaining the refund. Additional income tax refunds related to past dispositions may occur in the future; however, the amount and timing are uncertain.
Southern Company
Significant Factors Impacting EPS
Three Months Ended
June
Year-To-Date
June
2026
2025
Change
2026
2025
Change
Earnings Per Share –
As Reported(1)
$ 1.03
$ 0.80
$ 0.23
$ 2.24
$ 2.01
$ 0.23
Significant Factors:
Traditional Electric Operating Companies
$ 0.20
$ 0.28
Southern Power
(0.07)
(0.15)
Southern Company Gas
0.02
0.04
Parent Company and Other
0.12
0.12
Increase in Shares
(0.04)
(0.06)
Total – As Reported
$ 0.23
$ 0.23
Three Months Ended
June
Year-To-Date
June
Non-GAAP Financial Measures
2026
2025
Change
2026
2025
Change
Earnings Per Share –
Excluding Items
$ 1.13
$ 0.92
$ 0.21
$ 2.46
$ 2.15
$ 0.31
Total – As Reported
$ 0.23
$ 0.23
Less:
Accelerated Depreciation from Repowering(2)
(0.07)
(0.16)
Loss on Extinguishment of Debt(3)
0.09
0.08
Estimated Loss on Nicor Gas Capital Investments(4)
—
(0.01)
Estimated Loss on Plants Under Construction(5)
—
0.01
Disposition Impacts(6)
—
—
Total – Excluding Items
$ 0.21
$ 0.31
See Notes on the following page.
Southern Company
Significant Factors Impacting EPS
Notes
(1)
Dilution is not material in any period presented. Diluted earnings per share was $1.03 and $0.79 for the three and six months ended June 30, 2026, respectively, and $2.23 and $2.00 for the three and six months ended June 30, 2025, respectively.
(2)
Earnings include pre-tax charges of $143 million ($111 million after tax) and $296 million ($230 million after tax) for the three and six months ended June 30, 2026, respectively, and $40 million ($31 million after tax, net of noncontrolling interest impacts) and $65 million ($51 million after tax, net of noncontrolling interest impacts) for the three and six months ended June 30, 2025, respectively, associated with accelerated depreciation and decommissioning costs related to the repowering of certain wind facilities at Southern Power Company. Accelerated depreciation and decommissioning costs associated with the replacement of equipment will continue until the completion dates of the repowering projects, which are projected to occur through the third quarter 2027. At June 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $205 million in 2026 and $120 million in 2027.
(3)
Earnings include costs associated with the extinguishment of debt at Southern Company totaling $11 million ($8 million after tax) for the six months ended June 30, 2026, as a result of Southern Company's redemption of certain junior subordinated notes, and $129 million ($97 million after tax) for the three and six months ended June 30, 2025, as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(4)
Earnings for the three and six months ended June 30, 2026 include an estimated loss of $8 million ($6 million after tax) and $10 million ($8 million after tax), respectively, at Southern Company Gas related to costs associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission in November 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain.
(5)
Earnings include income tax charges of $4 million for the three and six months ended June 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and six months ended June 30, 2025 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Dismantlement of the abandoned gasifier-related assets was completed at the end of 2025. Site restoration activities are substantially complete, and any additional costs are expected to be immaterial.
(6)
Earnings for the three and six months ended June 30, 2026 include a state income tax refund of $9 million ($7 million after federal tax) at Southern Company Gas associated with the 2018 disposition of Elizabethtown Gas, partially offset by related contingency fee expenses of $2 million ($1 million after tax) incurred in connection with obtaining the refund. Additional income tax refunds related to past dispositions may occur in the future; however, the amount and timing are uncertain.
Southern Company
EPS Earnings Analysis
Description
Three Months Ended
June
2026 vs. 2025
Year-To-Date
June
2026 vs. 2025
Retail Sales
5¢
10¢
Retail Revenue Impacts
(1)
(1)
Weather
—
(5)
Wholesale and Other Operating Revenues
1
4
Non-Fuel Operations and Maintenance Expenses(1)
1
3
Depreciation and Amortization
(1)
—
Allowance for Equity Funds Used During Construction
4
9
Interest Expense and Other
3
(1)
Income Taxes
8
9
Total Traditional Electric Operating Companies
20¢
28¢
Southern Power
—
2
Southern Company Gas
2
5
Parent Company and Other
3
3
Increase in Shares
(4)
(7)
Total Change in EPS (Excluding Items)
21¢
31¢
Accelerated Depreciation from Repowering(2)
(7)
(16)
Loss on Extinguishment of Debt(3)
9
8
Estimated Loss on Nicor Gas Capital Investments(4)
—
(1)
Estimated Loss on Plants Under Construction(5)
—
1
Disposition Impacts(6)
—
—
Total Change in EPS (As Reported)
23¢
23¢
See Notes on the following page.
Southern Company
EPS Earnings Analysis
Notes
(1)
Excludes gains/losses on asset sales, which are included in "Interest Expense and Other." Includes non-service cost-related benefits income.
(2)
Earnings include pre-tax charges of $143 million ($111 million after tax) and $296 million ($230 million after tax) for the three and six months ended June 30, 2026, respectively, and $40 million ($31 million after tax, net of noncontrolling interest impacts) and $65 million ($51 million after tax, net of noncontrolling interest impacts) for the three and six months ended June 30, 2025, respectively, associated with accelerated depreciation and decommissioning costs related to the repowering of certain wind facilities at Southern Power Company. Accelerated depreciation and decommissioning costs associated with the replacement of equipment will continue until the completion dates of the repowering projects, which are projected to occur through the third quarter 2027. At June 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $205 million in 2026 and $120 million in 2027.
(3)
Earnings include costs associated with the extinguishment of debt at Southern Company totaling $11 million ($8 million after tax) for the six months ended June 30, 2026, as a result of Southern Company's redemption of certain junior subordinated notes, and $129 million ($97 million after tax) for the three and six months ended June 30, 2025, as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(4)
Earnings for the three and six months ended June 30, 2026 include an estimated loss of $8 million ($6 million after tax) and $10 million ($8 million after tax), respectively, at Southern Company Gas related to costs associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission in November 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain.
(5)
Earnings include income tax charges of $4 million for the three and six months ended June 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and six months ended June 30, 2025 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Dismantlement of the abandoned gasifier-related assets was completed at the end of 2025. Site restoration activities are substantially complete, and any additional costs are expected to be immaterial.
(6)
Earnings for the three and six months ended June 30, 2026 include a state income tax refund of $9 million ($7 million after federal tax) at Southern Company Gas associated with the 2018 disposition of Elizabethtown Gas, partially offset by related contingency fee expenses of $2 million ($1 million after tax) incurred in connection with obtaining the refund. Additional income tax refunds related to past dispositions may occur in the future; however, the amount and timing are uncertain.
Southern Company
Consolidated Earnings
As Reported
Three Months Ended June
Year-To-Date June
2026
2025
Change
2026
2025
Change
(in millions)
(in millions)
Retail electric revenues:
Fuel
$ 1,063
$ 1,139
$ (76)
$ 2,320
$ 2,356
$ (36)
Non-fuel
3,682
3,619
63
7,065
7,002
63
Wholesale electric revenues
699
681
18
1,664
1,425
239
Other electric revenues
242
220
22
507
463
44
Natural gas revenues
966
979
(13)
3,157
2,818
339
Other revenues
325
335
(10)
661
684
(23)
Total operating revenues
6,977
6,973
4
15,374
14,748
626
Fuel and purchased power
1,342
1,376
(34)
3,076
2,918
158
Cost of natural gas
177
255
(78)
1,103
929
174
Cost of other sales
176
167
9
357
366
(9)
Non-fuel operations and maintenance
1,705
1,685
20
3,359
3,305
54
Depreciation and amortization
1,434
1,323
111
2,854
2,608
246
Taxes other than income taxes
367
403
(36)
831
848
(17)
Total operating expenses
5,201
5,209
(8)
11,580
10,974
606
Operating income
1,776
1,764
12
3,794
3,774
20
Allowance for equity funds used during construction
128
80
48
248
153
95
Earnings from equity method investments
86
10
76
136
43
93
Interest expense, net of amounts capitalized
796
874
(78)
1,573
1,588
(15)
Other income (expense), net
181
162
19
336
310
26
Income taxes
187
289
(102)
414
569
(155)
Net income
1,188
853
335
2,527
2,123
404
Net income (loss) attributable to
noncontrolling interests
14
(27)
41
(4)
(91)
87
Net income attributable to Southern
Company
$ 1,174
$ 880
$ 294
$ 2,531
$ 2,214
$ 317
Certain prior year data may have been reclassified to conform with current year presentation.
Southern Company
Kilowatt-Hour Sales and Customers
Three Months Ended June
Year-To-Date June
2026
2025
% Change
Weather
Adjusted %
Change
2026
2025
% Change
Weather
Adjusted %
Change
(in millions)
(in millions)
Kilowatt-Hour Sales
Total Sales
51,793
49,858
3.9 %
101,985
98,344
3.7 %
Total Retail Sales
37,967
37,194
2.1 %
2.3 %
74,568
73,636
1.3 %
2.3 %
Residential
11,388
11,565
(1.5) %
(0.7) %
23,509
24,198
(2.8) %
0.1 %
Commercial
13,770
12,836
7.3 %
7.4 %
26,114
24,688
5.8 %
6.0 %
Industrial
12,682
12,668
0.1 %
— %
24,686
24,492
0.8 %
0.7 %
Other
127
125
2.3 %
2.3 %
259
258
0.2 %
0.2 %
Total Wholesale Sales
13,826
12,664
9.2 %
N/A
27,417
24,708
11.0 %
N/A
Period Ended June
2026
2025
% Change
(in thousands)
Regulated Utility Customers
Total Regulated Utility Customers
9,000
8,941
0.7 %
Traditional Electric Operating Companies
4,612
4,568
1.0 %
Southern Company Gas
4,388
4,373
0.3 %
Southern Company
Financial Overview
As Reported
Three Months Ended June
Year-To-Date June
2026
2025
% Change
2026
2025
% Change
(in millions)
(in millions)
Southern Company –
Operating Revenues
$ 6,977
$ 6,973
0.1 %
$ 15,374
$ 14,748
4.2 %
Earnings Before Income Taxes
1,375
1,142
20.4 %
2,941
2,692
9.2 %
Net Income Available to Common
1,174
880
33.4 %
2,531
2,214
14.3 %
Alabama Power –
Operating Revenues
$ 1,963
$ 1,968
(0.3) %
$ 4,055
$ 3,980
1.9 %
Earnings Before Income Taxes
572
496
15.3 %
1,125
981
14.7 %
Net Income Available to Common
437
381
14.7 %
862
755
14.2 %
Georgia Power –
Operating Revenues
$ 3,133
$ 3,110
0.7 %
$ 6,276
$ 6,148
2.1 %
Earnings Before Income Taxes
930
843
10.3 %
1,644
1,538
6.9 %
Net Income Available to Common
779
607
28.3 %
1,408
1,204
16.9 %
Mississippi Power –
Operating Revenues
$ 403
$ 400
0.8 %
$ 875
$ 821
6.6 %
Earnings Before Income Taxes
68
76
(10.5) %
146
148
(1.4) %
Net Income Available to Common
52
59
(11.9) %
112
114
(1.8) %
Southern Power –
Operating Revenues
$ 535
$ 546
(2.0) %
$ 1,216
$ 1,113
9.3 %
Earnings (Loss) Before Income Taxes
(88)
22
N/M
(173)
44
N/M
Net Income (Loss) Available to Common
(25)
51
N/M
(22)
138
N/M
Southern Company Gas –
Operating Revenues
$ 966
$ 979
(1.3) %
$ 3,157
$ 2,818
12.0 %
Earnings Before Income Taxes
158
139
13.7 %
749
686
9.2 %
Net Income Available to Common
126
106
18.9 %
573
524
9.4 %
See Financial Highlights pages for discussion of certain significant items occurring during the periods.
Georgia Power dokončila zařízení Moody Battery Facility u Valdosty, své první bateriové úložiště propojené se solární elektrárnou. Zařízení přidává do sítě kapacitu 49,5 MW na čtyři hodiny.
Newest Lowndes County facility adds 49.5 MW of flexible energy storage to grid
, /PRNewswire/ -- Georgia Power leaders joined state and local elected officials, as well as community leaders, recently to celebrate the completion of one of the company's first battery energy storage systems (BESS) connected to solar. The Moody Battery Facility, located just outside of Valdosta, Ga., is capable of 49.5 megawatts (MW) of battery storage, which can be deployed back to the grid over a four-hour period. This flexible energy storage system matches the output of the nearby Moody solar facility and adds resiliency to the state's power grid.
Georgia Power cuts ribbon on new Moody battery energy storage facility paired with solar Georgia Public Service Commission (PSC) Chairman Jason Shaw and Lowndes County Manager Paige Dukes joined members of the Lowndes County Board of Commissioners, the Valdosta City Council, and other community partners, alongside Georgia Power leaders to cut the ribbon on the project, underscoring the strong partnerships that brought this project to life. The event spotlighted not only the importance of the project but also the lasting economic impact and benefits it will bring to Lowndes County.
"The successful completion of the Moody Battery Energy Storage System, ahead of schedule, is great news for our customers and for reliable energy in our state," said Rick Anderson, senior vice president and senior production officer for Georgia Power. "This project not only enhances grid resiliency but highlights our commitment to adding cost-effective resources to our diverse generation mix through programs reviewed and approved with the Georgia PSC. We appreciate the hard work of Crowder Engineering, and the other companies involved in this project, as well as the community that has supported this new energy source in Lowndes County."
At this battery and solar co-located facility, battery energy storage helps capture renewable resources produced during periods when the demand for electricity is lower and stores it for use when the demand is higher, such as on cold winter mornings. These projects help to address the state's growing power needs approved by the Georgia PSC through the Integrated Resource Plan (IRP) process in a cost-effective and strategic manner.
Georgia Power Adding BESS Statewide
The Moody BESS facility was approved with three other BESS projects across the state, and Georgia Power is nearing completion of those projects – totaling 715 MW – Bibb, Cherokee, and Floyd counties, projects, which were previously approved in the 2023 IRP Update.
The Georgia PSC also approved the construction of nine additional BESS facilities strategically placed on eight sites throughout the state, adding more than 3,000 MW of additional planned storage. The sites were strategically selected based on deployment capabilities, including the opportunity to locate additional resources at existing company plant sites, existing company-owned land, and proximity to substations or current company facilities. New BESS facilities include locations at Plants Bowen, Hammond, McIntosh, Wansley and Yates as well as stand-alone locations in Hall and McDuffie counties.
To support the increasing demand for renewable energy, the company has also been approved for two new state-of-the-art solar systems paired with battery storage for a combined capacity of 350 MW. These projects are designed to maximize high solar irradiance while minimizing land disturbance. New solar + BESS projects include locations in Laurens and Dougherty counties.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.8 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
Southern Company se připojuje k Trumpovu závazku na ochranu plátců tarifů a zdůrazňuje zákaznický přístup při růstu. Firma zároveň uvádí, že její úvěr až 26,5 miliardy USD má zákazníkům přinést 7 miliard USD v přínosech.
Commitment reflects Southern Company's approach to growth through clear cost responsibility, enhanced grid reliability and broad-based economic and community benefits
, /PRNewswire/ -- Southern Company (NYSE: SO) announced it is joining President Donald Trump's Ratepayer Protection Pledge, underscoring the company's commitment to ensuring that America's leadership in artificial intelligence (AI) and advanced technologies delivers broad-based benefits for customers and communities.
The Pledge aligns with the Southern Company system's well-established approach to serving growth in a responsible manner while maintaining rate stability and reliability for millions of households and small businesses across the Southeast. The company's two largest subsidiaries, Georgia Power and Alabama Power, each have multiyear base rate freezes in place. In early 2026, Southern Company announced a historic loan package of up to $26.5 billion from the Department of Energy estimated to generate $7 billion in benefits for customers by helping to lower energy costs and strengthen the grid.
"This is a tremendous moment for the Southeast and for our country," said Chris Womack, chairman, president and CEO of Southern Company. "AI and advanced technologies are creating historic opportunities for investment and economic growth, and Southern Company is committed to putting customers first. The President's Pledge reflects an important principle: growth should strengthen our energy future while protecting rate stability and reliability for the families, businesses and communities we serve. We appreciate President Trump's leadership in advancing policies that support American energy infrastructure, and we are confident the approach we are taking will deliver lasting benefits."
Through clear, enforceable customer agreements, the company is working to ensure that the infrastructure investments and operational requirements associated with new, energy-intensive demand are appropriately borne by the businesses driving that growth, helping to protect existing customers while supporting continued investment, job creation and economic investment.
OpenAI's recently announced project in Effingham County, Georgia, which is expected to create thousands of new jobs and billions of dollars in new investment for the local community, is a powerful demonstration of this approach in practice. As part of its planned $20 billion investment, OpenAI has committed to covering the full infrastructure and electric service costs required to serve its facility and providing financial assurances designed to protect customers, consistent with rules approved by the Georgia Public Service Commission. Additionally, as part of the agreement, OpenAI has committed to supporting the power grid with up to 1,000 megawatts of flexible demand response, lowering power use at scale that will help ensure reliable electric service when demand is highest and provide savings for customers in the long term.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network and telecommunications services. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success, driven by nearly 30,000 employees dedicated to delivering exceptional service. To learn more, visit www.southerncompany.com.
Southern Co. má příští týden oznámit zisk 1,01 USD na akcii, tedy meziročně o 11 % více, při tržbách 7,38 miliardy USD. Analytici čekají překonání odhadů, protože Earnings ESP je +4,22 %.
Wall Street expects a year-over-year increase in earnings on higher revenues when Southern Co. (SO - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis power company is expected to post quarterly earnings of $1.01 per share in its upcoming report, which represents a year-over-year change of +11%.
Revenues are expected to be $7.38 billion, up 5.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.43% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Southern Co.?For Southern Co., the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +4.22%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that Southern Co. will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Southern Co. would post earnings of $1.21 per share when it actually produced earnings of $1.32, delivering a surprise of +9.09%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Southern Co. appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Southern Co podepsala přes svou dceřinou firmu 25letou smlouvu o dodávkách elektřiny s OpenAI pro nový projekt v okrese Effingham County v Georgii. OpenAI má pro systém Georgia Power dodat až 1 000 MW; pro své nové zařízení přitom očekává potřebu asi 3 200 MW.
OpenAI logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - Southern Company's (SO.N), opens new tab subsidiary said on Wednesday it has signed a 25-year power supply agreement with OpenAI for a new project in Effingham County, Georgia.
AI's explosive growth is straining power grids, forcing utilities and tech giants to negotiate who bears the cost and risk as data centers balloon in size.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Here are the details:
OpenAI, which is expected to need about 3,200 megawatts (MW) of power for its new facility, has agreed to provide up to 1,000 MW to the Southern Co subsidiary Georgia Power's systems in times of high demand.
The deal will improve Georgia Power's system reliability, the unit said.
OpenAI will pay the full infrastructure and electric service costs to serve its facility and will fulfill requirements for long-term energy contracts.
OpenAI also said it plans to establish a community investment fund worth $80 million to support local priorities identified by residents.
The ChatGPT maker will also provide up to $71 million in credits for its coding agent, Codex, for students attending colleges, universities and technical schools across Georgia.
The project is expected to create thousands of construction and permanent on-site jobs, generate hundreds of millions of dollars in state and local tax revenue, and prioritize local contractors and businesses, Georgia Power said.
Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Southern Company today announced a regular quarterly dividend of 76 cents per share on the company's common stock, payable September 8, 2026, to shareholders of record as of August 17, 2026.
Every quarter for 79 consecutive years, Southern Company has paid a dividend to its shareholders that is equal to or greater than the previous quarter.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network and telecommunications services. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success, driven by nearly 30,000 employees dedicated to delivering exceptional service. To learn more, visit www.southerncompany.com.
In the latest close session, Southern Co. (SO - Free Report) was down 2.03% at $95.99. The stock's performance was behind the S&P 500's daily gain of 0.72%. Meanwhile, the Dow experienced a rise of 0.3%, and the technology-dominated Nasdaq saw an increase of 1.12%.
Prior to today's trading, shares of the power company had gained 5.81% outpaced the Utilities sector's gain of 3.93% and the S&P 500's loss of 0.9%.
The upcoming earnings release of Southern Co. will be of great interest to investors. The company's earnings report is expected on July 30, 2026. The company's upcoming EPS is projected at $1.03, signifying a 13.19% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $7.39 billion, showing a 5.94% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4.58 per share and revenue of $31.35 billion, which would represent changes of +6.51% and +6.08%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Southern Co. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.04% downward. Southern Co. is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Southern Co. has a Forward P/E ratio of 21.41 right now. Its industry sports an average Forward P/E of 18.72, so one might conclude that Southern Co. is trading at a premium comparatively.
It's also important to note that SO currently trades at a PEG ratio of 2.96. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Utility - Electric Power industry held an average PEG ratio of 2.81.
The Utility - Electric Power industry is part of the Utilities sector. Currently, this industry holds a Zacks Industry Rank of 103, positioning it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Southern Company za měsíc vzrostla o 8,7 % a těží z poptávky po datových centrech poháněných AI. Firma má 23 GW smluvní nebo pozdní poptávky ve velkém měřítku.
Key Takeaways Southern Company gained 8.7% in a month, outperforming its industry and the broader utility sector.SO sees AI-driven data center demand supporting long-term growth through contracted large-load agreements.SO faces risks from capital spending, financing costs, regulatory approvals and AI customer dependence. The Southern Company (SO - Free Report) shares have gained a little momentum over the past month, with its share price gaining 8.7%. Additionally, its performance outpaced both the Zacks Utility-Electric Power industry’s gain of 7.6% and the broader utility sector’s rise of nearly 5.9%. This outperformance signals a relative strength and highlights the company’s favorable positioning. With such momentum, investors have to be wondering, will the recent trend continue or is Southern Company due for a pullback?
SO's Stock Price Change Over the Past Month
Image Source: Zacks Investment Research
Founded in 1945 and headquartered in Atlanta, GA, Southern Company is one of the largest U.S. utilities, serving about 9 million electricity and natural gas customers. Its operations include regulated electric utilities, wholesale power generation and natural gas distribution. Through Southern Power, the company operates a diversified portfolio across gas, solar, wind and storage assets, supported by long-term power purchase agreements. Southern Company Gas serves 4.4 million customers through an extensive pipeline network and storage facilities across several U.S. states.
However, for investors, the key debate is whether SO’s strong run has more room to extend or if the rally has priced in much of the upside. With the company’s diversified portfolio strategy and recent tailwinds playing a critical role, the stock’s prospects warrant a closer examination before deciding whether to buy, hold or take profits.
Factors Driving the Performance of SO StockExceptional Data Center-Driven Demand Growth: Southern Company is benefiting from one of the strongest demand environments in the U.S. utility sector, fueled by AI-driven data center expansion. Management disclosed 23 GW of contracted or late-stage large-load demand, including more than 11 GW under executed agreements. The pipeline exceeds 75 GW, providing exceptional long-term visibility. Importantly, these contracts are backed by investment-grade hyperscalers and structured to recover the full cost of service, creating sustainable earnings growth without burdening existing customers.
Massive Capital Investment Opportunity: Southern Company is entering a multi-year investment cycle that should significantly expand its regulated asset base. Beyond the existing 10 GW generation program, Georgia Power has launched a proposal for an additional 2-6 GW of new generation resources. Southern Power is also investing in gas turbine uprates and evaluating further expansion opportunities. These projects can materially increase the rate base, supporting regulated earnings growth for years while strengthening the company's long-term competitive position.
Attractive Dividend Profile and Shareholder Returns: Income investors continue to benefit from Southern Company's remarkable dividend history. The board approved its 25th consecutive annual dividend increase, extending an extraordinary record of 79 consecutive years without reducing the annual dividend. This consistency reflects stable cash flows generated by regulated utility operations and disciplined capital allocation. For long-term investors seeking reliable income combined with moderate capital appreciation, SO remains among the most dependable dividend-paying utilities. Check Southern Company’s dividend history here.
SO’s Earnings Estimate
The Zacks Consensus Estimate for SO’s 2026 earnings per share indicates an increase of 6.5% year over year.
SO’s EPS Estimate Trend
Image Source: Zacks Investment Research
What’s Causing the Pressure on SO Stock?Significant Capital Spending Could Pressure Returns: Although growth opportunities are substantial, Southern Company must execute an enormous capital investment program over the next decade. The company is simultaneously expanding generation, transmission, battery storage and natural gas infrastructure while evaluating additional projects. Such large-scale investments expose shareholders to execution risk, construction delays and cost overruns. Any major project setbacks could negatively impact returns and increase pressure on the balance sheet despite management's disciplined planning approach.
Rising Financing Costs Remain a Headwind: Despite strong operating performance, higher financing expenses partially offset earnings growth during the first quarter. Utilities remain highly sensitive to interest rates because of their capital-intensive business models. If borrowing costs remain elevated or rise further, financing future infrastructure investments could become more expensive, reducing profitability and limiting the pace of earnings growth even as electricity demand continues to strengthen.
Heavy Dependence on AI and Large-Load Customers: A significant portion of Southern Company's long-term growth thesis depends on hyperscalers and data center developers continuing to build capacity across its service territories. While contracts include protections such as minimum bills and collateral requirements, a slowdown in AI infrastructure spending, project cancellations or delayed customer buildouts could reduce expected electricity demand. This concentration makes future growth increasingly tied to a single rapidly evolving industry.
Growth Opportunities Require Continued Regulatory Approval: Many of SO's future investment opportunities remain subject to regulatory approvals and competitive procurement processes. New generation assets, including projects under current RFPs, must be selected and authorized by state regulators before they can contribute to earnings. If regulators approve fewer company-owned projects, delay approvals or require alternative solutions, expected capital deployment and long-term earnings growth could fall short of management's current outlook.
Final Verdict on SO StockSouthern Company’s long-term strengths are balanced by meaningful execution risks. The company is well positioned to benefit from AI-driven data center demand, a sizable regulated capital investment pipeline and one of the most dependable dividend track records in the U.S. utility sector — all of which support steady earnings growth.
However, elevated capital spending, higher financing costs, regulatory approval uncertainties and increasing dependence on large-load customers could limit near-term upside. Therefore, the investors can retain this Zacks Rank #3 (Hold) stock and enjoy the benefits of regular dividends and earnings growth estimates. The new investors can wait and look for a better entry point.
Key PicksInvestors interested in the utility sector might look at some better-ranked stocks like Pampa Energía S.A. (PAM - Free Report) , Enel SpA (ENLAY - Free Report) and Energias de Portugal (EDPFY - Free Report) . While PAM sports a Zacks Rank #1 (Strong Buy) at present, ENLAY and EDPFY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Argentina-based Pampa Energia is the largest fully integrated electricity company engaged in the generation, transmission and distribution of electricity. The Zacks Consensus Estimate for PAM’s 2026 earnings indicates 39.8% year-over-year growth.
Enel is an electricity operator in Italy, which engages in the generation, distribution and sale of electricity. The Zacks Consensus Estimate for ENLAY’s 2026 earnings indicates 93.2% year-over-year growth.
Energias de Portugal ranks among Europe's major electricity operators, as well as being one of Portugal's largest business groups. It is a Portuguese electric utility company with operations in Europe, the Americas and Asia. EDPFY specializes in renewable energy generation, grid management and electricity supply, aiming to transition toward a low-carbon future.
