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SOUTHERN COMPANY

(SO)
  Report
Delayed Nyse  -  01:02 2022-11-25 pm EST
66.91 USD   +0.83%
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Southern Company Partners With General Services Administration To Reduce Energy Costs, Improve Sustainability at GSA's Georgia Federal Buildings

09/15/2022 | 11:55am EST

Innovative solutions will focus on lighting, HVAC, water conservation and more

ATLANTA -- The Southern Company system is partnering with the U.S. General Services Administration (GSA) to increase energy efficiency in 12 federal buildings across Georgia, reducing GSA's carbon footprint and improving overall sustainability. Innovative solutions from the Southern Company system will focus on three key areas - energy efficiency, resiliency and greenhouse gas reductions.

Southern Company subsidiaries Atlanta Gas Light and PowerSecure are coordinating the improvements, planned for completion in 2024, and are expected to reduce GSA's annual energy and water costs by nearly $3.3 million.

The GSA announced the award of the $117 million Utility Energy Service Contract, which is part of the Biden-Harris Administration's Climate Smart Buildings Initiative. The improvements are expected to enhance building performance and efficiency, while reducing operating costs by approximately 45%. In addition, carbon emissions are expected to be reduced by 18,000 to 21,000 metric tons per year across all 12 GSA buildings.

"This project is a model for how public-private partnerships bring immense value to solving federal government challenges," said Chris Cummiskey, executive vice president and Chief Commercial and Customer Solutions Officer for Southern Company. "Southern Company sourced expertise across our portfolio of companies to help ensure government requirements are met in the most reliable, holistic and economical manner possible, demonstrating our commitment to lead the utility sector to a clean energy economy."

"The investments we're making in Georgia demonstrate how investing in sustainability is a triple win - creating good-paying clean-energy jobs, reducing energy costs, and tackling climate change to help ensure a healthier future for the next generation," said GSA Administrator Robin Carnahan.

The project will replace and modernize equipment, such as chillers and boiler plants, air and water distribution and direct digital control systems. In addition, improvements will also include the conversion of more than 60,000 light fixtures to LED technology, as well as the installation of high-efficiency water fixtures. The project is expected to cut energy consumption by 40-50 percent across the 12 sites.

Also included is a $944,000 grant from the Department of Energy to reclaim water for use inside the buildings, and $900,000 in utility rebates.

Six of the facilities are located within metro Atlanta, along with buildings in Athens, Augusta, Valdosta, Macon and Brunswick. This includes the Martin Luther King Jr., Sam Nunn Atlanta Federal Center, and Richard B. Russell federal buildings in Atlanta.

About Atlanta Gas Light

Atlanta Gas Light is one of four natural gas distribution companies of Southern Company Gas, a wholly owned subsidiary of Southern Company (NYSE: SO). Atlanta Gas Light provides natural gas delivery service to approximately 1.7 million customers in Georgia. In operation since 1856, the company is one of the oldest corporations in the state. For more information, visit atlantagaslight.com.

About PowerSecure, Inc.

PowerSecure, a Southern Company subsidiary, is the nation's leading distributed energy innovation company. Our team of experts has developed, installed, managed and serviced 2+ GW of microgrid capacity over the past 20 years, as well as implemented over $800 million of energy efficiency upgrades. We take a full-facility, lifecycle approach through production and management, delivering clean and resilient energy to our customers at the best possible value. By combining our product innovation capabilities with our 360 integrated processes, we offer the best custom solution for your needs, backed by an unmatched level of expertise, quality and service. To learn more, visit www.powersecure.com.

About Southern Company

Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com.

SOURCE Southern Company

For further information: Media Contact: Southern Company Media Relations, 404-506-5333 or 1-866-506-5333, www.southerncompany.com

Tweet me: .@SouthernCompany partners with General Services Administration to reduce energy costs, improve sustainability at GSA's Georgia federal buildings: https://bit.ly/3wVAkec

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(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2022 26 384 M - -
Net income 2022 3 830 M - -
Net Debt 2022 53 063 M - -
P/E ratio 2022 18,8x
Yield 2022 4,04%
Capitalization 72 776 M 72 776 M -
EV / Sales 2022 4,77x
EV / Sales 2023 5,09x
Nbr of Employees 27 164
Free-Float 99,7%
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 66,91 $
Average target price 67,88 $
Spread / Average Target 1,44%
EPS Revisions
Managers and Directors
Thomas A. Fanning Chairman & Chief Executive Officer
Robin B. Boren President
Daniel S. Tucker Chief Financial Officer & Executive Vice President
Martin Bernard Davis Chief Information Officer & Executive VP
Mark Berry Vice President-Research & Development
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