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SOUTHERN COMPANY

(SO)
  Report
Delayed Nyse  -  04:03 2022-12-07 pm EST
68.50 USD   +0.03%
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Southern Company and PGA TOUR Partner for the First-Ever Net Zero Energy TOUR Championship

09/29/2022 | 04:29am EST

ATLANTA - Southern Company announced that it delivered the first-ever net zero energy TOUR Championship.

For the PGA TOUR's season finale, which returned to Atlanta and historic East Lake Golf Club, August 24-28, 2022, and crowned the season's FedExCup champion, Southern Company and its subsidiaries Georgia Power, PowerSecure and Southern Company Gas collaborated closely with the TOUR Championship to drive sustainability measures on and off the golf course.

Some of the measures implemented to reduce the greenhouse gas (GHG) emissions from the event include:

*Renewable fuels: Working with PowerSecure, the tournament swapped traditional diesel with renewable fuels for all onsite generation during the tournament to power the golf course with renewable energy.

*Renewable energy credits: In collaboration with Georgia Power and through the use of renewable energy credits, we offset traditional energy usage and reduced the tournament's carbon footprint.

*Renewable natural gas: Through Southern Company Gas, we offset the emissions from the clubhouse's natural gas appliances by integrating environmental credits from carbon-neutral renewable natural gas captured from landfills.

*Solar cell phone and EV charging stations: We leveraged renewable energy and the benefits it offers players and fans, while reducing the impact to the environment.

*Electric golf carts: Producing zero emissions, more than 90% of the golf carts on course will be electric.

*Good Energy Pavilion: Within the Southern Company fan experience on the course, we used recyclable and reusable materials including wood, fabric and mesh products to reduce waste.

In alignment with Southern Company's stated goal of achieving net zero emissions across its electric and natural gas operations by 2050, the company reduced its system's GHG emissions by 47% in 2021 relative to 2007 levels, and now expects to achieve reductions of 50% or greater on a consistent basis by 2025, a full five years ahead of its interim 2030 goal. The net zero goal includes direct GHG emissions across the company's electric and natural gas businesses.

"It is really exciting for us that this year's Tour Championship will be net zero energy," said Georgia Power CEO & President Chris Womack. "This initiative reflects the commitment to clean energy by Southern Company and its subsidiaries."

Since 1999, Southern Company has been the Official Energy Company of the PGA TOUR. Southern Company is now in its seventh year as a Proud Partner of the TOUR Championship and recently renewed its relationship with the tournament through 2027. Southern Company remains alongside The Coca-Cola Company and new addition Accenture as the Proud Partners of the TOUR Championship.

Southern Company is committed to providing clean and resilient energy solutions that connect communities, businesses and future generations to opportunity and growth.

Southern Company and subsidiary PowerSecure had the opportunity to help the PGA TOUR meet its sustainability goals as it embarked on the construction of its new headquarters in Ponte Vedra Beach, Florida. The 187,000 square foot Global Home was completed in 2021 and includes a microgrid comprised of rooftop solar, a natural gas backup generation system and battery storage to enable 24/7 reliability through PowerSecure's energy solution.

For more information, please visit https://www.southerncompany.com/sustainability.html

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.

Cautionary Note Regarding Forward-Looking Statements

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 expected achievement of emissions reduction goals. 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, 2021 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 regulatory changes, as well as changes in application of existing laws and regulations; 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; available sources and costs of natural gas and other fuels and commodities; the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects; 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; advances in technology, including the pace and extent of development of low- to no-carbon energy technologies and negative carbon concepts; 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; and the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities; the successful performance of necessary corporate functions; and catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars, or other similar occurrences. Southern Company expressly disclaims any obligation to update any forward-looking information.

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 partnered with the @PGATour to make this year's Tour Championship #netzero energy. Read more about its commitment to providing clean and resilient energy solutions: https://bit.ly/3Q2sUws @playofffinale

KEYWORDS: NYSE:SO, Southern Company, PGA net zero, Georgia Power, PowerSecure, Southern Company Gas, Chris Womack

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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 19,2x
Yield 2022 3,95%
Capitalization 74 506 M 74 506 M -
EV / Sales 2022 4,84x
EV / Sales 2023 5,16x
Nbr of Employees 27 164
Free-Float 99,7%
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 68,50 $
Average target price 67,88 $
Spread / Average Target -0,91%
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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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