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Southern Co SO

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Southern’s Vogtle Unit 3 Will Miss Target In-Service Date; No Change to Our Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our fair value estimate of $64 per share after Southern Company reported strong 2021 first-quarter earnings but announced further delays at Vogtle Unit 3. The delay was not unexpected. In March, wholly owned Georgia Power Co. announced that hot functional testing, the last major series of tests before fuel load, would be delayed until April and achieving the regulatory-approved November in-service date was unlikely. The new target in-service is December.

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Company Profile

Business Description

Southern Co. is one of the largest utilities in the U.S. The company distributes electricity and natural gas to approximately 9 million customers in nine states. It owns 50 gigawatts of generating capacity, primarily for serving regulated customers in Georgia, Alabama, and Mississippi. Wholly owned unregulated Southern Power Co. owns 12 gigawatts of mostly renewable energy capacity and sells the electricity primarily under long-term power sales agreements. The solar and wind farms are located in Southern's regulated jurisdictions but also in Texas, California, and other states.

Contact
30 Ivan Allen Jr. Boulevard, Northwest
Atlanta, GA, 30308
T +1 404 506-5000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2019
Stock Type High Yield
Employees 27,700

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