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.