SO - 2024 Looks Like It Will be a Very Good Year for Southern Company
2023-04-26 06:11:00 ET
The Southern Company (NYSE: SO) is undertaking something that no other U.S. utility is doing. It is building two nuclear power plants near Augusta, Georgia, that will provide it with decades of carbon-free energy production. The process has not been smooth, but in early 2023 the utility hit a very important milestone that should set 2024 up to be a great year.
Building large nuclear power plants is not an easy task because they are complex and costly. Southern's path to completing Vogtle 3 and 4, the two new nuclear power plants it is building (collectively known as Vogtle), has been exceptionally hard. Not only has the project faced long delays and massive cost overruns, but the main contractor actually went bankrupt along the way (forcing Southern to take over that role). That Vogtle is even being worked on at this point is almost a minor miracle given that the contractor bankruptcy resulted in utility peer SCANA simply giving up on its own nuclear project. The ensuing financial impact led to SCANA being acquired by Dominion Energy .
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2024 Looks Like It Will be a Very Good Year for Southern Company