Analyst Report: Southern Co/The

Summary

Southern Co. is an electric and gas utility and wholesaler with 9 million customers and over 46,000 megawatts of generating capacity. Southern’s 4.6 million regulated electricity customers are primarily located in Mississippi, Alabama, and Georgia. Its gas utilities provide distribution and wholesale gas operations with over 78,000 pipeline miles regulated by the Federal Energy Regulatory Commission. SO serves about 4.4 million state-regulated gas customers with operations in Georgia, Tennessee, Illinois, and Virginia. The company also offers digital wireless and fiber-optic services and operates about 4,000 route miles.

In 2025, consolidated operating revenues were $29.6 billion, of which about 17% were from gas operations and about 65% were from retail electric operations. The company’s largest utility, Georgia Power, accounted for about 43% of total revenues.

SO’s fuel mix is about 49% natural gas, 18% coal, 19% nuclear, and 14% renewables. It is working to achieve net-zero greenhouse-gas emissions by 2050, later than pee