Transactions Reduce Southern's Equity Needs; China Nukes Increase Our Confidence in Vogtle Schedule
We are increasing our fair value estimate to $50 from $49 per share after Southern Co. reported solid 2018 third-quarter earnings, raised 2018 guidance, updated the status of the Vogtle nuclear project, and indicated equity needs through 2022 would be reduced with asset and tax equity sales. Third-quarter EPS were $1.14 versus $1.12 in the same period last year.Announced agreements to sell the Mankato gas-fired plant in Minnesota for $650 million and proceeds of $1.2 billion from third-party ta...
Southern is a holding company. Through its subsidiaries, Alabama Power Company, Georgia Power Company, and Mississippi Power Company, the company is engaged in the generation, transmission, distribution, and purchase of electricity and the sale of electric service in Alabama, Georgia, and Mississippi. The company's Southern Power Company subsidiary develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. The company's Southern Company Gas subsidiary is an energy services holding company whose primary business is the distribution of natural gas in Illinois, Georgia, Virginia, and Tennessee.
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