We Think Southern Might Stay the Course on Its New Nuclear Project
We are reaffirming our $50 per share fair value estimate and stable, narrow-moat ratings for Southern Company after it reported flat 2017 adjusted second-quarter earnings and recorded a $2 billion aftertax charge for Kemper, as expected. However, the most notable development was management's discussion of its "go" or "no-go" decision for the new nuclear units at Vogtle in Georgia. This follows Scana's decision announced on Monday to abandon its new nuclear project in South Carolina.After hearin...
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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