The following is a summary of the The Southern Company (SO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The Southern Company reported Q1 2024 adjusted EPS of $1.03, which represents a $0.24 increase from Q1 2023 and is $0.13 above the company's estimation.

• The company attributes its robust Q1 performance to investments in state-regulated utilities and less mild weather for electric utilities than the previous year.

• Sales to data centers have increased by over 12% from the previous year.

• The Board of Directors has authorized an $0.08 per share increase in the annual common dividend, nudging the annualized rate to $2.88 per share.

Business Progress:

• The company has achieved commercial operation at plant Vogtle 4, resulting in the Vogtle site now being the largest producer of clean energy nationwide.

• Industrial sales indicate signs of recovery, led by the lumber and paper sectors.

• With the approval of the Georgia Public Service Commission, Georgia Power will be able to construct and own new natural gas combustion turbines and battery energy storage systems.

• The company is committed to a sustainable future, with over 80% of resource additions planned across the company's system from 2023 to 2030 being zero carbon emission resources, with an ultimate goal of achieving net zero greenhouse gas emissions by 2050.

• An additional $5 billion capital investment plan majorly reserved for transmission has been introduced.

• The company is prioritizing energy resources to cater to the burgeoning demand from its growing customer base.

More details: Southern IR

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