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Southern Company Arm Gets Permission for 2 GW Gas Expansion
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The Alabama Public Service Commission recently voted in favour of Southern Company’s (SO - Free Report) subsidiary Alabama Power to expand its natural gas capacity by around 2 GW. The Commission partly permitted a certificate of convenience and necessity to construct a 720 MW natural gas plant that is likely to start by the end of 2023. Additionally, the utility player got approval to acquire an 885 MW facility located in Autauga County. These projects altogether are estimated to cost $1.1 billion. With the help of its existing rate mechanisms, the company plans to recover all its approved costs and expenses.
Further, the Public Service Commission sanctioned a long-term purchase agreement wherein Alabama Power proposed to acquire 240 MW of gas power. The acquisition process will commence this year. The Southern Company affiliate also plans to buy 640 MW of additional capacity generation comprising combined-cycle power process, which is set to initiate this year as well as solar generation and battery energy storage systems, which are scheduled to commence in 2022 through 2024.
Recently, Alabama Power appointed Jeff Peoples as executive vice president of Customer and Employee Services. Before assuming his new role, Peoples served as senior vice president of Employee Services and Labor Relations at Alabama Power, executive vice president, chief administrative officer and AGL Services president of Southern Company Gas and senior vice president of Operations Services of Southern Company.
Southern Company is one of the largest and the best-managed electric utility holding companies in the United States. The firm leads the power business across the Southeastern region. The stock has lost 7.1% year to date compared with its industry’s 6.9% decline.
Zacks Rank and Key Picks
Southern Company currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the utility space are Atlantic Power Corporation , China Resources Power Holdings Co (CRPJY - Free Report) and RWE AG (RWEOY - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favoritestock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Southern Company Arm Gets Permission for 2 GW Gas Expansion
The Alabama Public Service Commission recently voted in favour of Southern Company’s (SO - Free Report) subsidiary Alabama Power to expand its natural gas capacity by around 2 GW. The Commission partly permitted a certificate of convenience and necessity to construct a 720 MW natural gas plant that is likely to start by the end of 2023. Additionally, the utility player got approval to acquire an 885 MW facility located in Autauga County. These projects altogether are estimated to cost $1.1 billion. With the help of its existing rate mechanisms, the company plans to recover all its approved costs and expenses.
Further, the Public Service Commission sanctioned a long-term purchase agreement wherein Alabama Power proposed to acquire 240 MW of gas power. The acquisition process will commence this year. The Southern Company affiliate also plans to buy 640 MW of additional capacity generation comprising combined-cycle power process, which is set to initiate this year as well as solar generation and battery energy storage systems, which are scheduled to commence in 2022 through 2024.
Recently, Alabama Power appointed Jeff Peoples as executive vice president of Customer and Employee Services. Before assuming his new role, Peoples served as senior vice president of Employee Services and Labor Relations at Alabama Power, executive vice president, chief administrative officer and AGL Services president of Southern Company Gas and senior vice president of Operations Services of Southern Company.
Southern Company is one of the largest and the best-managed electric utility holding companies in the United States. The firm leads the power business across the Southeastern region. The stock has lost 7.1% year to date compared with its industry’s 6.9% decline.
Zacks Rank and Key Picks
Southern Company currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the utility space are Atlantic Power Corporation , China Resources Power Holdings Co (CRPJY - Free Report) and RWE AG (RWEOY - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favoritestock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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