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Southern Company (SO) to Back Georgia Power's Fast-Charging Tech

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The Southern Company’s (SO - Free Report) largest electric subsidiary, Georgia Power Company, is actively engaged in rendering assistance to customers for availing easy access to efficient and stable charging options for electric vehicles (EVs).

As Georgia has evolved to be a fast-growing market for electric vehicles in the United States, with thousands of people enjoying the perks of driving on electricity, Georgia Power aims to enable EV drivers to travel without interruptions with the help of a coordinated network of Direct Current (“DC”) Fast Chargers.

Southern Company plans to unite with other utilities across the South, Midwest, Gulf Coast, Central Plains and mid-Atlantic to activate the coordinated network. This effort, known as the Electric Highway Coalition, indicates a record level of coordination between utilities in order to expand charging options across key highway routes from Texas to Washington, DC. Moreover, it will offer easy accessibility to emission-free vehicle options for drivers.

Georgia Power has installed 49 DC quick chargers in several areas across Georgia and plans to invest $6 million over a three-year period in fast-charging infrastructure throughout the state. The EV quick chargers provide a maximum current of 125 kW, which allows vehicles to cover 100 miles in 12 minutes. Further, it offers twin dispensers and energy sharing capabilities to increase the number of ports that can be deployed and still get an optimal charge. Notably, these investments will facilitate the company in the adoption of electric vehicles and association with communities across the country.

As we know, EVs continue to make progress in range and performance. Its latest functionality involves the discharge of relatively low level of direct emissions, while improving the quality of air in urban areas. Moreover, it has lower cost of ownership than petroleum vehicles and helps create local jobs.

Georgia Power collaborated with Cox Automotive Mobility to wind up one such massive EV charging single property installation at the Pivet Atlanta facility, ideally located between downtown Atlanta and Hartsfield-Jackson Atlanta International Airport. Additionally, the utility serves 24 charging stall stations through Electrify America, Tesla and the EVgo Fast Charging Network.

On its part, Georgia Power has committed to accelerate the use of EV vehicles by providing customers with the required resources to explore the benefits and potential savings of driving on electricity.

Company Profile & Price Performance

Headquartered in Atlanta, GA, Southern Company is one of the largest utility companies in the United States.

The utility’s shares have outperformed the industry in the past six months. Its stock has gained 9.8% compared with the industry’s 0.5% growth.

Zacks Rank & Stocks to Consider

Southern Company currently carries a Zack Rank #3 (Hold).

Some better-ranked players in the utility space include National Grid Transco, PLC (NGG - Free Report) , RWE AG (RWEOY - Free Report) and ENN Energy Holdings Ltd. (XNGSY - Free Report) , each currently carryinga Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

National Grid’s earnings for 2021 are expected to increase 10.9% year over year.

RWE’s earnings for 2021 are expected to increase 37.6% year over year.

ENN Energy’s earnings for 2021 are expected to increase 10.3% year over year.

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