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Southern's (SO) Georgia Power to Shut Down Its Coal Plants
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The Atlanta-based electric utility, Georgia Power, which is a subsidiary of Southern Company (SO - Free Report) , one of the largest energy providers in the United States, came up with its latest 2022 Integrated Resource Plan (IRP). The roadmap has laid down long-term plans on how Georgia Power would be reducing its dependence on coal and switch to renewable sources of energy.
The IRP, which is subject to regulatory approval by the Georgia Public Service Commission, is released by Georgia Power every three years, depicting the sources of power generation that the company wants to utilize to supply energy to its large 2.7-million customer base for the coming 20 years.
As part of the proposal, the utility intends to retire and decertify all coal generation units it controls, except Plant Bowen Units 3 & 4, which will continue to operate till 2035. The proposition further involves the retirement of 12 generating units or more than 3500 megawatts (MW), which would commence later this year and continue till 2028, on approval.
To replace the abovementioned coal capacity, Georgia Power is relying on both natural gas as well as renewable sources. The utility is proposing to certify 2,356 MW of capacity from natural gas power purchase agreements, procured through its 2022-2028 Capacity Request for Proposals. The utility plans on doubling its renewable output by 2035, with an addition of about 6,000 MW of capacity, which includes a request for approval of 2,300 MW in the aforementioned IRP. The new capacity would grow the company's renewable resource portfolio to about 11,500 MW by 2035 and also reinforce the transition to cleaner, more cost-effective energy sources for customers.
Georgia Power is also requesting approval to own and operate 1,000 MW of energy storage by 2030, which includes a specific request for the 265 MW McGrau Ford Battery Facility. Moreover, Southern company will continue to invest in its hydro projects to make hydro system operations more efficient and assist to ensure the supply of clean and dispatchable carbon-free energy from these units for another 40 years.
Founded in 1945, Atlanta, GA-based Southern Company is one of the largest utilities in the United States. The company deals with the generation, transmission and distribution of electricity. Following its merger with AGL Resources on Jul 1, 2016, SO serves approximately nine million customers through its seven electric and natural gas distribution units.
Entergy is valued at around $22 billion. Entergy stock has increased around 17.4% in a year.
The Zacks Consensus Estimate for ETR’s 2022 earnings is projected at $6.33 per share, which is an increase of about 5.8% from the projected year-ago earnings of $5.98.
The Zacks Consensus Estimate for MGE Energy’s 2022 earnings is projected at $3.10 per share, up approximately 3% from the projected year-ago earnings of $3.10.
MGE Energy stock has gone up 15% in a year. The Zacks Consensus Estimate for MGEE’s 2022 earnings per share has been revised from $3.08 to $3.10 in the past 60 days.
The Zacks Consensus Estimate for Deutsche Telekom’s earnings for 2022 is projected at $1.56 per share, up about 13% from the year-ago earnings of $1.38.
Deutsche Telekom stock has gone up 8.1% in a year. DTEGY has a market cap of $98 billion.
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Southern's (SO) Georgia Power to Shut Down Its Coal Plants
The Atlanta-based electric utility, Georgia Power, which is a subsidiary of Southern Company (SO - Free Report) , one of the largest energy providers in the United States, came up with its latest 2022 Integrated Resource Plan (IRP). The roadmap has laid down long-term plans on how Georgia Power would be reducing its dependence on coal and switch to renewable sources of energy.
The IRP, which is subject to regulatory approval by the Georgia Public Service Commission, is released by Georgia Power every three years, depicting the sources of power generation that the company wants to utilize to supply energy to its large 2.7-million customer base for the coming 20 years.
As part of the proposal, the utility intends to retire and decertify all coal generation units it controls, except Plant Bowen Units 3 & 4, which will continue to operate till 2035. The proposition further involves the retirement of 12 generating units or more than 3500 megawatts (MW), which would commence later this year and continue till 2028, on approval.
To replace the abovementioned coal capacity, Georgia Power is relying on both natural gas as well as renewable sources. The utility is proposing to certify 2,356 MW of capacity from natural gas power purchase agreements, procured through its 2022-2028 Capacity Request for Proposals. The utility plans on doubling its renewable output by 2035, with an addition of about 6,000 MW of capacity, which includes a request for approval of 2,300 MW in the aforementioned IRP. The new capacity would grow the company's renewable resource portfolio to about 11,500 MW by 2035 and also reinforce the transition to cleaner, more cost-effective energy sources for customers.
Georgia Power is also requesting approval to own and operate 1,000 MW of energy storage by 2030, which includes a specific request for the 265 MW McGrau Ford Battery Facility. Moreover, Southern company will continue to invest in its hydro projects to make hydro system operations more efficient and assist to ensure the supply of clean and dispatchable carbon-free energy from these units for another 40 years.
Founded in 1945, Atlanta, GA-based Southern Company is one of the largest utilities in the United States. The company deals with the generation, transmission and distribution of electricity. Following its merger with AGL Resources on Jul 1, 2016, SO serves approximately nine million customers through its seven electric and natural gas distribution units.
Southern Company currently has a Zacks Rank #3 (Hold). Those interested in utilities might want to look at stocks that sport a better Zacks Rank. Entergy (ETR - Free Report) , MGE Energy (MGEE - Free Report) and Deutsche Telekom ((DTEGY - Free Report) each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Entergy is valued at around $22 billion. Entergy stock has increased around 17.4% in a year.
The Zacks Consensus Estimate for ETR’s 2022 earnings is projected at $6.33 per share, which is an increase of about 5.8% from the projected year-ago earnings of $5.98.
The Zacks Consensus Estimate for MGE Energy’s 2022 earnings is projected at $3.10 per share, up approximately 3% from the projected year-ago earnings of $3.10.
MGE Energy stock has gone up 15% in a year. The Zacks Consensus Estimate for MGEE’s 2022 earnings per share has been revised from $3.08 to $3.10 in the past 60 days.
The Zacks Consensus Estimate for Deutsche Telekom’s earnings for 2022 is projected at $1.56 per share, up about 13% from the year-ago earnings of $1.38.
Deutsche Telekom stock has gone up 8.1% in a year. DTEGY has a market cap of $98 billion.