The Southern Company’s ( SO Quick Quote SO - Free Report) electric subsidiary, Georgia Power announced that Plant Vogtle's Unit 3 has achieved 100% power, marking a milestone in its journey toward commercial operation. With this accomplishment, the new reactor gets one step closer to meeting energy demands in Atlanta, Georgia and the United States.
The unit attained an output of approximately 1,100 megawatts (“MW”), the maximum energy licensed to generate in the reactor core.
Unit 3's Revolutionary Achievement
The successful attainment of 100% power by Plant Vogtle's Unit 3 is a remarkable feat for Georgia Power. It highlights the subsidiary’s commitment to advancing clean and reliable energy sources.
This milestone is a result of rigorous testing and continuous improvements made by a team of highly skilled professionals who worked on the project. Now that the reactor has reached the full production level, operators can thoroughly evaluate its performance and ensure that it adheres to the highest safety standards.
Transitioning to Commercial Operations
Although Unit 3 has reached 100% power, the testing process will continue to ensure its reliability and efficiency. These assessments are crucial in confirming the unit's capability to generate electricity consistently and sustainably. With its projected entry into commercial operations in June, Georgia Power is on the verge of providing a new source of clean energy to the state of Georgia.
Commitment to a Sustainable Future
The successful operation of Plant Vogtle's Unit 3 carries significant implications for Georgia Power's energy landscape. As the demand for electricity grows, especially with the rise of electric vehicles and the increasing electrification of various sectors, this milestone sets the stage for a more sustainable and resilient power supply. By leveraging nuclear energy, Georgia Power aims to reduce dependence on fossil fuels and contribute to the state's environmental goals.
Initial Testing of Unit 4
Along with the progress of Unit 3, the Southern subsidiary has initiated the
initial testing phase for Vogtle's Unit 4. This advanced reactor is anticipated to commence commercial operations in late 2023 or early 2024. The simultaneous development of both units highlights Georgia Power's commitment to meeting the region's growing energy needs. Economic and Employment Benefits
Apart from contributing to Georgia Power's clean energy goals, the Plant Vogtle project also provides substantial monetary and employment benefits to the region. It has created numerous job opportunities and supported the local workforce.
Additionally, the demand for various goods and services associated with the construction and operation of the plant has a positive effect on Georgia's economy.
The Role of Nuclear Energy in a Diverse Energy Portfolio
Nuclear energy plays a crucial role in maintaining a diverse energy portfolio. While renewable energy sources like wind and solar power are important components of the energy mix, the intermittent nature of these sources necessitates a reliable and baseload power generation option.
Nuclear power offers a consistent and dependable energy supply, complementing intermittent renewable sources and providing stability to the grid. Previously, Georgia Power invested $5 million in creating scholarships, funding research and building statewide partnerships to
support e-mobility initiatives in Georgia. Conclusion
With the upcoming commercial operations of Unit 3 and the progress made on Unit 4, Georgia Power continues to shape the energy landscape.
Zacks Rank and Other Stocks to Consider
Southern is an American utility firm that provides electricity to customers across Southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. SO operates under three segments — Gas Distribution Operations, Gas Pipeline Investments and Gas Marketing Services. Currently, the company carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks for investors interested in the
sector are utility Pampa Energia ( PAM Quick Quote PAM - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and E.ON ( EONGY Quick Quote EONGY - Free Report) and MYR Group ( MYRG Quick Quote MYRG - Free Report) , both carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here . Pampa Energia: PAM is worth approximately $1.98 billion. Its shares have risen 53% in the past year.
Pampa Energiadelivered a four-quarter average earnings surprise of 129.82%. The company currently has a forward P/E ratio of 6.05. In comparison, its industry has an average forward P/E of 8, which means EPM is trading at a discount to the group.
E.ON: EONGY is valued at around $32.38 billion. In the past year, its shares have rallied 19.5%.
E.ONis the world's largest investor-owned energy service provider with operations in energy, chemicals, real estate, oil, telecommunications, distribution/logistics and wafers. The company currently pays dividends of 40 cents per share, or 3.28% on an annual basis.
MYR Group: MYRG is worth approximately $2.00 billion. Its shares have risen 45% in the past year.
MYR Group provides comprehensive electrical infrastructure services in Canada and the United States, including design, engineering, procurement, construction, upgrade, maintenance and repair.