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The Southern Company (SO - Free Report) recently announced that Georgia Power’s Vogtle Unit-4 has entered commercial operations, after years of delay. The Vogtle Unit 3 has been operational since Jul 31, 2023. Plant Vogtle is the largest generator of clean energy in the United States, with all its four units now in operation. The two-unit expansion of the plant is hailed as a milestone in the nuclear power industry.
SO stated that Plant Vogtle, which is located close to Waynesboro, GA, is anticipated to generate more than 30 million megawatt hours of electricity each year. The new unit alone is expected to generate enough electricity to power 500,000 homes and businesses. It can provide reliable and emission-free energy for at least 60-80 years, the company added.
Plant Vogtle is operated by Southern Nuclear. The co-owners of the plant include Georgia Power, the largest subsidiary of Southern Nuclear along with Oglethorpe Power, MEAG Power and Dalton Utilities. The two-unit expansion of Vogtle was led by Southern Nuclear’s largest subsidiary.
The project encountered several setbacks and delays since the beginning of its construction in 2012. The initial cost of the reactors was estimated to be $14 billion. However, following the delays, the costs quickly snowballed to reach $30 billion.
Vogtle Unit 3 was initially expected to begin power generation in 2016, with Vogtle Unit 4 following soon after. However, the project construction contributed immensely toward creating a positive economic impact for Georgia and local communities by providing nearly 800 permanent and 9,000 onsite jobs at peak construction.
Nuclear energy, as a zero-emission baseload energy source that offers high reliability and efficiency, plays a significant role in the current energy landscape. For 2023, nuclear energy, including contributions from Plant Vogtle and Plant Hatch in Baxley, GA, accounted for more than 25% of Georgia Power's generation.
The Georgia Public Service Commission had given the green light for the construction of Vogtle Unit 3 and Unit 4, as a part of the continuous Integrated Resource Plan process. The regulatory procedure involves robust analysis and discussion of the company’s plan, and it is typically filed every three years. The plan outlines details of how the company will continue to deliver clean, safe, reliable and affordable energy to millions of customers over a planning period of 20 years.
In addition to the plant’s expansion, this process has facilitated the introduction of thousands of megawatts of new renewable energy to Georgia in recent years, along with the integration of new technologies such as battery energy storage systems.
SO believes that the new Vogtle units will play a crucial role in its strategy to meet the energy needs of customers, not just in the near future but 20 years hence. According to the U.S. Energy Information Administration, energy consumption in the United States is on the rise and expected to reach record levels in 2024 and 2025. As such, the demand for clean energy is only expected to rise.
MDU Resources provides value-added natural resource products and related services that are essential for energy transportation. The company is dedicated to enhancing its electric and natural gas infrastructure safely, to meet customer demand. It is pursuing various expansion initiatives, which are expected to contribute more than 300 million cubic feet per day of additional capacity upon their completion in 2024.
Atmos Energy is engaged in regulated natural gas distribution and storage business. It boasts nearly 73,000 miles of distribution and transmission mains and a large customer base spanning 3 million customers. With the growing demand for clean energy and a large customer base, the company’s outlook seems bright.
Eversource Energy is involved in the energy delivery business. It generates stable revenues from residential, commercial and industrial customers. The company provides reliable energy and clean water services to nearly 4 million customers in the United States. Eversource has also acquired natural gas assets from NiSource and expanded its natural gas operations.
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Southern's (SO) Newest Reactor Begins Commercial Operations
The Southern Company (SO - Free Report) recently announced that Georgia Power’s Vogtle Unit-4 has entered commercial operations, after years of delay. The Vogtle Unit 3 has been operational since Jul 31, 2023. Plant Vogtle is the largest generator of clean energy in the United States, with all its four units now in operation. The two-unit expansion of the plant is hailed as a milestone in the nuclear power industry.
SO stated that Plant Vogtle, which is located close to Waynesboro, GA, is anticipated to generate more than 30 million megawatt hours of electricity each year. The new unit alone is expected to generate enough electricity to power 500,000 homes and businesses. It can provide reliable and emission-free energy for at least 60-80 years, the company added.
Plant Vogtle is operated by Southern Nuclear. The co-owners of the plant include Georgia Power, the largest subsidiary of Southern Nuclear along with Oglethorpe Power, MEAG Power and Dalton Utilities. The two-unit expansion of Vogtle was led by Southern Nuclear’s largest subsidiary.
The project encountered several setbacks and delays since the beginning of its construction in 2012. The initial cost of the reactors was estimated to be $14 billion. However, following the delays, the costs quickly snowballed to reach $30 billion.
Vogtle Unit 3 was initially expected to begin power generation in 2016, with Vogtle Unit 4 following soon after. However, the project construction contributed immensely toward creating a positive economic impact for Georgia and local communities by providing nearly 800 permanent and 9,000 onsite jobs at peak construction.
Nuclear energy, as a zero-emission baseload energy source that offers high reliability and efficiency, plays a significant role in the current energy landscape. For 2023, nuclear energy, including contributions from Plant Vogtle and Plant Hatch in Baxley, GA, accounted for more than 25% of Georgia Power's generation.
The Georgia Public Service Commission had given the green light for the construction of Vogtle Unit 3 and Unit 4, as a part of the continuous Integrated Resource Plan process. The regulatory procedure involves robust analysis and discussion of the company’s plan, and it is typically filed every three years. The plan outlines details of how the company will continue to deliver clean, safe, reliable and affordable energy to millions of customers over a planning period of 20 years.
In addition to the plant’s expansion, this process has facilitated the introduction of thousands of megawatts of new renewable energy to Georgia in recent years, along with the integration of new technologies such as battery energy storage systems.
SO believes that the new Vogtle units will play a crucial role in its strategy to meet the energy needs of customers, not just in the near future but 20 years hence. According to the U.S. Energy Information Administration, energy consumption in the United States is on the rise and expected to reach record levels in 2024 and 2025. As such, the demand for clean energy is only expected to rise.
Zacks Rank and Key Picks
Currently, SO has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the utility sector are MDU Resources (MDU - Free Report) , Atmos Energy (ATO - Free Report) and Eversource Energy (ES - Free Report) . MDU Resources presently sports a Zacks Rank #1 (Strong Buy), while Atmos Energy and Eversource Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
MDU Resources provides value-added natural resource products and related services that are essential for energy transportation. The company is dedicated to enhancing its electric and natural gas infrastructure safely, to meet customer demand. It is pursuing various expansion initiatives, which are expected to contribute more than 300 million cubic feet per day of additional capacity upon their completion in 2024.
Atmos Energy is engaged in regulated natural gas distribution and storage business. It boasts nearly 73,000 miles of distribution and transmission mains and a large customer base spanning 3 million customers. With the growing demand for clean energy and a large customer base, the company’s outlook seems bright.
Eversource Energy is involved in the energy delivery business. It generates stable revenues from residential, commercial and industrial customers. The company provides reliable energy and clean water services to nearly 4 million customers in the United States. Eversource has also acquired natural gas assets from NiSource and expanded its natural gas operations.