We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Southern Company Arm Gets $160M DOE Loan to Enhance Power Grid
Read MoreHide Full Article
The Southern Company’s (SO - Free Report) largest electric subsidiary, Georgia Power, has been awarded $160 million in funding by the Department of Energy (“DOE”) under the Grid Resilience and Innovation Partnerships (GRIP) Program. The funding under this program is intended to support grid resilience against extreme weather conditions, improve grid flexibility and ensure affordable and reliable electricity access across American communities.
Transforming Georgia's Power Grid
With federal funding, the utility aims to integrate technology into its mechanism so that it can enhance the power grid’s efficiency and make clean and safe energy available to the people. Investments in the transmission system will also ensure that high-voltage power lines are set up to transport electricity from power generation sources to the local communities.
The funding under the GRIP program will deploy new technologies that will enhance the existing grids. These new technologies include dynamic line rating and reconductoring high-voltage power lines that can enhance the existing power transmission capacity.
These investments will open new opportunities for the utility to deploy renewable energies and will also reduce the frequency and duration of power outages.
Collaboration With Communities
Georgia Power is planning to share the key insights and best practices within its industry type by collaborating with local organizations like the Edison Electric Institute, the Electric Power Research Institute and others.
The utility is willing to work with the local organizations and the stakeholders to provide training for the installation of the new transmission conductor. The project is also anticipated to bring benefits such as a clean environment impact, clean energy transmission and job creation.
SO’s Zacks Rank and Key Picks
The Southern Company deals with the generation, transmission and distribution of electricity and serves approximately nine million customers through its seven electric and natural gas distribution units. Currently, SO has a Zacks Rank #3 (Hold).
Detroit, MI-based DTE Energy Company is a diversified energy company that develops and manages energy-related businesses and services nationwide. DTE’s expected EPS growth rate for three to five years is currently 8.10% per share, which compares favorably with the industry's growth rate of 7.30%.
Ameren Corporationis a utility company that generates and distributes electricity and natural gas in Missouri and Illinois. The Zacks Consensus Estimate for AEE's 2024 earnings indicates 5.48% year-over-year growth.
Columbus, OH-based American Electric Power Company, Inc. is a public utility holding company which generates, transmits and distributes electricity, natural gas and other commodities. The Zacks Consensus Estimate for AEP's 2024 earnings indicates 6.67% year-over-year growth.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Southern Company Arm Gets $160M DOE Loan to Enhance Power Grid
The Southern Company’s (SO - Free Report) largest electric subsidiary, Georgia Power, has been awarded $160 million in funding by the Department of Energy (“DOE”) under the Grid Resilience and Innovation Partnerships (GRIP) Program. The funding under this program is intended to support grid resilience against extreme weather conditions, improve grid flexibility and ensure affordable and reliable electricity access across American communities.
Transforming Georgia's Power Grid
With federal funding, the utility aims to integrate technology into its mechanism so that it can enhance the power grid’s efficiency and make clean and safe energy available to the people. Investments in the transmission system will also ensure that high-voltage power lines are set up to transport electricity from power generation sources to the local communities.
The funding under the GRIP program will deploy new technologies that will enhance the existing grids. These new technologies include dynamic line rating and reconductoring high-voltage power lines that can enhance the existing power transmission capacity.
These investments will open new opportunities for the utility to deploy renewable energies and will also reduce the frequency and duration of power outages.
Collaboration With Communities
Georgia Power is planning to share the key insights and best practices within its industry type by collaborating with local organizations like the Edison Electric Institute, the Electric Power Research Institute and others.
The utility is willing to work with the local organizations and the stakeholders to provide training for the installation of the new transmission conductor. The project is also anticipated to bring benefits such as a clean environment impact, clean energy transmission and job creation.
SO’s Zacks Rank and Key Picks
The Southern Company deals with the generation, transmission and distribution of electricity and serves approximately nine million customers through its seven electric and natural gas distribution units. Currently, SO has a Zacks Rank #3 (Hold).
Investors interested in the utility sector might look at some better-ranked stocks like DTE Energy Company (DTE - Free Report) , Ameren Corporation (AEE - Free Report) and American Electric Power Company, Inc. (AEP - Free Report) .DTE Energy, Ameren Corporation and American Electric each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Detroit, MI-based DTE Energy Company is a diversified energy company that develops and manages energy-related businesses and services nationwide. DTE’s expected EPS growth rate for three to five years is currently 8.10% per share, which compares favorably with the industry's growth rate of 7.30%.
Ameren Corporationis a utility company that generates and distributes electricity and natural gas in Missouri and Illinois. The Zacks Consensus Estimate for AEE's 2024 earnings indicates 5.48% year-over-year growth.
Columbus, OH-based American Electric Power Company, Inc. is a public utility holding company which generates, transmits and distributes electricity, natural gas and other commodities. The Zacks Consensus Estimate for AEP's 2024 earnings indicates 6.67% year-over-year growth.