The Southern Company (SO) 30 Oct 192019 Q3 Earnings call transcript

Company Profile

Participants

Scott Gammill	IR Director
Tom Fanning	Chairman, President & CEO
Drew Evans	CFO
Greg Gordon	Evercore ISI
Michael Weinstein	Credit Suisse
Julien Dumoulin-Smith	Bank of America
Praful Mehta	Citigroup
Shahriar Pourreza	Guggenheim Partners
Stephen Byrd	Morgan Stanley
Sophie Karp	KeyBanc
Andrew Weisel	Scotia Howard Weil
Ali Agha	SunTrust
Michael Lapides	Goldman Sachs

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning. My name is Marion. I will be your conference operator today. At this time, I would like to welcome everyone to The Southern Company’s Third Quarter 2019 Earnings Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers' the will question-and-answer be After [Operator Instructions].

this As recorded conference Wednesday, reminder, October being is a XX, XXXX.

I conference over Relations to turn Scott like ahead, Investor go Director. will Gammill, Please to now Mr. sir. the

Scott Gammill

Thank Company's quarter Southern XXXX welcome third you, Good call. Marion. and to morning, earnings

and Drew me Financial Evans, Joining President Officer. morning of Officer Tom are Executive this Chief Southern Chairman, Fanning, Chief Company; and

forward-looking could statements information. me actual today Form addition discussed subsequent Let be and remind materially historical factors we'll in filings. XX-Qs to in statements, differ Various to making important indicated the cause you, results providing the those including Form in from XX-K, forward-looking those

included morning conference call, information the this non-GAAP our In addition, this to present as slides we website information for both are call. on Investor will investor.southerncompany.com. we released the Relations well in at financial measure as this the on available financial are which Reconciliations applicable GAAP

At to this time, I'll over Fanning. Tom turn the call

Tom Fanning

for morning thank Good and joining you us. all

This expectations with our through early exceeded our strong utilities estimate. for also share temperatures September warm further quarter have morning, and Year-to-date our substantially above start earnings in October. results reported a the off to Drew expectations earnings fourth electric is a our we in will discuss unseasonably and per strong earnings few minutes.

experienced during this We the four I want recording days, month. site, quarter. Vogtle to the summer, September heat you providing at Southeast peak outstanding on an load with operational our progress Before all-time in times this performance our update highlight the record

our resulting transmission peak record demonstrated in Our season resilience with electric exceptional for reliability in performance, customers. generation system

year approximately reduce emissions a Southern for mix conditions, carbon enabled the benchmark of Company field by system to our to Importantly, compared demand our strongest even emissions. XXXX, amid these carbon XX% diverse

approved including continues the milestones The by now turn quarter, and Unit flushing integrated activities. during of the start focused achievement several update progress on site to on an demonstrated Vogtle an and regulatory position XXXX is make tool the project. complete estimated the We plan to November those remain November maintain to in-service our and X. Plant on X continue to Let's of meet as in meeting we to change to total work There dates, dates. us XXXX the cost no site as help a aggressive

at the the we Power’s XXXX. for second in contingency Recall quarter, share established Last total we for million. project discussed which of amount length the project quarter Georgia established of is the $XXX the is we million entire $XXX

has forecast. contingency allocated of project that into a capital that and project probably context, negative biggest the a contingency retention. into factors host of complete factor base XX both was For the costs million $XX estimate Georgia positive as its months go established Power ago. increased to larger But is the cost quarter, attraction There was analysis. are the in give contingency forecast to allocating craft and you than To related today proportion it when of

budget regulatory with in-service to contingency that continue we meet sufficient We associated dates. have the to November approved the believe

plan construction this test are or been is complete X to activities, complete. Unit the with currently as expected initial approximately Overall, and planned begin direct have achieved, entire major including project engineering, procurement, XXXX for The later project milestones XX% XX% year.

site We have to we craft to plan. resources our we retain the continue attract believe, work successfully currently, And aggressive labor. and support on necessary

In or fluctuation an August, impact started similar several in site. a increased in of weeks, performance ability seeing S-curve have and X’s and workforce of balance we Production in a we quarters, recent improved activities, we on experienced earnings positive we startup sawtooth are needs we on with testing our variability of This as past around productivity. flushing have and the has periods charts, last shape significant an both and activities. our Unit effect discussed Over construction construction saw resulted on to integrated the productivity our effect a the levels mature call.

hours recent a the record four XXX,XXX weeks over weeks, past XXX,XXX The site. with hours, two about site has at on nearly averaged earned the

Cumulative CPI testing construction quarter’s mentioned. levels, I balance remains just last the near reflecting and

calls, X both of previous we On project, this plan. the aggressive slightly on the X have and ahead in in focused X its Units progressing At site point Unit aggregate. is

site driver see installation of X, a on Unit backlog quarter. Slide is in activity, lagging commodities plan. you trends construction aggressive we electrical and can primary currently X is last system discussed As turnover its the The increased

and plan Nuclear the electrical implementing improvement backlog. Bechtel a productivity address to Southern are

streamlined Additionally, focus initiatives to is project have as These and night installation efficiency commodities further leadership noted, is preparation shift have has for and and success, turnovers. teams I improvement initial on demonstrated expected. utilizing system already adds further enhanced specialized

plan sufficient milestone With in X’s targets. and to is and these actions, activities flexibility margin there we Unit maintain believe future startup site aggressive testing

flush XX% of start for with plan. continues year this our later to August flush X milestone testing integrated end, open and that we the vessel as the complete for site at activities XXXX. began consistent expected Unit support aggressive over we proceeding To next in Integrated the major expected of is start

XXXX prepare testing testing. as vessel will through first Open for continue we the of quarter cold-hydro

is for year. test control of major operation the will lay foundation and commercial ability to room to systems from plant the these to expect main have of the we before and the successful Each the important milestones of Additionally, operations. startup end the plant the

year, online X working November Unit time Unit very construction approved for Vogtle Vogtle we to site the exciting to and expect continue of XXXX largely to right be for be complete is X that believe in-service is strategy plan project. and to our a regulatory and expect This of XXXX an in X the support Within load. the we bringing We fuel dates. goal X for by aggressive a Unit primary preparing

the regulatory calls as process move major through will practice, towards past and updates we our provide with on these Consistent continue to we earnings milestones.

performance Drew quarterly to our the detail. now call in will I greater turn to cover over

Drew Evans

everyone. good and Tom Thanks, morning,

In we last estimate higher the provided higher adjusted share That's of and XXXX, our $X.XX achieved we basis. an earnings third than than $X.XX on quarter the of per $X.XX on call basis release XXXX. in the earnings A of per our and on is included and of morning's report this an adjusted earnings package. detailed reconciliation the reported in results third share adjusted quarter

versus normal the during $X.XX and September than XXXX, compared to of the XX $X.XX benefit normal. benefit were key across the than driver Temperatures of compared year year last quarter our of warmest A regulated warmer Southeast warmer results in but weather the electric in years, service only last our driver was resulting at third quarterly not to including utilities. last territory significantly our of normal

Emphasizing Tom's operational was of period this temperatures earlier performance nothing remarks, short our over high of extraordinary. prolonged

primarily related prior-year capital the regulated Excluding weather, our the Reform changes at utilities. impact structure. increase reflects revenue Tax our driven increase revenues higher $X.XX in of by of and the The over was impacts

of The that recall of customer within benefits also customers will and we usage. in increase reflects utilities at majority the maintain portion credit You customer other tax those to metrics a net changes growth retained pricing regulated and revenue in entities. accrued to our effects

factors impact offset these more the entities. of of divested All than

O&M been successful we more mitigating as to related inflation expense efficiently. also We've operate in

customer and XX,XXX for on and the residential Southeast track we put comparable growth full-year September, through customers across growth, have regulated experienced meet year. our expectations gas customers be we the electric growth job gains same in electric utilities. by These natural strong driven added last gas are to continues territory. franchises our period new service and to residential across Customer growth our to population us customer primarily in at look the a over over residential and XX,XXX Taking additions

For advancements segments, X% to combination sales. continued across last electric all customer energy quarter, retail and year-over-year weaker the of sales Industrial technological were down including a weather-adjusted factors continued efficiency, third year about versus due

Industrial production as primary global due and These metals, X.X%. were textiles and levels changes year-to-date XXXX programs. sales response sales, petroleum, particularly trends with well have demand throughout concerns, down in down as to persisted electric trade paper

year-over-year, usage with consistent expectations. the it our While is overall negative is trend

and is negative service in the extreme a positive less precise in our in significant normalization territories either or these do not also Weather change foresee circumstances we near-term.

at $X.XX. quarter due guidance at earnings of per customer adjusted $X.XX, related we vary have full-year through that certainly fourth share top-end of earnings slightly can of to-date the our expect seen earnings electric or achieve With year. help impacts range mitigate extreme regulated sharing Remember year-to-year to September bill the franchises our this situation we materially to a mechanisms to weather, above

need early units offering Turning now issuances through to approximately the Southern internal and plans with satisfy $XXX offering to completed end our issuance equity $X.XXX from XXXX, completely when some expected capital this total on equity internal Company billion plan Southern through combined plan equity of our year-to-date requirements. our a five-year equity Company’s to projected updates period. is In million August,

begin or at satisfy ATM top not customers the significant strong utilize our market and benefit XXXX, plan investors. to plan. expect main priorities do programs shares, equity issue to reinvestment they remain to purchases credit us the open in for and Financial dividend provide stability We as metrics to our money we and

regulatory in over already Tom, Nicor’s a Illinois the concluded. slate like regulatory a brief the year proceedings, replacement approved started Gas calendar. month, multi-year in I'd you Wet we Before annual I with We to of Nicor turn the to recently including $XXX of Earlier call base $XX give a full related Commission program. under update for back our infrastructure this the to increase some rates Illinois million program which investing rate Commerce million pipeline on

residential representative with credit revenue line New regulatory include rates decoupling a also Illinois is expectations. This supportive of was outcome mechanism a environment in and our customers. for

Natural million program and extend Also, estimated with received XXXX. $XXX through Virginia its investment Gas infrastructure an SAVE approval to replacement expand totaling

Atlanta case a Georgia, Georgia in proceeding the and Gas midst base for Light In we're both Power. of rate

We the fourth of to in conclude proceedings this year. quarter expect these

Power year we'll end base as the the before posted expects of that evolves. a schedule case to Further, you the Mississippi Mississippi keep rate with PSC file and

Alabama these meet planning peak. demand to Service that winter Public Alabama September, addresses the strategically a proceedings, is company with Power during the proposal Commission, comprehensive addition in the to how customer In filed

capacity, Alabama proposed and mix megawatts billion. with energy paired and storage for is projects energy with side long-term of megawatts of of expected an management. new capital power distributed XXX Power’s of and constructions capacity, gas agreements, systems, solar megawatts XXX new proposal calling approximately purchase fired megawatts The diverse include $X.X X,XXX generation investment of X,XXX demand acquisitions, new totaling comprised generation

approvals be XXXX. the third all end of We expect obtained by the quarter regulatory to

will to you. Tom, back the over turn now I call

Tom Fanning

Thanks Drew.

busy over customers of on who everything outlined, to very our are reliable, we and Drew many able manage effectively of energy decades our affordable safe, business we're front. to are do. clean, We've center demonstrated to the As bring the we regulatory course at that the

that support these that Our objectives. the same regulators proceedings share result we outcomes these and confident are broad in ongoing will goals

your Site that before to few are Now, recognition has with Power highlight quarter. were priority Both for in jobs, Power Georgia a the companies, by economic Magazine. Selection where Economic organizations and community operate accomplishments always a utilities. to states U.S. like for our we the move year. to And questions, top named bring a utility regulated development and state each for we investment the Alabama and during successfully we to partner development I'd company been

for In Southern acknowledged been and our leadership disclosure. addition, on transparency Company's

in firm Company’s statement the documents. disclosure global number one statement sponsored communications named a regulated inaugural XXXX by the Awards, Labrador, in U.S. South Transparency the country proxy in was specializing proxy

am U.S. outstanding We the the in were by of accomplishments for our proud disclosure all are team. organization. also same overall third I These and ranked

our the adjusted from earnings the per a and As above towards we perspective pleased or financial well-positioned we operational the share top at are with of range. year, performance move for of to we're very our and guidance both end full-year deliver the believe

expected with should communication also be conclude. We've our remaining XXXX. you these will our regulatory quarter, on completed fourth equity proceedings In some cases as the have clarity through and need of we in

X We XXXX at Vogtle several XXXX. milestones Unit approved dates have November by bringing and X achieved remain key on November of focused online and and their regulatory

us to questions. morning. joining are we this Thank for ready now Operator, you take

Operator

Instructions]. Thank you. [Operator

Gordon Greg ahead. from first comes ISI. Please the go from Evercore The of question line

Tom Fanning

good Greg, morning.

Greg Gordon

morning. quarter. a Good Congrats on great

Tom Fanning

Thanks.

Greg Gordon

but cost Is purposes know a lot a the just with contingency well, us doing all -- you to of we're Couple gave better for you mean Vogtle to overall and you're hear can pleased larger base on that you information the what I going when what before say regard budget. that and all clarify piece you're questions. as of of sort the now plant the you is contingency? of that because of building expected intents it's

Tom Fanning

Greg. sure, Yes,

it's a the it’s in you official that place because expect details plant. quarter about him last That fill think easy unknown I the pretty real cost to here. is got details. we in Drew's I'll the some budget it's put contingency blanks concept, let on an part of you great talked of as when spend,

all the never different the plant we positives go and just add-up month you had really quarter, but the Until all through, those negatives around As we every and do and all the positives imagine of the the this outweigh have components net thing we in kind of we evaluating the out. negatives balance. cost, time, contingency this

million contingency the percentage This minor amount $XX against relate remaining is into on was especially attract When just cost in construction when we $XX place up put of there? accounting the million set to pulled in much you costs was site. higher we to the represent really now the of a for budget, as and left now we how contingency contingency compensation some that place. of that electrical even in out percent first remaining retain that when Drew account draw workers than even has the it established data the better for account, place, we take

Drew Evans

is that. add to certainly just that estimate the is numerator. and complete the to contingency say denominator I’ll the Well, to difficult the

we And than that is ratio when so now larger started.

I feature if out is think our about time, contingency you XX in and think testing. that's from worth the only functional noting months hot time other we're that,

construction So pretty we're to close -- completion

Tom Fanning

units. both On

Drew Evans

…for the of X. Unit months. XX I'm sorry, delivery

is that's months. If delivery you November look XXXX, at expectation, our of which XX

we amount of and contingency maintain nearly If today, it's greater than time that at the XX%. you look

So six those over denominators. months

think I deliver factor comfort factor we both us So time expectation. the give regulatory can the that and the cost some within

Tom Fanning

established when breadbox, as we numbers? it So Drew big round a now. XX%, was XX% contingency What

Drew Evans

less Little XX%. than

Tom Fanning

Yes.

$XX can that of a even a when And now is you the see was it we as time. it. million accounting percent really for higher than So as percent, total function a of established cost is contingency

Greg Gordon

One bit O&M despite Thanks. keep flat I've it's also had that but the -- you demand summer got were little you is a to the questions. two more record in in remarkable this quarter. able

So talk of how I you can under you though control, mean, such you keep pretty were able a me O&M levels to like to marker, to actually, even demand? that's positive had high

Tom Fanning

he a diagnostics when that some used CEO great looked of me before making give he in we his AGL that had of technology, the there as are be effective CFO. company Resources, et Let thinking track team kudos. Drew and to ways O&M, the the And record was of we and acquisition, about to deploy cetera.

has player come come lot he's Reese applying key here. concepts they're So Beth those over with and over, a a of

Drew Evans

-- investment that that we allows would be of what's of a occurring they our capital improvement really work and cost And cost smart systems. people very worth that control; of have folks as on vast to modernization to into folks is, of the move saved discipline, cases, remember of $X hard rate needs long-term to $X control utilities. not focused say have over, be majority in moving is It’s the operate I underlying cost but here

belt rather prudent business. think the And than large what And we're to is about tightening right us to so looking discipline trying inflations exercise, our for demonstrate within for year. this be managing I that's

Tom Fanning

technology then there's the big substitutions. And been just

think to important XXX%. You advent was local led Power by that customer years. without technology, may can many Georgia touch increase technology, local in we they the think of world demonstrated us. offices really so for And the with through still recall the that that over offices, I has But I

service physical time. we the customer costs, at technology all and some same can improve So remove improve

Greg Gordon

risk/opportunity get the light to an staff being point that you band retains position ROE to ROE is Power we're if achieving of on what's initial going answer that that low hopefully such at you're question it, settle milestones case, get do rate integrity the put cadence we can of how a the usual to the and in My number. Fantastic. of where currently Georgia final the for a

Tom Fanning

the place Yes. does, we've The process, phone years expect in in went continue, rate this be they've I process And Yes, three-year and think for the gone through staff the of the done And let process well. agreement we've XXX every I we what these kind three done case and than different before prior you the think holidays, Look, we've XXXX. past. they'll - us of will accounting look back Christmas right and process. looked what so this the have the think Georgia, iterations at of not this in reached order their XXXX, the in rate years, Greg, funny, that typically many they've it's following past terms that what staff of cases, been time. since is since does in I as all had I recommendation on you've an

Greg Gordon

quarter, Thanks congrats. guys, great

Operator

from line ahead. next question the from The comes Credit go Weinstein of Michael Suisse. Please

Tom Fanning

you? are how Michael,

Michael Weinstein

good doing? Hi, how are I'm morning. doing you good,

Tom Fanning

Terrific.

Michael Weinstein

Glad on a shaping or hear. something that's Hey, whether you -- about territories? this the this weather low the maybe something to year? that normalized well little the next that's for growth only electric think affecting up of negative or bit sales more could kind talk that maybe future the is And year, that's as you

Tom Fanning

Yes, second. I'm my over to offer in to this Drew I'm to going going comment. a turn

mega we said across are adjustments board, for extreme look adjustment normal an like is this we these those weather you always If subject this. a of saw the look guessing. weather always to When to we the part I had, kind take with at of second numbers,

the were were numbers X.X% for back and for you fact, X.X%. period XXXX, Mike, same retail And in year around this the go we we negative to me, sales. up, you’re front XXXX, I of have surprisingly had other in high increases we The if one, in just remember,

time you up residential, X.X% X.X% view over a of up little down were of a longer were were X.X% if a we’re kind this we the right bit two lot Industrial sales X.X% we terms of is we were take in X.X% within now Industrial going years. up on are expectations. now Commercial, down; My terms essentially down. we whole There's view, flat here the range these of also In economy.

to things development, kind Industrial talk the always always love that I is of consider economic of One about the headlights. development,

invest. As lot, stable investment, which investment, to capital nice they environments calm we long-term a waters; talk in about loves love

same, down the long-term a is While arguments. our the of associated associated good investment lot a taking a economic are that Fed, are the still economic amount long-term our it you and -- policy, with year-over-year, capital with of of development number, part function jobs about development our a projects Well, about on a get is trade is the but customers breather. less a maybe around is or lot really these down X% backlog a half. think it the And into that this is I half

plateaued we When an of whatever of regulation, we issue It's kind really skirmishes breath out tax we off. and of of think smarter the the pass or enormous we election in oxygen the on forward even the in resolution XXXX, the going is to I economy economy it. trade of trade have a not, function sense of the and year we'll see. new ability you the sustained My took maybe there pending as advent the going was a law, bit want had call when skirmish,

Drew Evans

planning I'd recent the more will used is, a about will offset the around about long-term less. something by probably It's sales same at expectation residential and accounts term We persistent would maybe only growth we that that rate, efficiencies add that a in been for customer with customer way particularly grow that be little expectation or has the bit lose, X% have for been the thing an our the plan year.

customer commercial This about three but for in quarter X.X% down year-to-date, sales and in X.X% residential, in about X.X% actually total nine-tenths slides, it's in classes. I know this And the we’re don't them across we've Industrial. detailed effectively all if in you

experience, have we've we've we construct nerdy portions This on something based it. just about hit that means non-linear some to And moved completely extremes. to which weather it into regression normalization that linear be internally; is weather of is

not pretty that some, just a much And our seeing we're a certain I'm dissociation result. is curves from what maybe bit little so and of

in through a the look we third these of the that, what's two a at you economy. If averaging retail last in saw gives better maybe had quarter year, in indication sales happening X.X% years same increase probably that us about of sort feature our

expected we're Residential areas. and I in these commercial probably or particular, normal declines think in just seeing

But the migrate have which probably or a the a feature, as fourth bit In last of quarters, sort have pretty little these at have four production in levels the we said, Industrial weather year, off significant past down bit production Tom doesn't over quarter seen of of and trade end probably we highs Industrial headwinds. due segment, a that since to of maybe five the some of to uncertainty also XXXX. terms of of remember are

and And look so these more maybe us are I we're that will budgeting get bit just full-year, year. would toward as more understanding that how normalized, better become suggest help monitoring. we weather a we're next for of trends a normalization that'll usage

Tom Fanning

following-in one last comments. Hey, Drew's nerdy comment

plateauing. in things derivative the other the As I it’s trading, five them statistics one but with of resolve the And time sectors, the many about love of words, for this of at trade momentum year-over-year, so numbers the the the of over whether kind industrial don't Election, the of how were will is when evaluating essentially I you've I seen Fed also change. itself look first go wars or negative. it's to indicate was years, changing know XX top

less just year-over-year. three is and momentum. them negative two About positive. negative flat, And are them about are positive, of of two there are the that So are

So in can that bit we pause. are a that fact underscore to resolved. think the be of a serves data the pause I I think all And

we'll see. So

Michael Weinstein

settle more this at asset point? coming Could we maybe your future plans question. go of Southern at over you just are Power? kind going Are last sales to one or down Okay, be what there

Tom Fanning

the posture of in recycling been always capital. we've Well,

you of M&A we that's And we look two-thirds standpoint, by a broadly where well. to we've an sold reallocate our were? for million. opportunistic shareholder if down $X.X ways it at bought we've What allocation is and billion record, well, cut look we value. improve off track to a year, from now a we about then had think $XXX always way year, I We $XXX that about million

you to lot know those a But are we market. is function want the something? competition are market bilateral on shorter a long-term A that getting see amount with the tremendous contracts, really We margins of terms love in of the of getting shorter, and narrower.

at So to balance core allocation, when three of we I next, the we're I look know to XX-plus-percent for franchise years, going capital think, the don't forward businesses. allocating five our

in on data a attractive posture. eye renewables But on think it. We'll the our markets now. risk so-called We organized markets our that's even the more that's keep adjusted or the right certainly

Drew Evans

Yes, Michael, work of fair that say, business it's that last lot the simplification to structure. of a year we did was

weren't within that not service core of tried rid we were assets gas get that assets so our And territory. to

and around were not did Some optimization of of outright assets. of we those that things but wind deployments, sale solar capital

we're be of wind think purchase is as to threshold. adjusted on meets Skookumchuck on investments announced more in just asset; recently renewables. interested we're the going careful risk very But what the Tom which focused investment importantly, and about very I our of a be -- in we've still generating those returns said,

Tom Fanning

just it's than And narrower it was.

Operator

Instructions]. [Operator

Bank go America. from of next Please The of Julien ahead. from comes question line Dumoulin-Smith the

Julien Dumoulin-Smith

morning. good Hey

Tom Fanning

how Hey are Julien, you?

Julien Dumoulin-Smith

to a Hey, here. Great, details on thank couple so little wanted you. follow-up just

that's want date where commentary here, tracking all about here, about Just the heard in think main you How commentary? want constructive Unit as fairly clear of do X how more your you're be up, clarify extra think to going you here? your X, to First for given about Unit just terms dates well.

Tom Fanning

Yes, the the aggressive plan. work site continues towards to

characterized aggressive. always the Unit have for We X main X as both schedules, and

we the that the Okay, CEO way business, Chick, still Nuclear that site. the and to to Kuczynski, is run the guy that day-to-day, committed think is aggressive kind It site. achievable. on our of Steve believe the work of really runs right Glen project remain that’s plan we

I've want And before Tape always people, regulatory aggressive sites anything of approach the our hit I we to saying keeping dates Ticker hit remind dates, dates. that those been approved we approved think for think November. our an are achieve ultimately to If in this But on famous avails this posture past. time. parade we margin regulatory us I

Julien Dumoulin-Smith

bit want on more it. the contingency. And Got little a I to understand

the paying these towards you like principally these of in-service And following clarify being closely achieving of it you criteria? we million about and how is even that you around. it? we contingency individuals in-service attention the can as or processes and criteria here I best thinking bit, think about those these keep some $XX most that, of as when time construction So then and ITAAC Which see utilization little costs or here, more small pivot should within to for think sounds on higher But on you budget. are qualified a about we the be some conceptually should to or the allocated asking

Tom Fanning

years first. one remember of talked there I can geez big me let four ITAAC out we as risks. Well, this thing, through ago, hit ITAACs as or we had the three

In underscore the I ITAAC But years we brought would done must regulator the into sound milestones. let achieve with this. posture. I our say a a before okay, fuel-load other must over risky to team with Now, me be be the the believe plan have so NRC less has done. words, those in working we work that it of conjunction

project, on top I think think are ITAACs about there the don't I XX So risks when right now. the

we our through, I great making we're think see way progress.

reducing complete the done. You testing results of that has ITAAC in may that a remember, we started very been except effective are a UIS. concept for test But essentially, byways be of called that must the

July estimate I whole Bechtel guess make I contingency contingency that question. $XXX were place, to in actually goes There I the and elsewhere has guess guess contingency. of other the the XXXX like was would for buckets I we When that this And of it of future So, set this included we comment this just million, also project is is Georgia costs. that this alone. have we $XX but This our is dollars that of the not call we own, their evaluation, period, we've when an where expected million the And draw $XX one specifically. made out Power current period applies, own. called million this

through So know completion right $XX the that that about costs a resulted it million the project in all of is draw. now the we

we're So if good think your shape, that answered in question. I

Julien Dumoulin-Smith

that, good. milestones, those for costs, in-service clarify achieving pretty to respect you're and you of labor construction and these but Or feel maybe using with criteria, some this just

haven't focused You contingency construction or can principally used side buy on one be anything? the contingency. be expecting on any this, But the should to updates in-service of we if

Tom Fanning

there's mean everywhere. I buckets

did And million That the a $XXX in hip through else okay. may November schedule we costs includes so I have Bechtel everything includes our known have and somewhere. mentioned all pocket may or that that, concludes future we in plus November, when

Drew Evans

I couple think that would the a costs, when both facilities. is of it we completion only re-estimate a components of I do are to mark add

And so think it X. we're X to estimating what both and complete we Units take will

near, is money. for in end, money, the X the though, Julien, in the unit not the so And near-term. Unit a the this feature In is just time

that -- wind-up to to it contingency a are complete estimated. amount the progress as than expensive are there don't of the time, so That's lot expectations I will know that system related of project. that any be And take more will we components being there

Tom Fanning

for is when that only we I thing set was budget would that budget, The November. reinforce though, set

finish money. That than you November, sooner saves to the get you extent So pickups.

Operator

go The of Praful from Mehta ahead. line Please comes from the Citigroup. next question

Tom Fanning

you for us. joining Praful, Hello thank

Praful Mehta

Yes, great call and great quarter.

So congratulations.

deadline allowing have November maybe questions, touching or it on that hit the money maybe quick of you deadline you hit spend November Vogtle additional couple to guess earlier a again, just as decide hit to it to trying November side deadline. to to to had slip you cost invest versus to target do more the on Just or on the choose the Are to of willing to the on cost allow November How are May that the deadline to side? hit conserve the get you and you deadline? like kind looking deadline earlier and

Tom Fanning

of that work is on the schedule, must When to Well, time the it To the to and you time. be a site, cost extent said it's it second money. of personnel right, Drew of ago, hotel lot takes and think the done. all improve any cost the exceed costs about you're able a

much the can that. That -- calendar, we why advance plan of generally aggressive to We evaluation that. always can we keep make cost If we we pretty a incur that it's overwhelms site however. the point So dominant do that's speaking, that solution. from if an an

do other just always to compelling. just the I'll you, in stupid anything But cost, pretty tell In to we're achieve balance math terms We not words, schedule. that. is going of

believe we lot achieve performance prudent you schedule that does and performance, If cost can is that behavior. a for

Praful Mehta

as that It that again could given think Alabama bills given have with helpful you. Power’s there's implication maybe and sales, sense, load investment what CapEx on just on going weather you Got have that's then the to on do touching the and and well. concern plans any makes investment normalized all you of cycles terms Do on growth Alabama in you Power? what that

Drew Evans

our focus to on I structure. why we've think cost that's got

permits and savings progressive strides of Alabama cost in generating in of peaking $X I investment. makes but earlier, particular, meeting winter mix of important think of it for a mentioned capital environmental the pretty -- with. terms proposing $X content they're worth we that's resource their what is think I

if reduce coal I look total the costs structure fired costs And ultimately generation. so O&M think at will and around you

So over growth probably expectations. investment to if the will you're minimize I what customer have time, we're underlying our the it, is reduces lack cycle on was, -- good it if still think but I trying from certainly bills growing but in your question total, makes easier really it in suppose modernization. of do customer it is don't impact

Tom Fanning

here must Yes rate as of In as is management objective other we our we a Southern, capital The result investment. commensurate and and the no sit requirements, revenue in invest words to structure. as flat increased transition at and take the revenue idea or change me Drew sit keeping resilience. rates we improve generating reliability out requirements in council we as fleet the cost meetings O&M

Praful Mehta

driver the question, tax in on rate? quarter, was Super income third lower than you. that clean-up particular tax Got the just And any taxes the rate effective previous and helpful. a

Drew Evans

third purchased going think film difference a the credits make the really we've year at utilize and regard. last I subsidiaries that we that of tax to so the we bit all more that had the No, unnatural assumption of a in of anomalous, bit is quarter one to was the little weren't little

Tom Fanning

right. rate rate and just warned any somebody me three thing, its more Power yes, years one probably I in action probably deferred said, recalled Hey, Georgia that's case ago.

And so if holy this years you is, covered think about of smokes, nine where Georgia rate case essentially investment. really

in produced as design. going rate terms were a fleet adjustments compensate O&M the formulation That's criteria resilience. is transitioning lot. change a to So building design in referencing design customers. you I criteria The increase that's future and of forward, the as the you rate The make the CapEx have that gave to and to no no whole

Operator

go Guggenheim line question from ahead. the Shahriar next of Please The from Pourreza Partners. comes

Tom Fanning

Shahriar, you? are how

Shahriar Pourreza

Good. guys. How are doing? Good you morning,

Tom Fanning

Great.

Shahriar Pourreza

So It's most comprehensive. very were of questions answered. the

reported more is, and of structure turns Just peers, We've activity. the are of of is one similar follow-up of sort around But more by retail versus the what the comments other guess I sales around fixed seen some your the weakness rate out volumetric. industrial right. customers the

So is the Do fundamentals macro sense to don't volumetric see to prolonged you on the over see And rate you impact you longer-term, guess if in a deceleration an what activity I'm global customers the their we on about have sense and you volumes of structure a prolonged, do industrial and and more sort the is -- there think of is should EPS trying fixed. versus impact are I get see a sort for right. diminished. a weakness industrial recovering how concerns

get Industrial but the So just obviously, is I'm short-term, to sensitivity what within sense to weakness? a trying it's on plan, like, your

Drew Evans

pre-tax $XX Well, change region. small Industrial design Industrial from X% to Southeast perspective, a million bring corporate was and development way impact. in a jobs and customer as sales generally The pretty the so about rate uses to economic a promote

less significantly it. we're sensitive So to

because have commercial make customers. in sure we programs side worked productively that reliability we created factor too probably good to of residential a and customers management needed period to had curtail had, the this much to to to did question we demand some have that in any delivery this so that sensitivity I've and that didn't we

will of as the impact well. that sales some that so figures And

think demand we're around maybe probably in that near When total. I X.X%, X% expectation which find though, we look reduction our industrial we'll is at in full-year

Tom Fanning

a I to will not, think a customers Georgia and money first more price driving or making period cost sends during -- be was remains can on they're Power it their other good real they big down take of them. words, If own a and through add by to if to time period, Yes, to for in can probably as just RTP, That to terms peak the want react and well. that, they shut customers pricing. signal the biggest that in recall high

demand side of customer do nothing issues. So is are we these This kind driven demand. management

in the real something have XX% and like I We think XX% commercial Industrial to subject of I biggest is load program, pricing. time United States, the to bet you our

Over value provides terrific the customer. year to our

Drew Evans

okay. Right,

that weakness assume not would should summarize what your the there's it’s growth just sort that So we just your sensitive. of assumes, or there that worse in given than activity fact not to if trajectory be deceleration fundamentals in -- plan a there is Industrial internal

Okay.

Operator

Stephen question Byrd next comes ahead. of line Stanley. go the Morgan Please from from The

Tom Fanning

in. Hello Stephen, for thanks coming

Stephen Byrd

on Congrats good a quarter.

Tom Fanning

you. Thank

Stephen Byrd

been testing, I Vogtle, further at site? the to from at you along testing, of just or any have the any equipment color apart Lot on testing that's on stand the where color testing the addressed. with just CCM overall way, of status wanted the on just questions further equipment latest touch learned any lessons equipment but

Tom Fanning

of productivity, et Yes, the that early there a wisdom create it? question. reduce it calls does about What for lot, thanks two does it ago, was cetera. of call or Maybe S-Curve a was testing, a lot conversation ago cost the

even been test we successful as been have posture very early could, issues as able think And our early has that we we partial a systems. the them for to handle think and found I have in to way.

we test really assists we plant in early, X, helpful. of bring and completions. to ITAAC Unit that's think lessons to as can our parts the Also, risk. we It reduces It learned really, other

Unit at think testing testing is now well just on civil And XX%, you is is XX%. tell our and electrical Unit construction X, to over we for mechanical, X XX% over for

what this testing now we want we're have So going process to happened. is through right exactly

can have them the where or integrated here's we think that we ultimately. identify thing And your address milestone, and S-curve and to start enter When problems. find a flush, to can, other going is be weak successful soon want testing also into completion is testing really the sawtooth spots may as you to a you we effect. of the And we goes as an really that well. Part that so of

As construction the found more have that and matured testing coordination over have they're testing the we our time, procedures, time. out, organization getting all deployment; has effective now efforts started been their better has with at over the

think well. conversation hours This that us served it has well. while subject of I very the of as kind has some indicate our recent work whole been program

Stephen Byrd

and the great question just about maybe you it, at evolution is your as next mix color. think really your sort you renewables of the you would generation very of you broad, Plant your want changes that? Daniel over your but generation And And on about or to just Georgia overall in generation That's very, mix current of my about thinking think looking I'm Solar just resource evolution see mix to economics happy make your time with do and generally potential planning any Economics.

Tom Fanning

do math carbon. resource Well, integrated words, assumptions integrated this them. when our do the we we already started we where at so We do cost and of weighted weight In probability inside different for plan. I probability was that shots we look take other of resource kind our we that plan, of actually, COO, a different

low no within what carbon And that We're prices with $XX. evaluating So prices, think as analysis, high and medium up gas kinds all carbon we now prices, coal then solutions. we we costs there's We dominant there's high scenario price, things. are at as of $XX, say look come $XX. all

are and solutions generation best not dominant an we're of you market, In generation because solutions, can the integrated and evolution manifest organized Those themselves market. in in where an iterate around solutions transmission okay. a so-called resources

important -- our and be I really renewables. the but for I'm The I'll out nerding solar. margin also, of big the resource other Southeast this penetration change now cover us assumptions on of quick renewable reserve most kind based thing The is is

sense. very just have support solar wind wind generation. good We of it's We that have resources, here. pretty don't makes kind the But cloudy flows widespread

right long-haul mostly imported Our now and Kansas from through transmission wind Oklahoma. systems, is

Okay, well-known we with conjunction go over so is that optimal And generation. this XX we a and solutions of each process. this transmission in our analysis develop years both and to do XX through we this at the next states

with a we've As say new associated for politics a account. seen different time. there are or over tax, change, example, take those carbon start We into certainly administration that costs to things someone coal in environmental wants

options-based the we as so be In is date where essentially is solar. we a And mostly much the is bigger what towards now will now a Southern solutions, fleet. series share between of have find can what you and right end of general, move get you renewables, XXXX, that

capture. technology see time would some at these high carbon We point, how particularly diminishing we the of of cost will The may swing importance carbon resources and investment, realm gas in we very the and because a see see of with depends in coal storage follow continued of these prices; nuclear. capture. of constant carbon you upon see Over gas big share costs, a

for electricity carbon You reliable by carbon is going storage. delta no by and for spoken low of we the to no low really cost here is have XXXX. know that low the And objective capture, said to That of advancement function customers. to to be benefit the provide technology,

brush we'll broad So the that's see. But answer.

Operator

line go The ahead. from Karp from Sophie next question comes of KeyBanc. the Please

Tom Fanning

Sophie. Hello

Sophie Karp

on Congrats Hey the morning. guys, quarter. good

Tom Fanning

Thanks.

Sophie Karp

if Couple of questions I may.

with been in line built guess below needs in X.X and the the just nine to tracking testimony to to I guess wanted last order you regulatory deadline going looking filing week, Vogtle, clarify reach I months, back to it's SPI that. in be saying at next and I it and the VCM First, keep that the

need buffer a months into to that So you you mean need it you can kind that or far at it does it of X.X have clarify to does that little like six eaten bit? does reach or are average number that

Tom Fanning

I X.X just okay. were a low look, Yes, I order Unit number, like In would less To in is as the would essentially by opposite. hit X.XX%, would Remember, be Unit slightly guess a okay? have extent cumulative aggressive it you X average would we number than we now, we the plan, aggressive are you're X, think ahead X, right indicated one the say tracking reading What of to we're we to we forward Sure. November. one, Unit by going plan, X.XX%, that number that X.XX%. said that's SPI below say that -- other on words,

Sophie Karp

Got it.

Tom Fanning

is goodness, that's that fact want the where we're So you to below be.

Sophie Karp

Got it.

So you average than basically? would more no want that, to be

Tom Fanning

than be to want X.X. something less you Yes, over

Sophie Karp

it. bit have more who Got color we the of visibility commission. And maybe a Mississippi then nominees little for on as on the are

the case affecting have in climate decision do you that rate the gets up time to they go expect election plan is shape there to how the and the that and filing, election? after So regulatory after your you do

Tom Fanning

my for to guess back try again; swings to year who's We through win. go try you political to go don't time. I'm elections time to the my company think We XXth or going in heaven's all this sake. history We

to of to work transcends beneficial dogs with is short-term notion and service politics customers, must make We be the our plans, long-term. first, something reliability regulatory start Our like to our that answers we and be long-term always results investors.

any rate in really assessment the been really, file case we've of been since think politics. think we we've to Kemper, treated we're well going I fairly. Mississippi; And So treated of independent

expect We who's in to that matter office. continue, no

Operator

Scotia next Please Weisel Howard ahead. Our Weil. comes go from Andrew from question

Tom Fanning

Andrew. Hey,

Andrew Weisel

morning everybody. good Hey,

Tom Fanning

morning. Good

Andrew Weisel

bit -- First using to the units will unit say construction? issue Can talk or period, you satisfy not equity forward? block five-year the to you contingency more for in about August the or little internal when use prior plan just equity or the assume traditional equity will full clarify, nuclear to on decision And that that question financing. the you first does the as to of question needs programs a even opposed a your

Drew Evans

for It expectations pieces. construction. we the summer contingency taking first. accounted guess, two I them last we with cost the one way that's our Well, start second re-estimation in use the for and I'll in does embedded that assume

would Although, corporation the the in that total. say somewhat immaterial I is to Delta

period. of billion $X do to billion represents $XX the $XX billion $X only next billion that number $X Vogtle plan or billion And worth billion CapEx year in years $X every of will of We or or for over the aggregate.

of a or in price goes regain into bit historical to levels is has that XXs, August. I related that when any Your and units first the unit does in convertible XXXX. number through our room quite construction probably share share that thought benefit. drew question round of there, which that regulatory in and features upside a we bullish upside after least of this its we us first an that issued will think the to allowed equity issuing we we And are security It share the nuclear us was trading not that maybe it to to We offering convert a preferred so instrument was units to service will high the is of literally of but convert that comfortable the mandatory window. complete in the within August think low which had we conversion XXs terms

Tom Fanning

and this you internally. compelling absolutely was ex-Vogtle, when offer there's trading I people our me Company you math about We decision. me is pretty But Southern are a my a debated company's the recently, I in say own premium. just can making question the this; let no instrument Company commercial no trade for promises think of right about stock think, tell price. should there's at And in the future. Okay. par already whatever. I been kind my we lot think here. bets, And hear this When to can't you Southern But was here. it mind, on

what a our out Regulatory That's the approved had So period we're coming to ratio. had recall of Georgia couple flattish. think our of turns rate we in the more a P/E framework thing and in may ROEs we mean when design recently. look about the stock And essentially price where Georgia part

trajectory earning the of significantly. these in-service, clear to we increases assets As

think done a at P/E and much of you own ratio, you've EPS levels, think the took prices the stock another We issue though made table, all a stock. modeling. could sense us, think about healthier of faster these of and significant just you taking a risk your and overhang I When attractive trajectory be above about off this. thought, whole lot off for

Drew Evans

thing to instrument clear, that be period. was not to all investors that. we to utilize And ATM us thought only describing we to equity the were Yes, you're the that at signal it do allowed and program in add, complete plan I'd the throughout an issuance our plan our do just we equity important

Andrew Weisel

lot good detail that be just you And for to compensation, slide shares there. annual thanks, need issuing clarify that? would will this Great what be incentive the of new set a for ballpark

Drew Evans

a give me Let want halfway you don't to answer. -- I

some there year, keep with to number, issue relative shares of be I So to offhand after exercised, are let can where give we there'll but much us can't to timing. you will we the an -- drift the handle balance still that maybe a shareholder be total are we in call don't number modest issuance And a for that give you absolute compensation we'll open options the control -- related I base some accuracy. executive can't under

Andrew Weisel

you other Not petitions incremental is capacity laid to a may, just other previously size that one of one, would am still be results plant or the to right certification, in states plants to or whatever upside affordability the problem, when out. $X.X if CapEx the that the the quarter the follow-up roll state other IRP sheet I last spending I de-prioritize things Then or for set like it fourth forward the new else? Alabama balance your would And you regarding Power or gas I either and that you or offline. the that billion to will plan with

Drew Evans

do generation our No, five-year incremental comfortable within that goals. we're And we handle cash we capitalization plan. our it it's to can expected think

Operator

ahead. the Our line go comes from Augustina of Mizuho from Please [indiscernible] next Securities. question

Tom Fanning

us. joining for thanks Augustina,

Unidentified Analyst

you. Thank

of was clarify time of there million around so $XXX wanted contingency, Basically, like basically identified were I of and schedule contingency. billion cost filed. baseline thing, consisted the contingency $XXX million when think total Just the which to a review one X.X

understand wanted are $XXX just million to if So still unallocated? those

Drew Evans

the allocated we assuming schedule November. they're Well, hit

Unidentified Analyst

perfect. Okay,

Drew Evans

the finish sooner that. any To than of you November, extent need you wouldn't

Unidentified Analyst

the just you other just forward? Exactly. what risks could thing, one top if would three for bit if okay, you talk Yes, a perfect. about And then little be -- going Vogtle

Tom Fanning

Well, good that's one. a

out that hitting three to limited our milestones would about But always I hours, what risks I big begin. just lot. are It's that when did here's finish. we've would nothing think we going say would we failure successful And some suggest So don't now into be a milestones. deal The we probably and expect of a the it’s we we to Top risk. of prolong that we just I particular where put the program test some equipment We is run three where but any say. not but had know fun. when milestone. issues the could that that are is testing right had that know we

an to maintaining keeping to site want There’s aggressive we site kind we Another building plan gives risk us we kind will have as the of of productivity as wisdom are just a can. that of we much margins. had now, And preserve margin be on recent that November.

new being kind tough it? last XXX,XXX? I last that's new the about fronts working of went conditions, the have was really through a thought fact the in. of we where productivity improvements open, That's very weeks recently, that last thing. of Can performance. coming couple the four weeks seen We the we guess XXX,XXX good we people to hard work very maintain hot, it Can summer maintain

non-critical then fuel-load, those important. path, is argue awfully that. that wrap hot going people And would everything Do think to just I that's I But test even think and up it. say -- I before we then will is functional that about beyond be three,

a summation. think fair I that's

Unidentified Analyst

Thank Perfect. so much. you

Tom Fanning

that elements probably That's Let schedule; with translates that. say, me there it. of cost are just most to

Operator

of ahead. the SunTrust. comes Please go The next question line from from Agha Ali

Tom Fanning

Ali, to have always great you.

Ali Agha

Good morning. morning, good Tom, Thanks Drew.

Tom Fanning

morning. Good

Ali Agha

issues have clarify. know to the things weather And earning of getting you quarter. couple ended I wanted or factor can I you a should positives XXXX you Let One as above a out? some expected back, XXXX but or we're mentioned and you budgeted at, for up Just flush came better these $X.XX earnings the about me to years, in go into actually what looking go them know the as that future what than of else think are we in and as beyond?

Drew Evans

$X.XX that things and the two of single of sort of different factor the than positive certainly So largest our maintenance weather variance. expense. The expectation were levels was were operations

some where And real system so than congestion lambda, industrial we the were actually degree system to average low customers. higher revenue quite there time greater to to the some led The through slightly And then that able a control time rate to had cost budgeted. we but a was pricing. signaling related period, was to

Ali Agha

so the looking is we’re beyond? that And could non-weather least that should Drew at we XXXX as think at the pricing piece, that and continue even O&M and maybe

Drew Evans

of the time RTP, function real is pricing working on, Certainly in the that a condition period. we're things more our

view than only just where me correct $X.XX it's something not persistent. although we $X.XX And is were so it's let higher greater we And as expectation, year-to-year. weather than being

Ali Agha

secondly then Tom, you where in or And versus was forum? be be or the some on an now, would it. the other in it is either fashion change Vogtle, if or there would give you're cost VCM to it schedule Got the way budgeting forum right a us update,

Tom Fanning

we significant; really was X-K. on it magnitude. Ali, just depends I mean, I it mean the an do

Ali Agha

aspirations, the of from you're you that at? And forward I year. is above remind us just as well base you're recalibrate us at see, beginning you what's that XXXX then what the which looking for in can growth? can lastly, But the you’re longer-term growth expecting at And coming EPS now, obviously looking you were aspirations looking okay. the growth the just

Tom Fanning

Yes X% it was -- to X%

Drew Evans

Off of which XXX was XXXX our guidance.

Tom Fanning

takes Yes. of base, And Georgia, really right that with And that rate cone. in kind this these we're now when even trajectory the with we're base into start you off. units to clear within well

update of So we said. what it's well we're all year, X% and course, next that. within to X% we'll But

Ali Agha

you it X% to year, or like think could hit you is I growth every a said Tom, And cumulative X% rate?

Tom Fanning

of rate kind cumulative growth XXXX. it It's of off whatever is XXXX,

Drew Evans

each expect do range we But that X% to -- to X% hit in year within

Tom Fanning

Yes.

Drew Evans

that of through is the that as the about think a you if base, XXX cone emanating period growth of be Off expectation. will within from XXX plan band

Operator

Lapides with question Sachs. from Our last comes go Michael Goldman Please ahead.

Michael Lapides

curious amortization on the sense impact, it the thoughts and in if be that that not run for your for terms one through for out Tom instead quarter. bill that rate could method two taking thanks do testimony seeing in the a whether bit, guys, congrats better have something customer question, or that was payor intervenors, schedule. ash would and is on even having or stood the to base it’s the Hey case if my Statute that just stuff? a call albeit I Georgia rate Georgia and expedited Power a Actually of one spend there securitized little guys was would which rate for I coal make on a buyable good forget of commentary under get about made which mechanism of there a

Tom Fanning

don't legislation require a me idea couple well one, a Georgia, it's a thing. have not we such will Yes, comments. give or let in whether Number good idea that

workout But commission this successful was IRP a discussion where considered company intervenors the let the we also will come process all and was approved the and conclusion, would in we the other be to issue thing and The back and treated IRP. let go think there. the on the to I well

Michael Lapides

it. Got

Okay. Thanks, Tom.

to than for in it includes year’s. XX sold Just housekeeping that question million. excludes just businesses O&M; that et in months meaning sure make XXXX cetera, last looking the I'm down release actually wanted things the XX for like or O&M at $XXX was I to shows apples-to-apples. last more numbers the it’s for

Drew Evans

The businesses were years. XXXX owned that figure those includes the the O&M for in

Michael Lapides

-- my O&M the those so have you would Can it without Okay. been missed it what business you change I I forget, may if have like-for-like? apologies. Can done and you quantify

Drew Evans

think to guess About detail. flat the but some can you I way give is right about we it,

Tom Fanning

it instead So flat. decrease a would of be

Drew Evans

Yes, okay.

Tom Fanning

year. I the eat big here. inflation characterize kind big, And we the that's O&M Drew, plan is And of how to every for call think

Operator

Sir, And question-and-answer session. any remarks? today's that are conclude closing will there

Tom Fanning

to extreme to want is us. generation us And through into one these was know an thank season was hitting despite really had, thousands want awfully normally loads and a October, focused I is reinforce temperature. for the on get everybody day even responded that are out proved lot temperature thing just this Vogtle system resilience system-weighted and the Southern at of time I degrees. play. we this XX we But making very the kind are there outage October, and is That business all people, beautifully, a summer, you're in in taking a flexibility really people, October extreme This we all. The we that X condition. joining This Well, of time home exciting and of do people for early transmission the the X. of even resources and we where system-weighted our

company continue is now. We this well. all hitting serve front customers to all By cylinders right

But get with care. all you great. excited know for So want talking followership and you look business your know the you am. that Thank focused Vogtle, on forward I I I and know rest to to is of we I the soon. Take doing

Operator

Thank quarter gentlemen, Company ladies The you, call. earnings concludes XXXX and And this Southern sir. third

now disconnect. You may

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.