SO - Earnings call transcript Q1 2024

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

Operator

Good afternoon. My name is Robert, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Southern Company First Quarter 2024 Earnings Call. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Investor Treasurer. President, Vice Gammill, Relations and Scott Please sir. go ahead,

Scott Gammill

welcome Southern afternoon, Quarter XXXX Good First Earnings to Company's and Call.

Financial and Joining me Executive Tucker, Company; Chief President Chairman, Chief Dan today are Officer Chris of Womack, Officer. and Southern

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

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

Christopher Womack

you and who others nuclear workers American Unit support to clearly last group tens by getting the our had of X this do service committed X achieved for time and the that dedication afternoon, with joining team, successfully reliable demonstrated to when X and the the the performance of regulators reached to for of Units Good site and Units more generator now country. I than company. the now on Vogtle XX/X X,XXX energy deliver energy and own team's decades is courage cannot commitment exciting Plant Monday, our for thank co-owners quality we announced X and a commercial severance such engineers, Unit required an all Along clean our X for units of and us operation. not. press historic completed project with in of Vogtle are since of and July. did carbon-free craft Vogtle is come. designed prouder hard standard be operational, of largest of work X new success to megawatts With thousands in X's so what it

and mission it was was our While times at not project arduous when embarked an on while it this we journey.

nuclear our proven demands We the support for new Energy energy. we for need XX/X believe economy to and nuclear country society, the reliable and that will burgeoning United have With digital achievable demand is carbon-free ever-increasing our States. energy more in

the importance So United XX that what project is and you like. are be financial making And turn These States the in This up the the Georgia of now are from here over company call history looks I'll saw it this years. over new first nation our through. Dan for the units in update. we understated. the built to ground nuclear to be proud a cannot for

Daniel Tucker

Chris, and good Thanks, afternoon, everyone.

than the depreciation. included a A start released somewhat first reconciliation strong for our driving XXXX. This All interest and meaningfully is complete share. earnings by in quarter the than experienced XXXX, is businesses higher $X.XX materials results utilities of morning. first XXXX first $X.XX $X.XX for The compared the our less our of was and to quarter last XXXX, that estimate. drivers primary per quarter above For than quarter adjusted were was our the $X.XX our state-regulated mild of expense our estimate in of our share the year-over-year weather this offset of investments per our in electric higher higher utilities EPS of and for we year performance our

centers to well X.X% classes for to up by of a strong estimate, performance worth than one combination there higher is several was our economies as driven class. commercial for the sales weather-adjusted electricity approximately Southeast factors first Industrial increases versus While our year-to-date customer than and This supply weather-normal show our were growth Sales is led highlighting industries. are were sales the the local favorable levels. by to higher The all above of data across as usage were customers. manufacturing increased X% business compared XX% existing Employment quarter quarter sales of this driving retail expected many by center our lumber electric labor XXXX. low, following and of year. Overall, the increased data last our electric strong paper over soft the recovery of to new expansion A continued in-migration and jurisdictions. with and XXXX regulated regional climate is signs is to households beginning net customer remains a unemployment growth. averaging Southeast, in attracting pre-pandemic

$X.XX XXrd in Board the the consecutive an highlight most action annualized turning Chris, to common this the increase. consecutive This increase, to over per the marks share Directors XX back recent will call our now be of Company annual $X.XX I'd increase years and rate our dating to Before like week, Southern raising Southern per note, approved turn dividend all quick Last share. over dividend than XXXX, important greater previous EPS to or I'll estimate is Company's In is proposition. call the you. way Southern share. Chris, for back quarter that to the has remarkable back paid Company our of to the equal per a the track one record value an that remains second adjusted part $X.XX year. This dividend

Christopher Womack

flooring on the mixed-use strong growth automotive extremely and with to our as growth announcements that representing local manufacturers, diverse second a our centers authorities announcements, Particularly mix with across and continue record demands seeing. and of of within activity development the footprint, we that's to our and reflect businesses. This development with to glass Our developments. testament closely new reliably states well, teams a investment highest economic first sectors attract customers continues Southeast team's including data work first suppliers, quarter our recent business, see as to to serving especially to we we're quarter the continue performed collective system commitment our meet extraordinary

over retail X% the rate approximately year-end During projected to accelerating rate Power to projected from sales in approximately forecast our period. X% our updated earnings same February, XXXX XXXX. The to call underlying that growth growth a is growth we of reflect electric sales Georgia is projected

are RPO in materializing Mississippi. A little see multiple to of we combustion XXXX for of for own for growth the the turbines and energy key is ahead, encouraged battery and has How docket. Southeastern the need moment. Georgia including important gas rapidly the more know all forecasted Service stipulated As on you very and also what are several Alabama of interveners the our very, by fundamentals sales natural of project constructiveness know questions. headlines weeks of [ serve a XXXX quality also and place Power's regulatory do release storage XXXX agreement last two accelerated load energy And several approval RFP very timeliness Power this very, of resources, including and growing than Commission for Service environment process materialize? Those staff systems country. Coinciding balanced deploy Public testament questions, our update to providing thousand to the those forecast all and the incremental procure Commission rapid the fall, we're customers and address boat while ability of in our and the you electricity also Southern to like across to update an resources states this just not answers the protections has of one megawatts was a with in of a long decisions investment Georgia the demands in Company you're do and meet our look real? each among are community battery systems. The appropriately? storage Power filing time. Georgia quickly How questions how run incremental electric collection to ago, attention, forecast affirms new in XXXX. Georgia the the build the growth IRP external if winter signs and focused new garnering authorized load in a We'll from demand approved utilities Public This a are ] pricing projected February, does your

characteristics what you navigate as four utility to we Company to successfully want I opportunity. We country growth required key believe than First, in the better share on or the is company any Southern X are fronts. tremendous positioned this believe well these with

and First, supportive regulation. it states requires constructive

partners, the have in the of to customers provide economic safe, of value in country they regulation, ensure to form and the economic it are utility states energy. policies customers best to at advanced that balancing utilities be clean, Our comes needs our real states healthy helping support while reliable affordable among continue development growth. When the great and

Second, institutional wherewithal. requires it

with the country, experience with country we advanced energy cycle assets plant We've units gas we've of transmission electric subsidiaries battery a than across and of gas deploying our billions in nuclear a the been and a resilience In and infrastructure. and along form expertise across superior new vast improve new served electric reliability the and have the our only new thousands megawatts the energy measure supply customers built built investing micro recent networks. years operate gas facilities, to resilience. and wind combined and solar generation. These of have We and this of of state-of-the-art and more natural in infrastructure existing grids, distribution

have successful. we be the the to people, We the have experience scale we have and

price appropriately pricing customers and service approved new history projects respective frameworks requirement benefit to challenging load even utilities existing third public of flexible by is demand designed large conditions. These customers. are able a with all The electric to high periods [indiscernible] framework. their of in being commissions working a market have

to unique was risk for benefit to pioneered and the price customers customers, and an For new identifying real-time success allows new customers serve mitigating economic example, capturing on RTP, and and Power's discipline, risk economics and competing inherent load true marginal utility their understanding this flexibility individual or and profile low experience experience objective requires and large of customers. Georgia environment which for based finally, pricing and states. characteristics. And Experience or in expanding rate load decades tangible experience new the the for with cost ago

we've the combined for partially experience, we with robust in employ the of decades. tools are and environment economic a navigated the models Our competitive product Southeast

can in new large most Georgia, their example, load supplier. electricity customers choose For

often those cost seek growth pertaining state other all loads, we that marginal designed recover to Over offering importantly, regulators choose to been reflects this questions and our to stakeholder provider we've policymakers. I'll extraordinary address the not, chosen more years, even to By however, for customers discipline not compete maintain not turn protect did [indiscernible] win and and the did with key than X perhaps to credibility our we or the prices to serve to experience. opportunity. back our Dan now new

Daniel Tucker

our we with So new only informed deck. how our and a One a representation provider load adjustments continuous customer If has prospective with it's they real? to project have serve. existing Typically, only within and ultimately of they the our potential know full forecast. already answer not our forecast. We each reduced they experience could the details level. view. in appropriately do might of risk forecast choice our by would by the included customers. We've is at a of the included a If represents in the chosen, which case visual slide they're are The is load the that communicated are short process portion utility conservative have incorporated included state-specific of we've company, that a the not we not weighted formally a in forecast engagement or is our either argue in our probability forecasts state states, our included say

the being based ramping Importantly, delays whether has delays construction committed our the or are in those further forecast on of side, one a the of customer likelihood on risk even the Lower once utilities, on loads to factors. delays adjust we up customer loads conditions customer adjust based lastly, improvements, often forecast further production. And from economic history technology of customer than result loads. announced we other or risk actual higher the actual

believe best And is is to with our forecast potential for that higher forecast the to we for our states demand. representation of of to future the choose utilities, down road. there All our additional be expected new the and customers potential say,

we're our comes appropriately a it that pricing view manner cost this experience priced the customers, load borne moment expected When pricing. with and marginal robust ago that a the Chris key. cost existing discuss I'll factors We and towards will our Next, knowing the in protecting flexible each serve helps a pricing be marginal several use mentioned of are ascertain the the ensure that new load to mechanisms. We into customer new by to customer. tools incorporate to

peak market pricing needing the competitive customers pricing. incorporated to as the Power's customers. Power's while with Georgia only PSC existing growth, are demands. The Sometimes, incrementally meaningful constructed load not to These market rate robust, large these into the meet back function stipulation we're process recently provides a XXXX Power benefits ability resources benefits case driven by also provide only large long-term and to customer Georgia includes invest serve a to recent Georgia for of to is existing to resource planning also use with the benefits to be new case. approved that integrated able higher commitment portion They're a new demand of by a Georgia carefully

to approach more burdens tenet it. key pricing model, Our a is ensure able less the additional to hard customer-centric been demands on given current important business Affordability afford customer and we has never those work place of backdrop. macroeconomic to don't our new

Lastly, question, the local often infrastructure of supply improvements require provide and local in the place to and other incremental load risk forecast not to often system pertain resources. These already major portfolio load how large we've risk limited benefit customers significant risk improvements our these new distribution customers. other are protections materialize? forecasted for mitigations what I've our itself, adjusted does the described improvements,

pay most over comes customers Purchased risk the multiyear long-term of in our processes long of Said of benefit reliability without retired it the expire from for affordability. Chris, is and plan over future maintenance form remain are like ensure resource integrated our planning diversity spend resources, or XX the which our flexible these protected. When resources planning comes supply additional PPAs, a result, these up available I'll key term require to to differently, years resource we customers each states. the large you to helps the upfront, aspect robust ensure improvements and O&M resources. being resources resource planning in be With or optionality needs mitigation comes that decision-making. strategies on turn risk load are of every can X helping prepared As to focused back years for Older equally to wrap call higher remarks. new customers can other the investments might earlier. Decisions that a require a renewed. in owned

Christopher Womack

we a afternoon, on like this long-term focused energy greenhouse to these questions our goals, achieving your first net I'd also to serve taking including growing that Before needs, we take reinforce moment as reduction gas closely each we our states, with resource make X of and responsible and greenhouse XXXX. Working focus emissions customers' the decisions unrelenting serving long by safely needs, an our over continue economic term. gas on to reliably with remain

the of XX,XXX system XXXX XX% emitting plan additions nearly over across example, For resources are to from megawatts our XXXX totaling X carbon resources.

more recent in things and weeks, are excited future. about wonderful some our accomplished we even have We

our long-term and records believe state-regulated financial track quality deliver over seven a along have with long We utilities the earnings, with quality portfolio performance that of support businesses, outstanding few of XX% our ideal operational objectives. complementary we we have to

never Company's Southern proposition attractive. more value has been

Our team never as have we positioned and well stronger, been. has ever been are as we

now sustained the As for always, scale experience questions. take earlier, long-term said I success. in have people, the as Southern the you, and for interest we're to your we Company. Robert, ready Thank

Operator

this question-and-answer At from the first Instructions] Our comes time, begin Sachs. we'll Goldman question Davenport session. [Operator with Carly

Carly Davenport

to about load strong center provide the guess see the there? to growth think are the I can Good or impact of we these that volumes, specifically as around there during sensitivities in data from sales you earnings commercial the any the just coming load quarter. some

Daniel Tucker

Yes, absolutely.

as So big bread just a box.

sales, it's $XX our X% think So roughly in our you you're about change talking the average million for about if -- a overall price, sales. total

Now of for it that. may other below it's whether of some load up these large what's skew the slightly majority data showing here, industrial customers, vast centers,

$XX X% million of million range the for in somewhere it's in change sales. really So to $XX

Carly Davenport

capital call? then, out think any follow-up, to what as needed the fourth approvals the recent you see IRP helpful. Georgia super previously Got do a laid it. you XX on And quarter on filing, relative That's the just commission about you as incremental

Daniel Tucker

to will Carly, and energy based storage the approval, there storage battery largely additional that pertains the on the system. some resources, additions be So

outlook, what So a than projects XXX two if is assumed. you specific approved was recall had in included owned megawatts very of the we our but little which what we double actually commission more storage,

to And throw of And also so you going Power. going of I'm announced our we I'm if total is see, an going expansion dollars big give range. a you in projects -- Southern solar to in didn't one here to

back in in also was that February. not included our forecast So

you're regulatory a specific want south processes. far to processes certification $XXX do, above told ahead billion, get to too don't we'll through. There's So go all of we the probably. And what $X million, somewhere little of

out forecast let all play update formally we'll more later then that and So our on.

Operator

with question Research. is Fleishman Our from Steve Wolfe next

Steven Fleishman

big Well, and And X%. to CapEx the congrats you to of as net needle first, on benefits little to company, there's even X%. I a squarely you Vogtle a and and That's lot getting adding to running. just it range a growth, know now the talked or at in within say and of up last better obviously, sales X% great. on fair X% -- you're to the least capital But the this And and some the know are X% the to come, you this adding then to X% of just I that it's bit reaffirmed is move to more potential raised financing? that of capital call,

Daniel Tucker

perspective. to it's your from and we I the where certainly is Look, commentary momentum seeing, what we're Yes. bias fair are think said of we occurring to if and that and an that Steve, adding upward particularly saw you as earnings and it, everything And I kind your an yesterday. continues would note characterize that characterize

company. big a are We

exactly We upward particularly even an have I incremental But equity. bias, what soon means, of exists, absolutely an that are too momentum effect. issuing it's just all say think But that, continues. accretive but this with should these investments to if

Probably road? so. not. mean it rate? maybe is down number growth some of rate growth Probably in Now off change mean the does that that later Does higher

Unknown Executive

this focused to length, add growth. are about times And it's opportunity about. that just keenly the an are think talked we And that's rates, not that I you about the raising only we about is growth extend the as but runway we've before durability on Steve, by you something the we and clearly we how is talked to thing afforded many added I'd

Daniel Tucker

And are outlook. of for the this whole a greatly I'd then and long-term to really thing the dynamic benefits improved, good a part the we of also equation the our is is affordability customer business. derisking only gratified that see as that's these Because thing of add our sustainability is thing of

Unknown Executive

talked this our thing only we the things one that how customer about new our pressure I sure opportunity make to this do and making Steve, in across sure I use about tools talked put demonstrated right we've mean, forward. rates we to downward classes way. we I'd the you add, of And price remarks, we've more and prepared we ability to having and the that in load to do think going the do that resources our that on

provides it we additional excitement us forward. So us as go for

Steven Fleishman

That's then helpful. all just a And topic. different

we've then, there. on -- go that call back back kind update to think, a last cases, court Just we've think as since I about status. election then a bill on bill had, and bringing I consumer know there don't the council on I the the commissioner an if was you of had

Just update us can you on all developments? those

Unknown Executive

schedule around the the bill because court not provided did going commission, for There commissioners. I little what Yes, and legislature short by some time is inside was certainty the pass the think got forward that a a was the bill legislature. group passed consumer chaos cases. and confusion of advocacy election the cycle of some that The

the that bill And 'XX order so and elections 'XX. of schedule commissioners legislature pass out between as laid for a didn't result, and the a

Georgia as review thing be the commission case. will Power's so rate sit as that is will that And to XX that IRP very Georgia is well the commission current XX instructive the in Georgia that, think I about

next to to the So order for X there out and -- is the XX. commission X years for schedule

Steven Fleishman

going was And last the back which to then data helpful. question very center just update,

that into losing in of deposits in kind taking lock you somewhat of line the Just utilities forefront money just we're then and only the on in pay in making center customers Or assess not or picking cases, they're X about of them kind But that risk. of the to X in, are just regions of growth to some just trying just hearing other you you're risk of from put and the And that? of to how some the a different taking obviously, that. you're putting can your that assessment trying customers that data of mentioned lot end of But the upfront. themselves seeing. sure end, that at

Daniel Tucker

Yes, Steve.

out conversation I be firm a put There conservative think degree it's forecast in the bit them counting utilities, states we may sight word, in that's regard. XX much but we But pretty Slide we be aspect or because that bilateral and use between feel in potentially of got we're out hook. solidly not It's and kind it's adjusted on our laid multiple our on really commitment pretty tried I capture a good to is of hate trying think those still utilities fairly -- not little there's our could deck. just the that what in what line there. in to of or probability-weighted that we I Really until activity have the to some I -- risk so there. about and

Operator

Shar next with Partners. is Our question Guggenheim from Pourreza

Shahriar Pourreza

up -- Steve's you from follow Can a question. just

sort whether around I upside a the you that elaborate of bit timing update the on kind event, trigger of of what referenced. bias you to top that little guide guidance would grow higher can guess any Just what's just just that? X% to of figure trying to move I'm event? out X% and end the needle. the rebased off guess a What's I you

Daniel Tucker

Yes.

profile. have be right? update greatly intra there's going the momentum, like it's I that cards to way the significant continue that extent is today. So right? that going a -- way certainly we're disciplined this front are, it's if today going profile. sales derisked I to more we characterize momentum more of over term. And the overall the to of we call, do it's then the be provided, going year, mean massively to cards make the with an it's continued big just to take and durability. kind we quarter updates we not within the in The see to we as fourth be investment, Shahr, have improved have event to in this have outlook. It's importantly, a So as kind to that But long needle-moving company It's our added our growth pretty a pretty on not

Shahriar Pourreza

a perfect. There's That's some one just of debate little for are hyperscalers customers? capacity, bit And kind self-supply some new can things more around the of then, with the in numbers front Chris impact maybe meter, having the kind as thinking and you. prospectively, obviously preference industry conversations the with about Chris, been we're in meter a of self-generation obviously this of the quick you right? and backup of the behind which a around around show as you engage from to demand of what and seem language some

Christopher Womack

sooner, as considerations. those So and want I to they talk all I'd the those want cover they resilience. I that hyperscale of of want data think say They the conversations reliability. mean, lot all we're having options one, you these a power

they the certain that on Some putting of they're clean, and demand want them load locations. in recognize

their so the generate, they from And do they behind do considerations support want self meter.

are, the what to conversations across help think with kind period go we you education marketplace a also -- understand to one, service just and them as the also and continuum we in provide a think needs trying their that business our of we're of I to are mean, understand But I Yes, today. reflects options occurring company. that's So having where there's the I customers. but of in to a how lot them want instruction as serve we're and operate we how them,

have all we is opportunity the them in in And help so company subsidiaries about and support have the complementary our to portfolio, them thing that the ways. this different we with multiple

of that at aspect capabilities So and what's That's I as pretty serve number happening the exciting in think and portfolio. look ways. our we have we in support to this and marketplace and a demand that's them resources them of different another today

Operator

from Campanella comes next question Our with Barclays. Nick

Nicholas Campanella

really Congrats on Vogtle, excited stuff.

what's And outside where So about bubbling jurisdictions you upside could us growth, go? in assuming versus of up sales can on just remind there, the just the tickers in of talked you're plan Georgia. other those the of kind you what things embedded

Christopher Womack

I the anything don't plan. in embedded think there's

it's announced. some see I that was And think we that forthcoming. providing there incentives know then data in into I you legislation -- Mississippi just in XXX-megawatt facility that was of and hyperscalers also other an announcement We about a think we centers Mississippi. to saw come announcements Alabama Meta for today -- and

those So not see we it about talk have forecast assumed the not that are but as in it included activity we coming, -- projects today.

Nicholas Campanella

the know Dan, -- way could years? do said about I credit improvement 'XX we this then, comment you wrapping on to XX% here over were $X And to to discussing clear. in that. I your just you of very just think $XXX debt you That's and the a now I plan the with year XX how next FFO still you that And that kind the Maybe in think is every about kind the were probably side. thereafter. But figure not million that Is think point quarter, to billion last implications? outside CapEx understand to on coming update. I few XX% of the uplift basis yearly

Daniel Tucker

this again, have kind ATM doing Yes, absolutely, it's even is XX back last the from they going sufficient our incremental fourth capital incremental through the an the that, do what Nick. like where metrics that half in That effect. quarter we to this as to without accretive to of yes, of in we'll ramps profile back kind restore incremental an opportunity something issue through to described would kind plans XX the of probably and Steve's equity emerges, been up of still CapEx. And have CapEx to absolutely question, that profile will year watch otherwise the that plan,

Operator

from question ISI. next comes Evercore Durgesh Our with Chopra

Durgesh Chopra

curious data was growth. I So you growth center from commentary, in just XX% mentioned your Dan, sales

can newer centers versus Just is existing you of is that new us? that How it break or data is much technology? using just -- data that for centers

Daniel Tucker

a then bit kind and of So it's centers the year-over-year. data data centers about little from coming new X/X other quarter existing

existing We're we're up ramp-up both. continued new of usage. seeing facilities their facilities, So seeing a ramping

Durgesh Chopra

Cool. passed And signed front. if the centers. does was if address then the, just can what kind suspending legislative actually data that exemption XXXX you that? and Where the one Georgia? House not growth And data Bill into quick follow-up of I the I'm the do any, sales stack and see in Maybe implications, on just that sure center talks to believe, you sit? on law, on

Christopher Womack

that governor's happens so think and I I the there. I desk waiting Yes. on mean to it now mean, sitting see passed and what

one I to of development know is the open things government business. is economic let wants think for still the Georgia that activities do

so And he on. key on there now, action factors a him that's I what that know that will bill. consideration for he it's makes one attention decision but right of happen, to don't think I in to pay as the But will take

waiting so everybody just And else see to like what we're happens.

Operator

Our JPMorgan. comes Jeremy next with question Tonet from

Jeremy Tonet

Vogtle Congratulations Unit X there. on

service could what's this or deferrals Just wanted wondering center any in generation plant how [indiscernible] to specifically your investment impacts on in and load notably just that? here? data earnings, continue with in than coal happening future the you territory, growth and Is there given higher be there retirement -- dates just topic think thoughts expected the ongoing given mix

Christopher Womack

necessarily of forward a that are with the advocating in we come. the terms reviewing. of see And that are in we we out kind which the don't forthcoming, to It's technology and aligning a rules saw EPA that and think suite the one of align EPA from demand there. last more that's of lot they we came many also standpoint, I putting of are with the reality. add announcements and I'd And week, expectations some think practical rules, factor new

generation, in demand, of in Those the I up need, on of I So a lot there's what that we At all a are how this think the state extended, existing new think must respond there. lot level, get all of those we issues we -- happens be as to respond what considerations air. at the generation. terms the look to to happens table how

rules new are factor to what Protection from the All of but potential be that Agency. has [indiscernible] to the also on we table, in have the

through consideration So for very I all subject say part would processes be we'll to that of. we a as forward the the that of all move is

Jeremy Tonet

in think sense. you do territories? makes capture your of about That feasibility carbon And the how

Christopher Womack

Geologically, where expectations area, at to parts geology But mean what what ] look yes. is the they're scale have The sequestration. of what these again, asking once there do. I we and is commercial technology of do predicated available and are [ the mobile on somewhat in the Mississippi, us are at you the some I a to down coast. for desires some as -- the roles places think

think I -- at of time. these this are I are a they it's lot go there So questions rules, think in practical think I there to back I

conversations work go other be they we're whether still what different pages, had do in and a more lot forward of of analysis there's decide our work, more got a done associations. and it's think But forward. should the it's to I to doing of and we've so with whether the And then to it's lot how about stage, be because going with we terms litigation

more to work there, a there's conversations lot lot had. be be a So to of done

Jeremy Tonet

helpful. And last if one, That's I one very could.

such. Just Nicor's and suitable given ability load is as other offer demand base data center very ] [ to for that

Just wondering that? road? how viability thoughts technology the Southern any thinks that down updated the of And about on

Unknown Executive

if to need is country suited and the demands clearly I mean like mean nuclear. hear more support you society. it. give economy of this there's can you'd going no technology mean better digital to I I I my to increasingly speech

consideration move government think has going I'd and direction. provide to for really I before any But forward have we federal very they we're more. any look companies so got that others, at time leadership nuclear to demand. think country the a we've say has to at Vogtle should to the and what go celebrate new in growing opportunity step great done also at give this look to we incent meet And long in this to to to

Operator

with Our Securities. Crowdell from Anthony next question comes Mizuho

Anthony Crowdell

Yes.

adding was rate some about to that -- Vogtle but X no slides, Commission, approval could the Georgia guess Public just this increases. related you I not commentary information X, tie laid on a all quick approval focus have approved just sure. the maybe IRP. overwhelmingly the think there But out, approved you and of was the of curious, just language especially And guys on infrastructure, on I'm month, I great But the that how question challenges any on you're one. to the on navigating the Last bill. one you with if customer And language increases. but of asking bill Service the the during last more

Daniel Tucker

largely, those Georgia economic end what so benefits that focused that reflected you is think all in and And exactly calculation. is include that's affordability provide the Dan. the we're customer is any we benefits commentary was of this ensuring incorporating rate commitment when I case, heard customers those said stipulation Power simply up Anthony, one going for on that XXXX the Look, rates. that into Yes, moving parts file does to that there,

Operator

Storozynski Angie question Global. next with Our comes from Seaport

Agnieszka Storozynski

maybe about the first Southeast Energy your So market. -- exchange

I So a ] boots [ neck sign of power it in distribute Southeast. parts when it the other and to of created, then was some thought was that first that to excess there's you're maybe your trying

any thinking I'm But market? growth. upside clearly to there's just a fishing actually power into power maybe for the created address with Now Again, Georgia to move this potential I'm load other way some associated newly the way.

Christopher Womack

Angie, participants mean it to I capacity. is. excess is around think of and move I it it was intended the partners what

very I I successful, that. doing we been all signals And but what that more so anything I than with it's is doing, it that's has the been mean has what think think, participants. to intended don't do it simply

utilize to continue we'll so And that.

we into made what all and we'll back to the we when filings the intended at anything factor doesn't got all it. growth? does it how look step I more the it additional approval. mean and than But be signal Now

Daniel Tucker

just create customers, really it's market sure wherever benefit to And Yes. low-cost a energy. those that that from needed very very, to more intermittent resources nimble for make

Agnieszka Storozynski

in fully have and Southern just talk up that now. a Southern hyperscalers with in curves that offsets? run supply do participate when do I'm into wondering carbon-free And X about talk I'm they footprint is that Power about the That's with net resources you so there one. And plug power, for on contract-based X, So some from vein full address potentially you contracting to, basically these carbon could the number which or it's a other could for building supply understand contracted the provide for similar we're wondering, so example, but And solar Powers. number here, other of when example, that is, about for Mississippi benefit I seeing hear some markets. negotiations, power way for right? open this there, capacity of Power Grid,

Daniel Tucker

is so Yes. in Southern opportunities evaluate And Power Look, themselves those so happen extent where in jurisdictions any to going to evaluate I'll Georgia. first. to start particularly with we'll serve load-serving right? And the past, that. present question Look, it in of our always entities, seen second the the makes that you've opportunities sense,

consider X the emerge. it's in the the On portfolio, but the you of the of the And Southeast, when the resource first years be terms begin think That's the out, utilities around needs of other kind very begin about that's X -- years. decade, when on if question covered seeing yes, that's to ground. assets start to look, end next highly you

of and once have end will advantage today. what So towards you to decade looking the a the of Power of I the take think seeing opportunity Southern start lot XXs, into we're

Operator

Fremont from Our Paul with comes next Ladenburg. question

Paul Fremont

commercial great operations. Vogtle, both Congrats seeing and on units

job essentially on that if addition question at great data the in other guess down of your put bill, disadvantage So the to relative first there. or HPXXXX, -- in slow put state sign a would is you the of governor states? centers Georgia stated the relative or were a to I my

Christopher Womack

where think [ not it's customers probably demand. But but think to would not, then question providing states. you of economic it ability just straight demands think you I send. does to does also, have resilience a nature answer it's to time, they say same competitive the the think just the expect think the answer big development and I at by to development that I a reliably, think I competitive -- think what of them it's and it's of across hard And econite have think have and put these at the about your nature and I it's that ] but it's I very also I Paul, closely. to resilience what look But but it Georgia question, signal but I think evaluate And the not, I to question, about a states meet

Paul Fremont

you for EPA do the that tougher were coal those be question If And adopted, retirements? the need to then my do frame other to has plant accelerate of -- to time rules. sort with ultimately does

Christopher Womack

in there's I coal like speak first like to think mean probably terms I units for I work practical do we it Paul, of implications. capacity more of But they're of more there's think in think mean that's very for I And at blush, we're in make rules as said, run yet difficult And any terms and I the us would to longer. as today. coal a well we've factors gas expectations evaluating to lot gotten quickly those carbon kind on capture. I the and side the

Operator

Levin next with question Ryan Citi. Our is from

Ryan Levine

of companies there terms it like make or some frame shopping in construction that? of you expect started pending looks And update do construction multiple testimony. time in the a agreement any was decision? Or jurisdictions What Have pending are center cadence the time on projects, you could that stipulated to these then data centers at those construction? X data of provide development

Daniel Tucker

and data I coming of right? I are don't the committing. is I updates, specific will have you it waterfall, in a and exploring -- we in of construction but think as know that general, there continuous then kind mean, centers just always mean Ryan, I this tell

ongoing so just it's And thing. it's -- an

So under construction now, that got -- right totaled about XX we've there's megawatts. X,XXX

Ryan Levine

the any given that continuous to were additional And that the nature to need momentum reengage build that there So still process? or that -- to includes may may for? IRP seek continue assess that okay. to resources Or then when framework you get you are pending, a apply frame updated X the kind to extent to X be approval of might is time

Christopher Womack

an before, XXXX. has in RFP said we Georgia think I

requests and new will demands, new they that decisions new requests, similar that make in processes And proceeding. based the doing well. demands do factor their on load they'll so as in receive Mississippi and Alabama

Daniel Tucker

will of sight but as the a of out kind was last kind the to real it's of staff keep on of quarterly Ryan, of formal stipulation line Georgia a that little commission the -- that time, emerging. of leading process kind up everyone way not this is process, and is coming what part a has And to basis, there updated more next

Christopher Womack

laid reality so in staff we I goes give confirmation this it some quarterly back the this the prepared load and need to helps points information the commission think of the update that of load. the of give And the they Is out Because real? to remarks.

Daniel Tucker

regular next And for is filing 'XX. that scheduled next January

Ryan Levine

for then question And last me.

what In requirements terms or preference to decide they're of speaking looking carbon the customer that for they're stipulations specifically to data centers? locations Any any locate their resources. to as or

Christopher Womack

to I for do continue said, early carbon-free additional you XX/X of carbon-free mean I see we power. on, saw late. have lot a the request And requests resources. of like build for we We

for And now, request desire just so for we'll continue simple and energy. is I think But to with there a resources right work them.

Daniel Tucker

that transition about them own transitioning an I kind on of And opportunity for to think our along to latch us. is transparent And with plans. we're very

Operator

comes question next with Morningstar. Miller from Our Travis

Travis Miller

in Also congrats appreciate I a your on and was of arduous words Vogtle very remarks. that. thought it I choice prepared good

Christopher Womack

We carefully. word very chose that

Travis Miller

figured. I

does the specifically the investment? talked even about? On to IRP, there mean and upside for T&D Is generation there in the you George that load addition forecast what upside

Daniel Tucker

Yes.

big Travis, of that have and our transmission states. Absolutely, considerations current And as we as our our absolutely state that to new planning billion place its transitions a so it part capital to state, transmission, update also of that. from have to on continue remember, was we plan, of that, resources, totaled transmission discussions $X if There of fleet part be take future of add long-term part considerations increased was capital. its mean, are year-end the the you will I piece with

they So transmission way will here. along clearly opportunities the be

Christopher Womack

the well. of And to more be generation some that's mean, to support there's additional got lot be resources there's a as to I demand. gas add, this to I'll build-out built got infrastructure also infrastructure so meet

Travis Miller

to Alabama issues up in And states? those you then some the can Or in there? expect going there Georgia schedules? as in on to different addition come would IRP remind similar came us and that, something then up what And you Mississippi is

Daniel Tucker

they're processes. far want the terms too of next if Mississippi, rather Alabama launched ahead in and they the have in accelerated We spring get launch scheduled got April that a don't what process going it there's will We of we'll like to suddenly load. this or next one exactly now XXXX. look so -- process But and through will

Operator

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

Christopher Womack

mean, level outcomes. across is X the focused execute structure customer high I X, our through, in continue been think underlying regulatory underlying of navigated lot call very we this. I fewer successfully our conversations financial every journey received we've success critical met a in it's were saying business our results. business. The by -- outstanding. on all and service the portfolio Investments to at processes and we Reliability Understandably, delivered our along, jurisdiction. made We fact of constructive Vogtle that let strong and our attention took and me and a from stakeholders have

and is and we focus growing of what's our at unrelenting for do. value It much. a look what us the And the we you investors in spending next, do. might designed employees of Serving Thank fundamentals everything that's boring call. turn experiencing that today. of operator, center were to the is as growth time but the some, we for continued stakeholders, this, ahead customers load companies Thank exciting Now sound very we're Southern it's what that all on with is for customers built with it's this you the end us. to into for alike. That model

Operator

Quarter First this sir. the XXXX you, gentlemen, concludes Thank and Ladies Southern Company Call. Earnings

You disconnect. may you. Thank now

The Southern Company (SO) 2 May 242024 Q1 Earnings call transcript