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  • Mon, Oct. 17, 4:39 PM
    • Southern (NYSE:SO) declares $0.56/share quarterly dividend, in line with previous.
    • Forward yield 4.42%
    • Payable Dec. 6; for shareholders of record Nov. 21; ex-div Nov. 17.
    | Mon, Oct. 17, 4:39 PM | 12 Comments
  • Thu, Oct. 13, 11:09 AM
    • Southern Co. (SO +1.5%) subsidiary Mississippi power says its Kemper County clean coal power plant produced its first electricity generated by synthetic natural gas converted from lignite coal.
    • The $6.9B facility's first power generation is a major step toward starting full commercial operations after years of delays and cost overruns; once in service, Kemper County will be the first large-scale power plant in the U.S. to gasify coal and capture carbon before being released into the atmosphere.
    • Mississippi Power expects the project to be placed in service by Nov. 30.
    | Thu, Oct. 13, 11:09 AM | 28 Comments
  • Wed, Oct. 5, 7:05 PM
    • Utilities shares (NYSEARCA:XLU) fell today for the ninth straight session, marking their longest losing streak since 2002 and deepening the recent slide in income producing investments as investors warily watch central banks and interest rates.
    • The S&P Utilities sector has dropped 7.5% in the nine days, including a 0.3% fall today, trimming its YTD gain to 8.9%; during the period, AES -10%, EXC -8.8%, PPL -8.8%, PCG -8.2%, ED -8%, EIX -7.6%, SO -7.4%, NEE -7.4%, SRE -7.1%, AEP -6.8%, D -6.7%, DUK -6.5%.
    • “Trees don’t grow to the sky,” says Fred Alger's Management's Brad Neuman, “It was almost like the market was waiting for an excuse” to send high-yielding stocks back toward their historical valuations, adding that such stocks could have further to fall.
    • Even after the recent decline in share prices, utilities had a 12-month trailing P/E ratio of 21.4 as of Tuesday, vs. 19.8 for the S&P; at the beginning of the year, utilities had a lower ratio than the broader market.
    | Wed, Oct. 5, 7:05 PM | 67 Comments
  • Wed, Sep. 21, 12:23 PM
    • The Atlantic Coast Pipeline joint venture says it signed a contract with Spring Ridge Constructors - comprised of Quanta Services (NYSE:PWR), Primoris Services (NASDAQ:PRIM) and others - as the lead construction contractor for the proposed $4.5B-$5B natural gas pipeline project.
    • Atlantic Coast Pipeline expects to receive a FERC certificate in late summer or fall 2017, with construction beginning shortly thereafter, and anticipates completing construction and bringing the pipeline into service in late 2019.
    • The pipeline is composed of Dominion (NYSE:D), Duke Energy (NYSE:DUK), Piedmont Natural Gas (NYSE:PNY) and Southern Co. (NYSE:SO)
    | Wed, Sep. 21, 12:23 PM | 6 Comments
  • Tue, Sep. 20, 4:57 PM
    • 8point3 Energy Partners (NASDAQ:CAFD) agrees to acquire SunPower's (NASDAQ:SPWR) 49% stake in its 102 MW Henrietta Solar Project for $134M.
    • CAFD expects the acquisition to generate ~$10.9M in annual cash distributions and has a 20-year contract life.
    • The Henrietta project, located in California's San Luis Valley, will begin operations next month, and is majority owned by Southern Co. (NYSE:SO)
    • CAFD +1.9% AH, SPWR +0.5%.
    | Tue, Sep. 20, 4:57 PM | 16 Comments
  • Thu, Sep. 1, 4:22 PM
    • Southern Co. (NYSE:SO) acquired a 50% stake in the 7.6K-mile Southern Natural Gas pipeline system from Kinder Morgan (NYSE:KMI) for $1.47B.
    • KMI will continue to operate the system, and plans to use al proceeds from the sale to pay down debt.
    | Thu, Sep. 1, 4:22 PM | 35 Comments
  • Thu, Sep. 1, 9:20 AM
    • Located in Mankato, MN, the Mankato Energy Center will include two natural gas units - the existing 375-MW Mankato Energy Center I and the 345-MW Mankato Energy Center II.
    • The seller is Calpine.
    • With this purchase, Southern Company (NYSE:SO) will own 10 combined-cycle and combustion-turbine natural gas-fueled power plants across five states, representing 9.3K-MW of capacity.
    | Thu, Sep. 1, 9:20 AM | 3 Comments
  • Wed, Aug. 17, 9:18 AM
    • Southern (NYSE:SO) trades lower after pricing its 32.5M share offering at gross proceeds of $1.6B or about $49.23 per share.
    • Funds are earmarked to help pay for the acquisition of a 50% stake in one of Kinder Morgan's natural gas pipelines.
    • Previously: Southern commences 32.5M-share offering for ~$1.6B (Aug. 16)
    • SO -1.43% premarket to $50.22.
    | Wed, Aug. 17, 9:18 AM | 11 Comments
  • Tue, Aug. 16, 4:42 PM
    • Southern Co. (NYSE:SO) -1.5% AH after announcing an 32.5M-share public offering of common stock for ~$1.6B of expected gross proceeds, implying an offering price of ~$49.24/share.
    • SO says the proceeds from the offering will be used to fund part of the pending purchase of a 50% equity interest in Southern Natural Gas and for other general corporate purposes.
    | Tue, Aug. 16, 4:42 PM | 8 Comments
  • Wed, Aug. 10, 5:58 PM
    • Exelon (NYSE:EXC) sees its earnings growth in regulated utilities, and wants utilities to comprise 70% of its profit, up from ~50% now, CEO Chris Crane says.
    • EXC, which has favored a portfolio balanced between earnings from nuclear power and utility profits, now plans to devote 80% of its capital investment to the regulated business as cheap natural gas from shale basins hurts power prices, the CEO says, adding that EXC would not follow rivals such as Southern Co. (NYSE:SO) and Duke Energy (NYSE:DUK) that are buying natural gas pipeline businesses for growth.
    • EXC plans to invest as much as $3.2B of cash flow from its generation operations through 2020 in its utilities, earning stable returns from regulators, a strategy that depends in part on adding $465M/year to revenue at Pepco utilities through rate requests with federal and state regulators.
    | Wed, Aug. 10, 5:58 PM | 9 Comments
  • Mon, Aug. 8, 2:58 PM
    • Southern Co. (SO +0.1%) subsidiary Mississippi Power says its Kemper County facility will take a month longer than last estimated to start generating electricity with lignite and cost an additional $43M.
    • SO says the estimated in-service date for the project has moved to Oct. 31 from the previous Sept. 30, and the additional $43M is for expenses related to the schedule extension and start-up, including testing on the syngas cleanup area.
    • SO previously reported $38M in additional costs in Q2, and the additional $43M brings the total to $81M for the quarter; Kemper originally was estimated to cost $2.4B, but the facility’s cost now is at $6.68M and the company faces a lawsuit alleging it failed to disclose Kemper's cost and schedule.
    | Mon, Aug. 8, 2:58 PM | 13 Comments
  • Wed, Jul. 27, 7:36 AM
    • Southern (NYSE:SO): Q2 EPS of $0.74 beats by $0.05.
    • Revenue of $4.45B (+2.5% Y/Y) misses by $40M.
    • Press Release
    | Wed, Jul. 27, 7:36 AM | 3 Comments
  • Tue, Jul. 26, 5:30 PM
    | Tue, Jul. 26, 5:30 PM | 9 Comments
  • Mon, Jul. 18, 3:48 PM
    • Southern (NYSE:SO) declares $0.56/share quarterly dividend, in line with previous.
    • Forward yield 4.17%
    • Payable Sept. 6; for shareholders of record Aug. 15; ex-div Aug. 11.
    | Mon, Jul. 18, 3:48 PM | 2 Comments
  • Fri, Jul. 15, 5:18 PM
    • Southern Co. (NYSE:SO) says its Mississippi Power subsidiary has started producing gas from coal at its $6.7B Kemper power plant, a milestone in its six-year effort to complete the facility plagued by delays and cost overruns.
    • The successful production of syngas is not yet making electricity, as the utility is working to get other systems operational in the coming weeks to covert the gas to power.
    • The Kemper project is the first large-scale power facility in the U.S. to gasify coal and capture CO2 emissions before they are released into the atmosphere, but it has taken $1.5B in charges related to cost overruns as of March 31, according to a filing in May.
    | Fri, Jul. 15, 5:18 PM | 22 Comments
  • Thu, Jul. 14, 3:25 PM
    • Southern Co. (SO +0.9%) is higher after Barclays upgrades shares to Overweight from Equal Weight with a $62 price target, raised from $59, as the firm says risk/reward is improving as SO transforms to an infrastructure company.
    • The firm says the opportunities stem from Southern Power, Southern Co. Gas and the recently announced strategic venture with Kinder Morgan, while the main risks such as Kemper County, Vogtle and the typical uncertainty surrounding M&A are all waning.
    • SO merits only a Neutral rating at Goldman Sachs, citing heightened regulatory risk given ongoing investigations into the Kemper County clean coal project and a major rate case next year for the project and regulatory approvals for potential incremental nuclear construction costs at the Vogtle site.
    | Thu, Jul. 14, 3:25 PM | 9 Comments