ATLANTA, April 19, 2021 /PRNewswire/ -- Southern Company
announced today it is increasing its dividend by 8
cents per share on an annualized basis to a rate
of $2.64 per share.
This marks the 20th consecutive year that Southern
Company has raised the dividend on its common stock.
Southern Company also announced today a regular quarterly
dividend – including the increase of 2 cents per share
over the prior quarter – of 66 cents per share,
payable June 7, 2021, to shareholders of record as of May
17, 2021. Today's action by the board ensures Southern Company will
have paid a dividend to its shareholders that is equal to or
greater than the previous quarter every quarter dating back to
1948.
"Twenty consecutive years of dividend increases is an
accomplishment everyone at Southern Company can be proud of," said
Southern Company Chairman, President and CEO Thomas A. Fanning. "Today's action by the board
reinforces our more than 70 year history of overall shareholder
value proposition that has included dividends and dividend growth
and once again proves the superior performance, strength and
resilience of Southern Company's exceptional energy
businesses."
About Southern Company
Southern Company (NYSE: SO) is
a leading energy company serving 9 million customers through its
subsidiaries. The company provides clean, safe, reliable and
affordable energy through electric operating companies in three
states, natural gas distribution companies in four states, a
competitive generation company serving wholesale customers across
America, a leading distributed energy infrastructure company, a
fiber optics network and telecommunications services. Southern
Company brands are known for excellent customer service, high
reliability and affordable prices below the national average. For
more than a century, we have been building the future of energy and
developing the full portfolio of energy resources, including
carbon-free nuclear, advanced carbon capture technologies, natural
gas, renewables, energy efficiency and storage technology. Through
an industry-leading commitment to innovation and a low-carbon
future, Southern Company and its subsidiaries develop the
customized energy solutions our customers and communities require
to drive growth and prosperity. Our uncompromising values ensure we
put the needs of those we serve at the center of everything we do
and govern our business to the benefit of our world. Our corporate
culture and hiring practices have been recognized nationally by the
U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black
Enterprise, Fortune's "World's Most Admired Companies" list, Forbes
and the Women's Choice Award. To learn more, visit
www.southerncompany.com.
Cautionary Note Regarding Forward-Looking
Statements
Certain information contained in this release is
forward-looking information based on current expectations and plans
that involve risks and uncertainties. Forward-looking information
includes, among other things, statements concerning Southern
Company's dividend growth. Southern Company cautions that there are
certain factors that can cause actual results to differ materially
from the forward-looking information that has been provided. The
reader is cautioned not to put undue reliance on this
forward-looking information, which is not a guarantee of future
performance and is subject to a number of uncertainties and other
factors, many of which are outside the control of Southern Company;
accordingly, there can be no assurance that such suggested results
will be realized. The following factors, in addition to those
discussed in Southern Company's Annual Report on Form 10-K for the
year ended December 31, 2020, and
subsequent securities filings, could cause actual results to differ
materially from management expectations as suggested by such
forward-looking information: the impact of recent and future
federal and state regulatory changes, including tax, environmental,
and other laws and regulations to which Southern Company and its
subsidiaries are subject, as well as changes in application of
existing laws and regulations; the potential effects of the
continued COVID-19 pandemic; the extent and timing of costs and
legal requirements related to coal combustion residuals; current
and future litigation or regulatory investigations, proceedings, or
inquiries, including litigation and other disputes related to the
Kemper County energy facility; the effects, extent, and timing of
the entry of additional competition in the markets in which
Southern Company's subsidiaries operate, including from the
development and deployment of alternative energy sources;
variations in demand for electricity and natural gas; available
sources and costs of natural gas and other fuels; the ability to
complete necessary or desirable pipeline expansion or
infrastructure projects, limits on pipeline capacity, and
operational interruptions to natural gas distribution and
transmission activities; transmission constraints; effects of
inflation; the ability to control costs and avoid cost and schedule
overruns during the development, construction, and operation of
facilities or other projects, including Plant Vogtle Units 3 and 4
(which includes components based on new technology that only within
the last few years began initial operation in the global nuclear
industry at this scale) and Plant Barry Unit 8, due to current and
future challenges which include, but are not limited to, changes in
labor costs, availability, and productivity; challenges with
management of contractors or vendors; subcontractor performance;
adverse weather conditions; shortages, delays, increased costs, or
inconsistent quality of equipment, materials, and labor; contractor
or supplier delay; delays due to judicial or regulatory action;
nonperformance under construction, operating, or other agreements;
operational readiness, including specialized operator training and
required site safety programs; engineering or design problems;
design and other licensing-based compliance matters, including, for
nuclear units, inspections and the timely submittal by Southern
Nuclear Operating Company, Inc. of the Inspections, Tests,
Analyses, and Acceptance Criteria documentation for each unit and
the related reviews and approvals by the U.S. Nuclear Regulatory
Commission ("NRC") necessary to support NRC authorization to load
fuel; challenges with start-up activities, including major
equipment failure, or system integration; and/or operational
performance; and challenges related to the COVID-19 pandemic; the
ability to overcome or mitigate the current challenges at Plant
Vogtle Units 3 and 4 that could further impact the cost and
schedule for the project; legal proceedings and regulatory
approvals and actions related to construction projects, such as
Plant Vogtle Units 3 and 4, Plant Barry Unit 8, and pipeline
projects, including Public Service Commission approvals and Federal
Energy Regulatory Commission and NRC actions; under certain
specified circumstances, a decision by holders of more than 10% of
the ownership interests of Plant Vogtle Units 3 and 4 not to
proceed with construction and the ability of other Vogtle owners to
tender a portion of their ownership interests to Georgia Power
Company ("Georgia Power") following certain construction cost
increases; in the event Georgia Power becomes obligated to provide
funding to Municipal Electric Authority of Georgia ("MEAG Power") with respect to the
portion of MEAG Power's ownership interest in Plant Vogtle Units 3
and 4 involving Jacksonville Electric Authority, any inability of
Georgia Power to receive repayment of such funding; the ability to
construct facilities in accordance with the requirements of permits
and licenses (including satisfaction of NRC requirements), to
satisfy any environmental performance standards and the
requirements of tax credits and other incentives, and to integrate
facilities into the Southern Company system upon completion of
construction; investment performance of the employee and retiree
benefit plans and nuclear decommissioning trust funds; advances in
technology, including the pace and extent of development of low- to
no-carbon energy technologies and negative carbon concepts;
performance of counterparties under ongoing renewable energy
partnerships and development agreements; state and federal rate
regulations and the impact of pending and future rate cases and
negotiations, including rate actions relating to return on equity,
equity ratios, additional generating capacity, and fuel and other
cost recovery mechanisms; the ability to successfully operate the
electric utilities' generating, transmission, and distribution
facilities and Southern Company Gas' natural gas distribution and
storage facilities and the successful performance of necessary
corporate functions; the inherent risks involved in operating and
constructing nuclear generating facilities; the inherent risks
involved in transporting and storing natural gas; the performance
of projects undertaken by the non-utility businesses and the
success of efforts to invest in and develop new opportunities;
internal restructuring or other restructuring options that may be
pursued; potential business strategies, including acquisitions or
dispositions of assets or businesses, which cannot be assured to be
completed or beneficial to Southern Company or its subsidiaries;
the ability of counterparties of Southern Company and its
subsidiaries to make payments as and when due and to perform as
required; the ability to obtain new short- and long-term contracts
with wholesale customers; the direct or indirect effect on the
Southern Company system's business resulting from cyber intrusion
or physical attack and the threat of physical attacks; interest
rate fluctuations and financial market conditions and the results
of financing efforts; access to capital markets and other financing
sources; changes in Southern Company's and any of its subsidiaries'
credit ratings; changes in the method of determining London
Interbank Offered Rate ("LIBOR") or the replacement of LIBOR with
an alternative reference rate; the ability of Southern Company's
electric utilities to obtain additional generating capacity (or
sell excess generating capacity) at competitive prices;
catastrophic events such as fires, earthquakes, explosions, floods,
tornadoes, hurricanes and other storms, droughts, pandemic health
events, political unrest, or other similar occurrences; the direct
or indirect effects on the Southern Company system's business
resulting from incidents affecting the U.S. electric grid, natural
gas pipeline infrastructure, or operation of generating or storage
resources; impairments of goodwill or long-lived assets; and the
effect of accounting pronouncements issued periodically by
standard-setting bodies. Southern Company expressly disclaims
any obligation to update any forward-looking information.
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SOURCE Southern Company