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Georgia Power Signs Contract with OpenAI, Customers Expected to Save $15 Monthly
Southern Company subsidiary Georgia Power announced that its contract to serve OpenAI's new project in Effingham County has been approved as part of the regulatory process with the Georgia Public Service Commission. With the projects announced to date and projected future growth in the state, Georgia Power customers are expected to see savings of at least $15 per month beginning in 2029 for the typical residential customer using 1,000 kilowatt-hours per month, an increase from the company's December 2025 commitment of $102 per year to $180 per year. The increased savings for customers are the result of projected incremental revenue from new large-load customers that is expected to provide savings of approximately $950M per year, increasing customer benefits to $2.847B over the three-year period of 2029-2031. The company's contract with OpenAI was filed with the Georgia PSC in July and includes 3,200 megawatts of new demand. Under that agreement, OpenAI will pay the full cost of the infrastructure needed to serve it and has committed up to 1,000 MW of flexible demand response, which enables Georgia Power to reduce energy delivered to the facility during periods of high demand and invest in fewer new generation resources to serve future growth.
Southern Company Issues $650M Convertible Notes
Southern Company announced offerings of $650M in aggregate principal amount of its convertible senior notes due December 15, 2027 and $1.5B in aggregate principal amount of its convertible senior notes due September 15, 2029 in private placements to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Convertible Notes will mature on December 15, 2027 (in the case of the 2027 Convertible Notes) and September 15, 2029 (in the case of the 2029 Convertible Notes), unless earlier repurchased or converted in accordance with their terms.
Southern Company Sees Q3 EPS at $1.65, Beating Consensus of $1.64
Southern Company sees Q3 EPS $1.65, consensus $1.64
Sees EPS Near or at High End of Range
Sees EPS near or at the high end of the range. Comments taken from investor presentation slides.
Georgia Power Secures License Renewal for Nuclear Plant Until 2058
Georgia Power announced that the U.S. Nuclear Regulatory Commission has approved the subsequent license renewal for the Edwin I. Hatch Nuclear Plant near Baxley. The approval authorizes continued operation of the facility for an additional 20 years by extending the operating license for Plant Hatch Unit 1 through 2054 and Unit 2 through 2058 - up to 80 years of operation for each reactor. The units were originally licensed to operate in the mid-1970s, with the NRC approving a previous 20-year license extension in 2002.
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