Headquartered in Atlanta, The Southern Company is one of the largest US utilities by customers and market value. It owns about 46 GW of generating capacity and serves roughly 9 million electric and gas customers across Georgia, Alabama, Mississippi, Illinois, Virginia and Tennessee. It trades on the NYSE as SO and is a member of the S&P 500. The company is headquartered in Atlanta, Georgia.
Southern Company makes most of its money from state-regulated utilities. Georgia Power, Alabama Power and Mississippi Power are vertically integrated electric utilities that own generation, transmission and distribution and charge rates approved by their state commissions, earning an allowed return on the capital they invest. Southern Company Gas distributes natural gas through Atlanta Gas Light, Nicor Gas, Virginia Natural Gas and Chattanooga Gas. Southern Power sells wholesale electricity from gas, solar, wind and battery assets mostly under long-term contracts. Earnings growth therefore depends on growing the regulated asset base and recovering those costs in rates.