Southern Company’s SO electric subsidiary, Georgia Power, achieved a significant milestone in its Vogtle 3 & 4 nuclear expansion projects near Waynesboro, Georgia. This accomplishment marks an important step toward Georgia Power's commitment to providing clean, safe, reliable and affordable energy to its 2.7 million customers.
The generator at Vogtle Unit 3 produced electricity for the first time, and successfully synchronized and connected to the electric grid. Nuclear operators at Vogtle Unit 4 began hot functional testing last month. These achievements mark a significant milestone for these new nuclear expansion projects, which aim to deliver reliable and sustainable energy to Georgia Power's customers.
The successful synchronization of the new unit to the electric grid is part of Vogtle Unit 3’s ongoing testing process. Operators will continue to raise reactor power for electricity generation, while performing tests at various power levels. Once all startup testing is successfully completed, the unit will enter commercial operation.
Hot functional testing is currently underway at Vogtle Unit 4, marking the last series of the nuclear unit’s major tests before the initial fuel load. During these tests, nuclear operators will be able to exercise and validate procedures as required.
The Vogtle units are an essential part of Georgia Power's commitment to delivering clean, safe, reliable, and affordable energy to its 2.7 million customers. These units are a source of clean energy with zero emissions, and expected to power more than 500,000 homes and businesses. Southern Nuclear will operate the new units on behalf of the co-owners: Georgia Power, Oglethorpe Power, MEAG Power and Dalton Utilities.
Considering the increasing demand for clean and renewable energy, the Vogtle 3 & 4 nuclear expansion projects are a critical, long-term investment for Georgia. It is also a significant step toward achieving the state's clean energy goals.
Zacks Rank and Key Picks
The Southern Company is an American utility firm that provides electricity to customers across southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability.
Currently, the Southern company carries a Zacks Rank #4 (Sell). Investors interested in the utility sector might look at some better-ranked stocks like MYR Group MYRG, sporting a Zacks Rank #1 (Strong Buy), and CenterPoint Energy CNP and E.ON EONGY,eachholding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MYR Group: The company is worth approximately $2.00 billion. Its shares have increased 37% in the past year.
MYR Group is a holding company of specialty contractors, providing comprehensive electrical infrastructure services in Canada and the U.S. It offers design, engineering, procurement, construction, upgrade, maintenance, and repair services for transmission and distribution networks, and substation facilities of any size and type.
CenterPoint Energy: The company is valued at around $18.59 billion. It currently pays $0.76 per share to its investors.
CNP delivered an average earnings surprise of 2.10% for the last four quarters and its current dividend yield is 2.58%.
E.ON: The company is valued at around $32.91 billion. In the past year, its shares have increased 9.1%.
EONGY is the world's largest investor-owned energy service provider with operations in the following businesses: energy, chemicals, real estate, oil, telecommunications, distribution/logistics, aluminum and silicon wafers.
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