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4-Traders Homepage  >  Equities  >  Nyse  >  Southern Company    SO

SOUTHERN COMPANY (SO)
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Southern : Announces 'Carbon-Free' Grid by 2050, But Still Embraces Dangerous, Polluting Fracked Gas

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04/21/2018 | 12:51pm CEST

ATLANTA, Georgia, April 20 -- The Sierra Club issued the following news release:

Southern Company has released a report announcing its electricity generation fleet will be "low to no carbon" by 2050, on the heels of CEO Tom Fanning's statement last week at the Bloomberg Energy Summit that Southern will "take down carbon emissions to zero."

While the plan proposes a long-term phase out of coal, it primarily pivots to fracked gas instead of fully transitioning to clean, renewable energy sources like wind and solar. Methane, the primary component in fracked gas, is 87 times more potent than carbon dioxide at trapping heat during its first 20 years in the atmosphere.

In response, Stephen Stetson, representative for the Sierra Club's Beyond Coal campaign in Georgia, Alabama and Mississippi, released the following statement:

"We agree with Tom Fanning that there's no future for coal at Southern Company.

"Unfortunately, his definition of 'low carbon' includes gas, even though the pollution that results from drilling for, transporting, and burning these fossil fuels also threatens our air, water and climate.

"Frankly, these initial emission reduction goals towards a carbon-free 2050 are laudable symbolism, but are actually business as usual, allowing Southern to eke out the last gasps of its aging, dirty, and inefficient coal plants.

"Southern Company can do more--and sooner. Just last May, the City of Atlanta, adopted a resolution to work toward having 100 percent of the electricity consumed in the city generated through renewable energy sources by 2035. More than 50 cities nationwide have done the same, and it's not too soon to start announcing additional specific closures of coal plants.

"So if our praise for a proposed three-decade Southern Company path to decarbonization is muted, it's because it's no great sacrifice to stop doing something after you've extracted all of the value. And since building new coal plants would be ludicrous, there's no real virtue in passively awaiting the inevitable end of the current coal plants' usefulness.

"Southern's announcement proves that after decades of environmental advocates being condemned and dismissed by utilities and their allies, we were right about renewables: the sun does shine in Georgia.

"We're also right that there's a way to meet Georgia's energy needs with a safe, coal-free grid, powered 100 percent by clean, abundant solar and wind, and bolstered by robust energy efficiency that would decrease demand and lower people's bills, all while protecting our air, water and communities."

© 2018 Targeted News Service, source News Service

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Financials ($)
Sales 2018 22 605 M
EBIT 2018 5 568 M
Net income 2018 2 991 M
Debt 2018 50 030 M
Yield 2018 5,27%
P/E ratio 2018 15,78
P/E ratio 2019 15,12
EV / Sales 2018 4,23x
EV / Sales 2019 4,17x
Capitalization 45 589 M
Chart SOUTHERN COMPANY
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Southern Company Technical Analysis Chart | SO | US8425871071 | 4-Traders
Technical analysis trends SOUTHERN COMPANY
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 46,4 $
Spread / Average Target 2,6%
EPS Revisions
Managers
NameTitle
Thomas A. Fanning Chairman, President & Chief Executive Officer
Kimberly S. Greene Chief Operating Officer & Executive Vice President
Arthur P. Beattie Chief Financial Officer & Executive Vice President
Kenneth E. Coleman Chief Information Officer & Senior Vice President
Warren A. Hood Independent Director
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