Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q3 2021 Earnings Presentation
27 slides from Southern Company (the)'s earnings presentation, Nov 4, 2021
Slide 1: Third Quarter 2021 Earnings Conference Call
Third Quarter 2021 Earnings Conference Call November 4, 2021
Slide 2: Cautionary Note Regarding Forward-Looking Statements
The picture can't be displayed. Cautionary Note Regarding Forward-Looking Statements Certain information contained in this presentation is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other thing
Slide 3: Non-GAAP Financial Measures
The picture can't be displayed. Non-GAAP Financial Measures In addition to including earnings in accordance with generally accepted accounting principles (GAAP), this presentation also includes historical adjusted earnings and earnings per share (EPS) excluding: (1) charges related to Georgia Power’
Slide 4: Southern Company – Q3 2021 Update
The picture can't be displayed. Southern Company – Q3 2021 Update Vogtle Update Adjusted EPS increased over 2020 • Updated projected in-service dates: • Q3 2021 Adjusted EPS of $1.23 vs. – Unit 3 Q3 2022 $1.22 in Q3 2020 – Unit 4 Q2 2023 • YTD 2021 Adjusted EPS of $3.05 vs. • Georgia Power’s share o
Slide 5: Vogtle 3&4 COVID-19 Impacts
The picture can't be displayed. Vogtle 3&4 COVID-19 Impacts COVID-19 Positive Cases 7-Day Moving Average 40 COVID-19 COVID-19 COVID-19 Delta Wave 1 Wave 2 Wave 3 Variant 30 20 10 0 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
Slide 6: Vogtle Unit 3
The picture can't be displayed. Vogtle Unit 3 • Walk downs to assess the extent of electrical remediation work required within the nuclear island are complete – Items discovered through the process are consistent with electrical quality issues highlighted earlier this year – Scope of remaining work
Slide 7: Unit 3 ITAAC Completion Forecast Supporting Q3 2022 In-Service
The picture can't be displayed. Vogtle Unit 3 Unit 3 ITAAC Completion Forecast Supporting Q3 2022 In-Service ITAAC completion earlier than forecast would provide margin to Unit 3’s remaining schedule 60 180 Total ITAAC Completed 242 Total ITAAC Remaining 156 50 150 50 ITAAC Remaining as of Month-end
Slide 8: Vogtle Unit 4 Direct Construction & Major Milestones
Vogtle Unit 4 Direct Construction & Major Milestones The picture can't be displayed. (Direct Construction is Bechtel’s Scope of Work) 8 Milestone bars and lines represent the range of potential start dates for each milestone with the left side of each indicating currently targeted start dates under
Slide 9: Vogtle 3 & 4 – Cost Update
The picture can't be displayed. Vogtle 3 & 4 – Cost Update (Georgia Power’s 45.7% share) • Total capital cost forecast increased by $264 million to $9.5 billion to address updated projected in-service dates, construction productivity, and increased support resources – Cost contingency replenished to
Slide 10: Q3 2021 Earnings Results
The picture can't be displayed. Q3 2021 Earnings Results Q3 YTD 2021 2020 2021 2020 Earnings Per Share As Reported $1.04 $1.18 $2.46 $2.58 Less: Estimated Loss on Plants Under Construction1 ($0.19) - ($0.55) ($0.11) Acquisition and Disposition Impacts2 $0.01 - $0.01 $0.02 Wholesale Gas Services - ($
Slide 11: Q3 2021 & YTD Year-Over-Year Adjusted Drivers
The picture can't be displayed. Q3 2021 & YTD Year-Over-Year Adjusted Drivers1 44¢ (21¢) 17¢ (9¢) 2¢ 2¢ (1¢) $3.05 $1.22 (7¢) $1.23 Southern Southern Shares $2.78 1¢ O&M Company Power O&M Rates, Pricing, Weather Gas Weather Rates, Pricing, Usage & Other Usage & Other State-Regulated Electrics State-
Slide 12: Retail Electricity Sales Continue to Rebound
The picture can't be displayed. Retail Electricity Sales Continue to Rebound • Q3 2021 weather-normal total retail kilowatt-hour sales in line with expectations – Stronger than expected residential and commercial sales were offset by weaker than expected industrial sales, driven primarily by one cus
Slide 13: Weather-Normalized Electricity Sales Have Recovered to 2019 Levels
The picture can't be displayed. Weather-Normalized Electricity Sales Have Recovered to 2019 Levels Percent Change from Respective Quarter in 2019; Cumulative = Year-to-Date Q3 2021 T R C I Cumulative 5% Residential, 4.0% 0% Commercial, -1.1% Industrial, -2.8% -5% -10% -15% 2019 Q1 20 Q2 20 Q3 20 Q4
Slide 14: Q3 YTD 2021 and Projected Full Year Adjusted EPS
The picture can't be displayed. Q3 YTD 2021 and Projected Full Year Adjusted EPS Q3 YTD 2021 Adjusted EPS1 2021 Projected Full Year Adjusted EPS $0.06 $0.08 $0.28 All Other ($0.35) ($0.47) $3.05 $0.35 All Other Energy Parent $3.40 LDCs LDCs Energy Parent $0.29 Infrastructure $0.39 Infrastructure und
Slide 15: Effluent Limitation Guideline Compliance Filing Summary
The picture can't be displayed. Effluent Limitation Guideline Compliance Filing Summary Retirement and repowering decisions are subject to the oversight and approval of each state’s Public Service Commission Operating Company Generating Unit(s) Capacity (MWs) APC Barry 5 700 GPC Bowen 1 & 2 1,400 GP
Slide 16: Southern Company Coal Fleet Over Time
The picture can't be displayed. Southern Company Coal Fleet Over Time Number of Coal Units Coal Capacity Megawatts 70 25,000 66 60 20,457 20,000 50 88% reduction 78% reduction in number of 15,000 in coal capacity 40 coal units 30 9,799 10,000 20 18 5,000 4,430 10 8 0 0 2007 2020 2028E 2007 2020 2028
Slide 17: Summary
The picture can't be displayed. Summary • Outstanding adjusted financial results through the third quarter • Continued strong operational performance • Focused on bringing Vogtle Units 3 and 4 safely on-line to provide carbon-free energy to customers for the next 60 to 80 years • Continued progress
Slide 18: Appendix
Appendix 4@ Southern Company
Slide 19: Year-Over-Year Total Energy Mix Comparison
The picture can't be displayed. Year-Over-Year Total Energy Mix1 Comparison 2020 Total Energy Mix YTD 2021 Total Energy Mix Renewables Renewables 15% Coal 15% Coal 17% 22% Nuclear Nuclear 17% 16% Natural Gas Natural Gas 51% 47% 1Energy mix represents all of the energy used to serve retail and wholes
Slide 20: Capital Markets / Financing
Capital Markets / Financing & Southern Company
Slide 21: Projected Long-term Debt Financings
Projected Long-term Debt Financings1 The picture can't be displayed. as of September 30, 2021 Actual Projected Long-term Debt ($ in millions) YTD 2021 2021 (Remaining) 2022 2023 2021R-2023 Alabama Power 600 600 600 650 1,850 Georgia Power 1,243 70 1,800 1,200 3,070 Mississippi Power 525 - 100 - 100
Slide 22: Long-term Debt Maturity Schedule
The picture can't be displayed. Long-term Debt Maturity Schedule1 as of September 30, 2021 2021-2023 maturities total $9.6 billion Actual Projected Long-term Debt ($ in millions) YTD 2021 2021 (Remaining) 2022 2023 2021R-2023 Alabama Power2 407 65 750 300 1,115 Georgia Power 469 21 662 884 1,568 Mis
Slide 23: Liquidity and Credit
The picture can't be displayed. Liquidity and Credit as of September 30, 2021 Over $7.6 billion in committed credit facilities and available liquidity of $7.7 billion (in millions) 2021 2022 2023 2024 2026 Total Credit Facility Expirations $0 $280 $125 $700 $6,550 $7,655 Alabama Georgia Mississippi
Slide 24: Vogtle 3 & 4
Vogtle 3 & 4 & Southern Company
Slide 25: Vogtle 3 & 4 Major Milestone Definitions
The picture can't be displayed. Vogtle 3 & 4 Major Milestone Definitions Initial Energization- Energizing the main transformers to provide the initial supply of off-site power to the plant’s electrical distribution system needed for testing. Individual electrical components – pumps, valve, motors -
Slide 26: Vogtle 3 & 4 Major Milestone Definitions
The picture can't be displayed. Vogtle 3 & 4 Major Milestone Definitions Cold Hydro Test- Cold Hydro Testing contains several separate tests in different areas of the plant to verify that welds, joints, pipes, and other components of the reactor coolant system, steam-supply system and associated hig
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