Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q2 2021 Earnings Presentation
24 slides from Southern Company (the)'s earnings presentation, Jul 29, 2021
Slide 1: Second Quarter 2021 Earnings Conference Call
Second Quarter 2021 Earnings Conference Call July 29, 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 – Q2 2021 Update
The picture can't be displayed. Southern Company – Q2 2021 Update Vogtle Update Adjusted EPS increased over 2020 • Unit 3 Hot Functional Testing is complete • Q2 2021 Adjusted EPS of $0.84 vs. $0.78 in Q2 2020 • Updated projected in-service dates: – Unit 3 Q2 2022 • YTD 2021 Adjusted EPS of $1.82 vs
Slide 5: Vogtle Unit 3
The picture can't be displayed. Vogtle Unit 3 • Hot Functional Testing is complete Unit 3 Cooling Tower during Hot Functional Testing • Scope and timing of remaining work prior to Fuel Load includes: – Completion of nuclear fuel systems and associated documentation – Completion of remediation work a
Slide 6: Vogtle Unit 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) 6 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 7: 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 $460 million to $9.2 billion to address updated projected in-service dates, construction productivity, and increased support resources – Cost contingency replenished to
Slide 8: Q2 2021 Earnings Results
The picture can't be displayed. Q2 2021 Earnings Results Q2 YTD 2021 2020 2021 2020 Earnings Per Share As Reported $0.35 $0.58 $1.42 $1.40 Less: Estimated Loss on Plants Under Construction1 ($0.32) ($0.11) ($0.35) ($0.11) Acquisition and Disposition Impacts2 - - - $0.02 Wholesale Gas Services ($0.11
Slide 9: Q2 2021 & YTD Year-Over-Year Adjusted Drivers
The picture can't be displayed. Q2 2021 & YTD Year-Over-Year Adjusted Drivers1 26¢ (11¢) 3¢ 2¢ (1¢) (1¢) $1.82 19¢ (11¢) Southern Southern Parent & Shares $0.04 8¢ O&M ($0.11) Company Power Other 1¢ $0.08 (3¢) (1¢) $1.56 Gas $0.84 Rates, Pricing, O&M Southern 1¢ Southern Parent & Weather Usage & Oth
Slide 10: Retail Sales Rebound from COVID-19 Trough in 2020
The picture can't be displayed. Retail Sales Rebound from COVID-19 Trough in 2020 • Q2 2021 weather-normal total retail kilowatt-hour sales in line with expectations – Stronger than expected residential sales were offset by weaker than expected commercial and industrial sales – Strong customer growt
Slide 11: Weather-Normalized Sales Nearing Pre-Pandemic Levels in Aggregate
The picture can't be displayed. Weather-Normalized Sales Nearing Pre-Pandemic Levels in Aggregate Percent Change From Respective Quarter in 2019; Cumulative = Year-to-Date Total Cumulative Residential Commercial Industrial 5% Residential, 2.6% 0% Commercial, -3.8% -5% Industrial, -4.0% -10% -15% 201
Slide 12: Q2 YTD 2021 and Projected Full Year Adjusted EPS
The picture can't be displayed. Q2 YTD 2021 and Projected Full Year Adjusted EPS Q2 YTD 2021 Adjusted EPS1 2021 Projected Full Year Adjusted EPS3 $0.08 $0.07 $0.32 ($0.49) $3.35 All Other ($0.23) to $0.18 All Other LDCs Energy $1.82 Parent $3.25 LDCs Parent $0.39 Infrastructure Energy $0.25 Infrastr
Slide 13: Q2 2021 Summary
The picture can't be displayed. Q2 2021 Summary • Outstanding adjusted financial results through the first half of 2021 • 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 • Recogn
Slide 14: Appendix
Appendix 4@ Southern Company
Slide 15: 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 16% Coal 17% 21% Nuclear Nuclear 17% 16% Natural Gas Natural Gas 51% 47% 1Energy mix represents all of the energy used to serve retail and wholes
Slide 16: Capital Markets / Financing
Capital Markets / Financing & Southern Company
Slide 17: Q2 2021 Financing Activity
The picture can't be displayed. Q2 2021 Financing Activity • Amended and extended the system’s $6.55 billion revolvers to 2026 – $2.0 billion parent facility includes sustainability linked component with discount/premium donated to charity, furthering SO’s ESG goals • Raised over $2.1 billion1 in th
Slide 18: Projected Long-term Debt Financings
The picture can't be displayed. Projected Long-term Debt Financings1 Actual Projected 2 Long-term Debt ($ in millions) YTD 2021 2021 (Remaining) 2022 2023 2021-2023 Alabama Power 600 - 700 650 1,350 Georgia Power 1,121 600 750 1,500 2,850 Mississippi Power 525 - 100 - 100 State-regulated Electrics $
Slide 19: Long-term Debt Maturity Schedule
The picture can't be displayed. Long-term Debt Maturity Schedule1 as of June 30, 2021 2021-2023 maturities total $6.1 billion Actual Projected - Long-term Debt ($ in millions) YTD 2021 2021 (Remaining) 2022 2023 2021-2023 - Alabama Power 2 200 65 750 300 1,115 Georgia Power 438 51 609 884 1,545 Miss
Slide 20: Liquidity and Credit
The picture can't be displayed. Liquidity and Credit as of June 30, 2021 Over $7.6 billion in committed credit facilities and available liquidity of $6.6 billion (in millions) 2021 2022 2023 2024 2026 Total Credit Facility Expirations $3 $805 $125 $150 $6,550 $7,633 Alabama Georgia Mississippi South
Slide 21: Vogtle 3 & 4
Vogtle 3 & 4 & Southern Company
Slide 22: 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 23: 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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