Southern Company (the) · NYSE:SO
Southern Company (the) — The Southern Company — Q1 2022 Earnings Presentation
28 slides from Southern Company (the)'s earnings presentation, Apr 28, 2022
Slide 1: First Quarter 2022 Earnings Conference Call
First Quarter 2022 Earnings Conference Call April 28, 2022
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: Update on Vogtle Units 3 & 4
The picture can't be displayed. Update on Vogtle Units 3 & 4 • No change to schedule or capital cost forecast – Unit 3 projected Q4 2022 through Q1 2023 in-service – Unit 4 projected Q3 2023 through Q4 2023 in-service • Project co-owners unanimously agreed to continue construction of the project in
Slide 5: Vogtle Unit 3 ITAAC Completion Forecast & Major Milestones
The picture can't be displayed. Vogtle Unit 3 ITAAC Completion Forecast & Major Milestones 45 210 Total ITAAC Completed 345 40 Total ITAAC Remaining 53 180 Forecast ITAAC 35 Remaining Unit 3 In-Service ITAAC Remaining as of Month-end 150 Monthly ITAAC Completions 30 29 29 25 120 26 Start Fuel Load 2
Slide 6: 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) MONTHLY % CUMULATIVE % 6% 100% Unit 4 5% 90% In-Service 4% Structural Integrity / Fuel Load 80% Integrated Leak Rate Test Complete 3% Initial Energization Start H
Slide 7: Vogtle 3 & 4 – Cost Update
The picture can't be displayed. Vogtle 3 & 4 – Cost Update (Georgia Power’s share) Estimated Cost of Project ($M) Base project capital cost forecast through Q1 2023/ Q4 20231,2 $10,294 Construction contingency estimate 107 Total project capital cost forecast1,2 $10,401 Net Investment as of March 31,
Slide 8: Q1 2022 Earnings Results
The picture can't be displayed. Q1 2022 Earnings Results Q1 2022 2021 Earnings Per Share As Reported $0.97 $1.07 Less: Estimated Loss on Plants Under Construction1 - ($0.03) Wholesale Gas Services2 - $0.12 Earnings Per Share Excluding Items $0.97 $0.98 1 Includes a charge of $0.03 per share associat
Slide 9: Q1 2022 Year-Over-Year Adjusted Drivers
The picture can't be displayed. Q1 2022 Year-Over-Year Adjusted Drivers1 6¢ (8¢) 1¢ 4¢ (2¢) (2¢) $0.98 $0.97 Weather Rates, Pricing, Southern O&M Southern Parent & Usage & Other Power Company Other Gas State-Regulated Electrics Q1 Drivers + Strong customer growth + Investment in state-regulated util
Slide 10: Q1 2022 Retail Electricity Sales
The picture can't be displayed. Q1 2022 Retail Electricity Sales • Strong customer growth with the addition of nearly 11,000 residential electric customers and over 7,000 residential gas customers during the quarter • Port of Savannah recorded record cargo levels during the quarter • Economic develo
Slide 11: Q1 2022 & Projected Full Year Adjusted EPS
The picture can't be displayed. Q1 2022 & Projected Full Year Adjusted EPS Q1 YTD 2022 Adjusted EPS 2022 Projected Full Year Adjusted EPS1,2 $0.07 $0.05 ($0.13) $0.34 All Other ($0.46) $3.60 $0.10 All Other $0.97 Energy to Parent LDCs $0.44 Parent $3.50 Energy Infrastructure LDCs $0.20 Infrastructur
Slide 12: Dividends Equal to or Greater Than Previous Year for Three Quarters of a Century
Dividend History The picture can't be displayed. Dividends Equal to or Greater Than Previous Year for Three Quarters of a Century Southern Company has a long-standing history of providing a regular, predictable and sustainable return to shareholders through our dividend which is supported by premier
Slide 13: Appendix
Appendix 13
Slide 14: Year-Over-Year Total Energy Mix Comparison
The picture can't be displayed. Year-Over-Year Total Energy Mix1 Comparison 2021 Total Energy Mix Q1 2022 Total Energy Mix Renewables Coal Renewables Coal 15% 21% 18% 21% Nuclear 16% Nuclear 16% Natural Gas Natural Gas 48% 45% 1Energy mix represents all of the energy used to serve retail and wholesa
Slide 15: Capital Markets / Financing
Capital Markets / Financing 15
Slide 16: Long-term Debt Peer Comparison
The picture can't be displayed. Long-term Debt Peer Comparison as of March 31, 2022 4.5% Peer 2 Peer 9 4.0% Peer 4 Peer 10 Peer 19 Peer 3 Peer 1 Peer 7 Peer 17 Average Coupon (%) Peer 13 Peer 8 3.5% Peer 5 Peer 16 SO Peer 18 Peer 15 Peer 14 Peer 11 3.0% Peer 12 Peer 6 2.5% 10 12 14 16 18 20 22 Avera
Slide 17: Projected Long-term Debt Financings
Projected Long-term Debt Financings1 The picture can't be displayed. as of March 31, 2022 Actual Projected Long-term Debt ($ in millions) YTD 2022 2022 (Remaining) 2023 2024 2022R-2024 Alabama Power 700 300 600 - 900 Georgia Power - 1,500 1,500 1,150 4,150 Mississippi Power - - - 200 200 State-regul
Slide 18: Long-term Debt Maturity Schedule
Long-term Debt Maturity Schedule1 The picture can't be displayed. as of March 31, 2022 Actual Projected Long-term Debt ($ in millions) YTD 2022 2022 (Remaining) 2023 2024 2022R-2024 Alabama Power 550 200 300 21 521 Georgia Power 424 242 886 486 1,613 Mississippi Power - - - 200 200 State-regulated E
Slide 19: Long-term Debt Maturity Tower
Long-term Debt Maturity Tower1 The picture can't be displayed. as of March 31, 2022 Long-term Debt1 $ in millions Alabama Power $9.9B $6,000 Georgia Power $13.3B Mississippi Power $1.5B $5,000 Southern Company Gas Capital2,3 $4.5B Nicor $2.1B Southern Power $3.7B $4,000 Parent Company $16.8B Total L
Slide 20: Liquidity and Credit
The picture can't be displayed. Liquidity and Credit as of March 31, 2022 Over $7.6 billion in committed credit facilities and available liquidity of $6.5 billion (in millions) 2022 2023 2024 2025 2026 Total Credit Facility Expirations $280 - $700 $125 $6,550 $7,655 Alabama Georgia Mississippi South
Slide 21: Vogtle 3 & 4
Vogtle 3 & 4 21
Slide 22: Projected Financial Impacts Related to Vogtle 3 & 4
The picture can't be displayed. Projected Financial Impacts Related to Vogtle 3 & 4 Illustrative Cash Flow Improvement in 2024 Financial Plan1 Projected EPS Impacts of Delays (increases relative to 2021) Vogtle Quarterly Impacts3 EPS4 3-Month Delay at U3 ~ (2₵) Tax 3-Month Delay at U4 ~ (5₵) Depreci
Slide 23: 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 24: 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
Slide 25: Regulatory
Regulatory 25
Slide 26: Georgia Power 2022 Integrated Resource Plan Schedule
The picture can't be displayed. Georgia Power 2022 Integrated Resource Plan Schedule Link to access Commission Committee Meetings and Hearings: Georgia Public Service Commission - YouTube Docket Numbers: 44160 (IRP) and 44161 (DSM) January 31, 2022 IRP filing with Georgia PSC March 11, 2022 Georgia
Slide 27: Georgia Power 2022 Rate Case Schedule
The picture can't be displayed. Georgia Power 2022 Rate Case Schedule Link to access Commission Committee Meetings and Hearings: Georgia Public Service Commission - YouTube Docket Number: 44280 June 24, 2022 Georgia Power files rate case and direct testimony September 19 - 21, 2022 Georgia Power dir
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