Atlanta-based Southern Co. profits increased to $4.4 billion in 2024, up from $4 billion the year before, thanks to higher utility revenues, the company announced Thursday.
CEO Chris Womack struck an upbeat note about the year ahead, saying the company’s projections of a surge in load growth from new technology and manufacturing facilities have not been dented by recent innovations in artificial intelligence that could have implications for future energy demand. An Atlanta Journal-Constitution analysis found that past forecasts of peak demand by Georgia Power — the company’s most profitable subsidiary — often overestimated actual peak demand.
“We see the requests continue to grow,” Womack said. He added that recently-passed regulation and longer-term contracts will help mitigate the risk to the company and ratepayers of building out new infrastructure if the growth fails to materialize.
Despite a dip in fourth quarter earnings due to Hurricane Helene and other factors, Southern Co. touted 23 consecutive years of increased dividends to shareholders. More than 90% of the company’s earnings come from state-regulated electric and gas utilities, it said. Operating revenues for 2024 were $26.7 billion, compared with $25.3 billion in 2023, an increase of 5.8%. Expenses for 2024 were $19.7 billion compared with $19.4 billion in 2023.
The results follow a series of regulator-approved rate hikes for customers of Georgia Power that have caused average residential customer bills to increase by about $43 a month since 2023, according to company data. Those customers are locked in due to a state law that grants territorial monopolies to electric utilities.