La Southern Company (SO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la transformación energética, la Compañía del Sur (SO) emerge como un jugador fundamental, navegando estratégicamente el complejo terreno de la generación y distribución de energía en el sureste de los Estados Unidos. Al crear meticulosamente un lienzo de modelo comercial integral que equilibra las operaciones de servicios públicos tradicionales con soluciones innovadoras de energía limpia, por lo que demuestra un enfoque de pensamiento a futuro para satisfacer las necesidades evolutivas de los clientes y los desafíos ambientales. Su modelo combina de manera única la sofisticación tecnológica, las prácticas sostenibles y la infraestructura robusta para ofrecer electricidad confiable mientras se posicionan a la vanguardia de la revolución de las energías renovables.

The Southern Company (SO) - Modelo de negocios: asociaciones clave

Cooperativas de servicios eléctricos

Southern Company se asocia con 38 cooperativas de membresía eléctrica en todo el sureste de los Estados Unidos. Estas cooperativas sirven a aproximadamente 4,5 millones de clientes en Georgia, Alabama, Mississippi y Florida.

Tipo cooperativo	Número de socios	Cobertura del cliente
Cooperativas de membresía eléctrica	38	4.5 millones de clientes

Fabricantes de equipos

La compañía del sur colabora con los principales fabricantes de equipos para garantizar la confiabilidad tecnológica y la innovación.

• General Electric (GE): contratos de suministro de turbinas y generadores
• Siemens: infraestructura de cuadrícula y soluciones de transformación digital
• Mitsubishi Heavy Industries: Equipo de generación de energía

Agencias reguladoras estatales y federales

Southern Company mantiene asociaciones estratégicas con múltiples organismos regulatorios:

Agencia reguladora	Interacción primaria
Comisión Reguladora Federal de Energía (FERC)	Cumplimiento y aprobación de infraestructura
Comisión de Servicio Público de Georgia	Regulación de servicios públicos a nivel estatal
Comisión de Servicio Público de Alabama	Regulación de servicios públicos a nivel estatal

Tecnología y socios de desarrollo de energía renovable

Southern Company invierte en asociaciones de tecnología estratégica centradas en el desarrollo de energía renovable.

• Primer solar: tecnología de panel solar a gran escala
• Recursos energéticos de Nextera: colaboraciones de proyectos eólicos y solares
• Tesla: integración de tecnología de almacenamiento de baterías

Instituciones de investigación para la modernización de la red

Asociaciones de investigación estratégica para mejorar la infraestructura y la tecnología de la red.

Institución de investigación	Área de enfoque	Inversión anual
Instituto de Tecnología de Georgia	Tecnologías de cuadrícula inteligente	$ 3.2 millones
Laboratorio Nacional de Oak Ridge	Resiliencia de la cuadrícula y ciberseguridad	$ 2.7 millones

The Southern Company (SO) - Modelo de negocio: actividades clave

Generación de energía eléctrica en múltiples fuentes de combustible

Capacidad de generación total: 45,800 megavatios

Fuente de combustible	Porcentaje	Megawatts
Gas natural	47%	21,526
Carbón	23%	10,534
Nuclear	16%	7,328
Energía renovable	14%	6,412

Mantenimiento y modernización de la infraestructura de la cuadrícula

Inversión anual de infraestructura: $ 3.4 mil millones

• Millas de línea de transmisión: 7,550
• Millas de línea de distribución: 41,200
• Implementación de tecnología de cuadrícula inteligente: 98% del territorio de servicio

Desarrollo del proyecto de energía renovable

Tipo renovable	Capacidad actual	Expansión planificada
Solar	2.500 MW	+3,500 MW para 2027
Viento	1.200 MW	+1,800 MW para 2028

Servicio al cliente y gestión de distribución de energía

Base de clientes totales: 4.5 millones

• Ley de electricidad residencial anual promedio: $ 1,450
• Centros de servicio al cliente: 22 ubicaciones
• Usuarios de la plataforma de servicio digital: 2.3 millones

Programas de sostenibilidad y reducción de carbono

Objetivo de reducción de carbono: Reducción del 50% para 2030

Métrica de reducción de carbono	Estado actual
Emisiones de CO2	37.2 millones de toneladas métricas en 2023
Inversión de energía renovable	$ 5.2 mil millones cometidos

The Southern Company (SO) - Modelo de negocio: recursos clave

Instalaciones de generación de energía

Capacidad de generación total a partir de 2023: 44,900 megavatios

Fuente de generación	Capacidad (MW)	Porcentaje
Gas natural	27,300	60.8%
Carbón	8,700	19.4%
Nuclear	4,800	10.7%
Renovable/otro	4,100	9.1%

Infraestructura tecnológica

• Inversión de tecnología de cuadrícula inteligente: $ 1.2 mil millones anuales
• Presupuesto de transformación digital: $ 750 millones en 2023
• Inversión de infraestructura de ciberseguridad: $ 180 millones

Composición de la fuerza laboral

Categoría de empleado	Número de empleados
Total de empleados	27,600
Ingenieros	4,300
Especialistas técnicos	6,200

Capital financiero

Activos totales a partir del cuarto trimestre 2023: $ 73.4 mil millones

Gastos de capital para 2024: $ 6.3 mil millones

Red de transmisión y distribución

• Total de transmisión: 69,000 millas de circuito
• Líneas de distribución: 142,000 millas
• Área de servicio: 46,000 millas cuadradas en el sureste de los Estados Unidos

The Southern Company (SO) - Modelo de negocio: propuestas de valor

Suministro de electricidad confiable para clientes residenciales y comerciales

Southern Company atiende a aproximadamente 9 millones de clientes eléctricos y de gas natural en seis estados. En 2022, la compañía generó 101,496 horas de electricidad Gigawatt con una capacidad de generación total de 44,900 megavatios.

Segmento de clientes	Número de clientes	Cobertura de servicio
Clientes residenciales	7.5 millones	Alabama, Georgia, Mississippi, Florida
Clientes comerciales	1.5 millones	Sudeste de los Estados Unidos

Precios de energía competitivos en los mercados del sudeste

La compañía del sur mantiene las tarifas de electricidad competitiva con una tarifa residencial promedio de 12.43 centavos por kilovatio-hora en 2022, que es inferior al promedio nacional de 14.3 centavos por kilovatio-hora.

Compromiso con la transición de energía limpia

La compañía se ha comprometido a reducir las emisiones de carbono en un 50% para 2030 y lograr emisiones de carbono neto-cero para 2050.

Fuente de energía	Porcentaje de generación actual	Porcentaje proyectado de 2030
Gas natural	42%	35%
Carbón	15%	5%
Energía renovable	12%	30%

Soluciones tecnológicas avanzadas para la eficiencia energética

• Tecnologías de cuadrícula inteligente desplegadas en 4,500 millas de líneas de transmisión
• Infraestructura de medición avanzada que cubre el 90% del territorio de servicio
• $ 1.2 mil millones invertidos en modernización de la red en 2022

Infraestructura de energía resistente con interrupciones mínimas del servicio

Southern Company mantiene un índice de confiabilidad del sistema del 99.99%, con un tiempo promedio de interrupción del cliente de 79 minutos por año en 2022.

Reflexión	Actuación
Índice de frecuencia de interrupción promedio del sistema (SAIFI)	0.85 interrupciones por cliente
Índice de duración de interrupción promedio del sistema (Saili)	79 minutos por cliente anualmente

The Southern Company (SO) - Modelo de negocios: relaciones con los clientes

Plataformas de participación de clientes digitales

Southern Company opera una plataforma digital integral con 3.7 millones de cuentas activas de usuarios en línea. Su aplicación móvil se ha descargado 1.2 millones de veces, con una calificación de usuario de 4.5/5. Las métricas de participación digital muestran que el 82% de las interacciones del cliente ahora ocurren a través de canales digitales.

Métrica de plataforma digital	2024 datos
Cuentas de usuario en línea	3,700,000
Descargas de aplicaciones móviles	1,200,000
Porcentaje de interacción digital	82%

Herramientas de gestión de energía personalizadas

La compañía ofrece soluciones avanzadas de gestión de energía con seguimiento de consumo en tiempo real. Sus herramientas personalizadas de eficiencia energética ayudan a los clientes a reducir el consumo de energía en un promedio de 17% anual.

• Instalaciones de medidores inteligentes: 2.1 millones
• Ahorro promedio de energía por cliente: 17%
• Informes de energía personalizados generados mensualmente: 1.5 millones

Servicios de atención al cliente 24/7

Southern Company mantiene una robusta infraestructura de atención al cliente con 1.200 representantes de soporte dedicados. El tiempo de respuesta promedio es de 3.2 minutos para canales digitales y 7.5 minutos para soporte telefónico.

Canal de soporte	Tiempo de respuesta promedio	Volumen de llamadas anual
Canales digitales	3.2 minutos	1,800,000 interacciones
Soporte telefónico	7.5 minutos	2,500,000 llamadas

Extensión comunitaria y programas educativos

La compañía invierte $ 12.5 millones anuales en programas de educación comunitaria y alfabetización energética. Realizan 450 talleres educativos que alcanzan aproximadamente 75,000 estudiantes y miembros de la comunidad.

• Inversión comunitaria anual: $ 12,500,000
• Talleres educativos realizados: 450
• Miembros de la comunidad llegaron: 75,000

Estrategias de facturación y comunicación transparentes

Southern Company proporciona información detallada de facturación a través de múltiples canales. El 95% de los clientes reciben facturación electrónica, con una tasa de satisfacción del 98% para la transparencia de facturación.

Métrico de facturación	Porcentaje
Adopción de facturación electrónica	95%
Satisfacción de transparencia de facturación	98%

The Southern Company (SO) - Modelo de negocios: canales

Portal de clientes en línea

Southern Company opera un portal de clientes en línea con 4.5 millones de usuarios registrados a partir de 2023. El portal procesa aproximadamente 2.3 millones de transacciones mensuales, incluidos los pagos de facturas, el seguimiento del uso de energía y la gestión de servicios.

Métrico de portal	2023 datos
Usuarios registrados	4.5 millones
Transacciones mensuales	2.3 millones
Solicitudes de servicio digital	680,000 anualmente

Aplicación móvil

La aplicación móvil de la compañía del sur se ha descargado 1.2 millones de veces, con una calificación de usuario de 4.3/5 en las plataformas de iOS y Android. La aplicación admite informes de interrupción de interrupción y gestión de energía en tiempo real.

• Descargas totales de aplicaciones: 1.2 millones
• Calificación de usuario: 4.3/5
• Características clave: informes de interrupción, pago de facturas, seguimiento de uso de energía

Centros de servicio al cliente físico

La compañía mantiene 42 centros físicos de servicio al cliente en Alabama, Georgia, Mississippi y Florida, atendiendo a aproximadamente 4,7 millones de clientes.

Detalles del centro de servicio	Cantidad
Centros físicos totales	42
Estados atendidos	4
Base total de clientes	4.7 millones

Representantes de ventas directas

Southern Company emplea a 387 representantes de ventas directas que se centran en soluciones de energía comercial e industrial, generando $ 124 millones en ingresos de ventas directas en 2023.

• Representantes de ventas: 387
• Ingresos directos de ventas: $ 124 millones
• Mercados objetivo: sectores comerciales e industriales

Soporte del centro de llamadas

La compañía opera 6 centros de llamadas que manejan 3,2 millones de interacciones de clientes anualmente, con un tiempo de respuesta promedio de 2.7 minutos y una tasa de resolución de primer llamado del 92%.

Métricas del centro de llamadas	2023 rendimiento
Centros de llamadas totales	6
Interacciones anuales del cliente	3.2 millones
Tiempo de respuesta promedio	2.7 minutos
Tasa de resolución de primera llamada	92%

The Southern Company (SO) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

A partir de 2023, Southern Company atiende a aproximadamente 4,6 millones de clientes residenciales en Alabama, Georgia, Mississippi y Florida.

Estado	Clientes residenciales	Factura mensual promedio
Alabama	1.4 millones	$142.35
Georgia	2.3 millones	$134.87
Misisipí	0.5 millones	$126.45
Florida	0.4 millones	$156.22

Negocios comerciales e industriales

Southern Company atiende a 184,000 clientes comerciales e industriales con ventas de electricidad anuales totales de 107.4 mil millones de kWh.

• Sector de fabricación: 42,000 clientes
• Negocios minoristas: 62,000 clientes
• Complejos de oficina: 38,000 clientes
• Grandes instalaciones industriales: 42,000 clientes

Instituciones municipales y gubernamentales

La compañía proporciona electricidad a 1.247 clientes municipales y gubernamentales en sus territorios de servicio.

Tipo de cliente	Número de clientes	Consumo anual de electricidad
Gobiernos municipales	687	12.6 mil millones de kWh
Instituciones federales	342	8.3 mil millones de kWh
Instalaciones estatales	218	5.9 mil millones de kWh

Clientes del sector agrícola

Southern Company atiende a 3.600 clientes agrícolas con soluciones de electricidad especializadas.

• Operaciones agrícolas: 2.400 clientes
• Instalaciones de procesamiento agrícola: 782 clientes
• Sistemas de riego: 418 clientes

Desarrolladores de proyectos de energía renovable

La compañía apoya a 276 desarrolladores de proyectos de energía renovable en sus territorios de servicio.

Tipo de energía renovable	Número de proyectos	Capacidad instalada total
Solar	189	3,412 MW
Viento	54	1.287 MW
Biomasa	33	412 MW

The Southern Company (SO) - Modelo de negocio: Estructura de costos

Gastos de generación de energía y adquisición de combustible

En 2023, la compañía del sur reportó combustible total y compró gastos de energía de $ 4.9 mil millones. El desglose de los costos de combustible incluye:

Tipo de combustible	Costo anual	Porcentaje de total
Gas natural	$ 2.3 mil millones	46.9%
Carbón	$ 1.7 mil millones	34.7%
Nuclear	$ 0.6 mil millones	12.2%
Fuentes renovables	$ 0.3 mil millones	6.2%

Mantenimiento y actualizaciones de infraestructura

Southern Company invirtió $ 2.1 mil millones en mantenimiento de infraestructura y mejoras de capital en 2023, con áreas clave que incluyen:

• Modernización de la cuadrícula: $ 750 millones
• Actualizaciones de la planta de energía: $ 650 millones
• Mejoras del sistema de transmisión y distribución: $ 700 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para la compañía del sur en 2023 totalizaron $ 385 millones, que incluyen:

Área de cumplimiento	Costo anual
Regulaciones ambientales	$ 215 millones
Cumplimiento de seguridad	$ 95 millones
Informes y monitoreo	$ 75 millones

Inversiones de investigación y desarrollo

La compañía del sur asignó $ 180 millones a la investigación y el desarrollo en 2023, centrándose en:

• Tecnologías de energía limpia: $ 85 millones
• Innovaciones de resiliencia de cuadrícula: $ 55 millones
• Programas de eficiencia energética: $ 40 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para la compañía sureña en 2023 fueron de $ 1.2 mil millones:

Categoría de gastos	Cantidad
Salarios base	$ 780 millones
Beneficios	$ 290 millones
Capacitación y desarrollo	$ 130 millones

The Southern Company (SO) - Modelo de negocios: flujos de ingresos

Ventas de electricidad a clientes residenciales

En 2022, la compañía del sur reportó ventas de electricidad residencial de $ 9.08 mil millones, lo que representa el 36% de los ingresos operativos totales. Las tarifas de electricidad residencial promedio fueron de $ 0.13 por kilovatio-hora en sus territorios de servicio.

Segmento de clientes	Ingresos anuales	Porcentaje de ingresos totales
Electricidad residencial	$ 9.08 mil millones	36%

Contratos de energía comercial e industrial

Las ventas de electricidad comercial e industrial generaron $ 12.4 mil millones en ingresos durante 2022, lo que representa el 49% de los ingresos operativos totales de la compañía.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Contratos comerciales	$ 7.2 mil millones	3-5 años
Contratos industriales	$ 5.2 mil millones	5-10 años

Ingresos del proyecto de energía renovable

Los proyectos de energía renovable de la compañía del sur generaron ingresos de $ 1.2 mil millones en 2022, con proyectos de energía solar y eólica que contribuyen significativamente a este segmento.

• Ingresos del proyecto solar: $ 750 millones
• Ingresos del proyecto eólico: $ 450 millones

Tarifas de servicio de cuadrícula

Las tarifas de servicio y transmisión de la red representaron $ 1.5 mil millones en ingresos para 2022, lo que representa el 6% de los ingresos operativos totales.

Tipo de servicio de cuadrícula	Ingresos anuales
Tarifas de transmisión	$ 1.1 mil millones
Cargos de conectividad de la cuadrícula	$ 400 millones

Contribuciones del programa de eficiencia energética

Los programas de eficiencia energética y respuesta a la demanda generaron $ 250 millones en ingresos para la compañía del sur en 2022.

• Ingresos del programa de respuesta a la demanda: $ 150 millones
• Ingresos de incentivos de eficiencia energética: $ 100 millones

The Southern Company (SO) - Canvas Business Model: Value Propositions

You're looking at the core promises The Southern Company makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete capital plans and operational results.

Premier reliability and resilient service across the Southeast

The Southern Company serves 9 million energy customers across the Southeast, and its commitment to keeping the lights on is quantified by recent performance. The system managed a year-to-date peak load of nearly 39 gigawatts during an extreme heat wave in the second quarter of 2025 without major operational issues. The massive capital deployment is directly tied to enhancing this resilience.

• The Southern Company was named the highest-ranked U.S. energy company on Newsweek's World's Most Trustworthy Companies 2025 list.

Clean, safe, and affordable energy solutions for a growing economy

The value proposition here is balancing growth enablement with financial discipline and environmental stewardship. The company's service territories are seeing significant economic expansion, evidenced by 22 companies announcing expansions in the third quarter of 2025, which is expected to bring about 5,000 new jobs and capital investments of about $2.8 billion. Financially, The Southern Company issued full-year 2025 adjusted earnings guidance of $4.20 to $4.30 per share, targeting 6% growth from 2024.

The company continues to reward shareholders with stability, having increased its annual dividend by 8 cents per share, marking its 24th consecutive annual hike and extending its streak of uninterrupted payouts to 78 years. This financial performance underpins the affordability claim.

Stable and predictable rates for customers (e.g., Alabama Power through 2027)

For customers served by its subsidiary, Alabama Power, the value proposition is explicit rate certainty. Alabama Power announced a commitment to keep all regulated retail rate components steady through 2027. This involves delaying the implementation of previously approved adjustments for the Lindsay Hill generation facility until 2028 and absorbing that facility's costs in 2027. This stability is supported by internal cost management, citing a reduction in operating expenses by about $100 million since 2017.

Scalable power capacity to meet surging demand from hyperscale data centers

The demand from data centers is the primary driver of capacity expansion. The total pipeline of potential large-load additions across The Southern Company's service territories stands at more than 50 GW by the mid-2030s. Within this pipeline, Georgia is the epicenter, accounting for 40 GW, or 80%, of that total. To meet this, the five-year capital plan for 2025-2029 ballooned to $76 billion by July 2025, up from $43 billion in 2024, with this increase explicitly driven by data center demand. The immediate execution involves a fossil-fuel-first approach to ensure dispatchable power, including a February 2025 filing to extend the operational life of 8,200 MW of coal-fired power plants. Contracted projects currently represent 7 GW of demand through 2029.

Here's a quick look at the financial and load growth metrics driving this capacity build:

Metric	Value/Target	Period/Context
Total Large-Load Pipeline	More than 50 GW	By mid-2030s
Capital Plan (2025-2029)	$76 billion	As of July 2025
Data Center Usage Growth (YoY)	17%	Q3 2025
Contracted Large Load Demand	7 GW	Through 2029
Georgia Power Peak Demand Growth Projection	7% annually	Through 2030/2031

Commitment to achieving net zero greenhouse gas emissions by 2050

The Southern Company maintains its enterprise-wide goal of net zero equity-share Scope 1 emissions by 2050. The company has already achieved significant progress, reducing its Scope 1 GHG emissions by 49% in 2024 from 2007 levels. This means emissions fell to 79 million metric tons of CO2e from 157 million metric tons of CO2e in 2007. The 50% reduction goal (from 2007 levels by 2030) is now expected to be achieved well in advance, possibly as early as 2025. This transition is supported by over $15 billion invested in environmental controls on power plants. The renewable resource portfolio was expected to reach approximately 14,000 MW by 2024.

The path to net zero involves a mix of strategies:

• Continued coal transition and thoughtful use of natural gas.
• Further growth in zero-carbon resources, including nuclear energy and renewables.
• Continued investment in R&D for emerging technologies like carbon capture and sequestration.

Finance: draft 13-week cash view by Friday.

The Southern Company (SO) - Canvas Business Model: Customer Relationships

You're looking at how The Southern Company (SO) manages its customer connections, which is heavily shaped by regulation and massive infrastructure needs. It's not just about billing; it's about long-term service commitments under state watch.

Highly regulated, long-term service agreements with state oversight

The relationship is cemented by regulatory approvals that provide a predictable framework for investment. For instance, the Georgia Power 2025 Integrated Resource Plan (IRP), approved by the Georgia Public Service Commission (PSC), effectively locks in base rates through February 2028. This regulatory clarity supports a massive capital outlay; SO projects an investment of approximately $76 billion over its five-year planning horizon (2025-2029), with 95% of that tied to its state-regulated utilities. Management is tracking for a long-term state-regulated rate base growth of 7% annually.

Here are some key regulatory and investment metrics:

Metric	Value/Target (as of late 2025)	Source Context
Projected Annual Rate Base Growth	7%	Long-term state-regulated projection.
5-Year Capital Plan (2025-2029)	$76 billion	Total projected investment.
Regulated Utility Capital Allocation	95% of $76B plan	Percentage of capital tied to state-regulated utilities.
Base Rate Certainty (Georgia Power)	Locked through February 2028	Term set by 2025 IRP approval.

Dedicated economic development teams for large commercial/industrial customers

SO's teams are clearly focused on capturing large, high-demand customers, especially data centers. The growth here is concrete, not just theoretical. In Q1 2025 alone, economic development announcements brought in over $11 billion in capital investment and created 4,000 new jobs across the service territories. By Q3 2025, announcements from 22 companies signaled about $2.8 billion in capital investment and an expected 5,000 new jobs. The impact is visible in usage: electricity usage from data centers was up 17% year-over-year in the third quarter of 2025.

Digital tools and programs (e.g., Bill Explainer) for residential customer self-service

For the millions of residential customers, self-service digital interaction is key to managing usage and costs. Alabama Power, a subsidiary, helps its 1.5 million customers with tools like the Bill Explainer, Rate Advisor, and Energy Assistant. Overall, The Southern Company serves approximately 9 million customers across its seven electric and natural gas distribution units. These digital resources help customers understand their bills and choose suitable rate options.

Here's a quick look at customer scale and specific tools:

• Total Customers Served (Approximate): 9 million
• Alabama Power Customers: 1.5 million
• Digital Self-Service Tool Example: Bill Explainer
• Customer Usage Monitoring: 24/7 access to usage information available online.

Proactive communication on grid resilience and storm recovery

When the weather hits hard, communication and infrastructure readiness become the primary customer relationship touchpoint. Following Hurricane Helene, which impacted nearly 1.5 million customers in Georgia Power's territory, the response involved over 20,000 electric and natural gas personnel. To prevent future issues, the 2025 IRP includes a 10-year transmission plan proposing new resources across more than 1,000 miles of transmission lines to boost reliability. The company is also investing in cleaner, resilient generation, projecting solar capacity to hit 2,500 MW and wind capacity to reach 1,800 MW by the end of 2025.

Finance: draft 13-week cash view by Friday.

The Southern Company (SO) - Canvas Business Model: Channels

You're looking at how The Southern Company (SO) gets its power and gas to its customers, which is a mix of regulated monopolies and competitive wholesale deals. It's a massive footprint, so the channels are naturally diverse.

State-regulated electric distribution networks (e.g., Georgia Power, Alabama Power)

This is the core, where The Southern Company acts as the sole provider under state commission oversight. You see this through its operating companies like Georgia Power and Alabama Power.

• Total energy customers served across electric and gas distribution units: 9 million as of late 2025.
• Georgia Power served 2,804,103 total electric customers as of December 31, 2024.
• The company owns 44 gigawatts of rate-regulated generating capacity.
• Alabama Power received approval on December 2, 2025, to freeze customer electric rates through the end of 2027.
• Georgia Power secured approval in July 2025 for a three-year rate freeze.

Here's a quick look at the customer segmentation for the largest regulated utility, Georgia Power, based on end-of-2024 data:

Customer Segment	Customer Count (as of Dec 31, 2024)
Residential	2,452,488
Commercial	331,607
Industrial	10,551

Natural gas distribution systems (via Southern Company Gas)

Southern Company Gas handles the delivery of natural gas across several states, using an extensive network of pipes and storage.

• Service territory includes Illinois, Georgia, Virginia, and Tennessee.
• Operates approximately 78,500 miles of natural gas pipelines.
• Operates 14 storage facilities.
• Serves around 4.4 million natural gas customers.

Southern Power's competitive wholesale generation sales

Southern Power develops and operates generation assets, selling power at market-based rates, mostly through long-term contracts (PPAs) with other utilities and large customers across 15 states.

Metric	Value
Total Owned/Operated Generating Capacity	More than 13,150 MW
Total Generation Fleet (Nameplate Capacity, end of 2024)	12,648 MWs
Natural Gas Generation Owned	7,380 MWs
Solar Generating Capacity Owned/Operated	More than 3,050 MWs
Wind Generating Capacity Owned/Operated	More than 2,533 MWs

The wholesale side is heavily focused on securing future load through contracts.

• Contracts in place with large load customers represent 7 GW through 2029.
• These contracts are projected to ramp to 8 GW into the 2030s.
• Southern Power and its subsidiaries are part of a pipeline that sees more than 50 GW of possible incremental load additions across electric subsidiaries by the mid-2030s.

Direct sales and contract negotiation for large industrial and data center customers

This channel is increasingly important, driven by the massive power needs of data centers and industrial expansion in the Southeast. The Southern Company is actively negotiating direct contracts for these large loads.

• Data centers usage was up 17% year-over-year in the third quarter of 2025.
• The company signed four contracts in the two months preceding October 30, 2025, representing over 2 GW of demand.
• In Q3 2025, 22 companies announced new or expanded operations, representing expected capital investments of approximately $2.8 billion.
• The commercial sector, heavily influenced by data centers, saw weather-normal electricity sales growth of 3.5% in Q3 2025.

The pipeline for these large loads is substantial; it's more than 50 gigawatts across the electric subsidiaries. That's the future of their direct sales channel, honestly.

The Southern Company (SO) - Canvas Business Model: Customer Segments

You're looking at the customer base of The Southern Company (SO) as of late 2025, and it's clear the AI boom is reshaping the load profile.

The core of The Southern Company (SO)'s business remains its vast regulated utility customer base across the Southeast.

Residential electric and natural gas customers total over 9 million across the service territory. For the third quarter of 2025, weather-normal retail electricity sales for this segment grew by 2.7% year-over-year. The company added approximately 12,000 new residential customers in Q3 alone.

The commercial and industrial segments are showing strong, albeit varied, growth driven by regional economic expansion.

The Southern Company (SO) tracks its customer segments with precision, which helps in capital planning.

Customer Segment	Year-to-Date Q3 2025 Growth (Weather-Normal)	Specific Q3 2025 Growth
Commercial Customers	2.6%	3.5%
Industrial Customers	1.6%	1.5%
Residential Customers	Not explicitly stated YTD	2.7%

The real story in 2025 is the massive demand from Hyperscale Data Centers and large industrial users. This segment is the primary driver of new load growth. Electricity usage from data centers specifically surged by 17% in Q3 2025 compared to the third quarter of the prior year. The total pipeline for this large-load demand remains robust, exceeding 50 gigawatts through the mid-2030s.

The Southern Company (SO) manages its wholesale energy needs and sales through its subsidiary, Southern Power.

Wholesale energy purchasers are served by Southern Power, which acts as a competitive generation company. This segment serves municipalities, electric cooperatives, and other utility customers. Southern Power owns or operates generating capacity exceeding 13,150 MW across 15 states. To ensure revenue stability, over 90% of its natural gas generation portfolio is contracted through the end of the decade.

You can see the breakdown of Southern Power's capacity:

• Total Generating Capacity (Owned or Operated): Over 13,150 MW
• Number of Facilities Operating or Under Development: 55
• Number of States Served: 15
• Natural Gas Generation Contracted Through End of Decade: Over 90%

The company's overall strategy is built on serving these distinct, yet interconnected, customer groups.

The Southern Company (SO) - Canvas Business Model: Cost Structure

You're looking at the hard costs The Southern Company is facing to keep the lights on and build out the grid for the AI boom. It's a capital-intensive game, and the numbers reflect that commitment to massive infrastructure spending.

Capital expenditures for infrastructure have seen a significant escalation. The five-year base capital plan, as of mid-2025, is set at $76 billion through 2029, which is a $13 billion increase from the prior projection. This plan prioritizes electric utility spending at $50.3 billion.

Here's a breakdown of the capital allocation within that plan:

• Grid Modernization: $13 billion
• Renewables and Innovation: $18 billion
• Total Transmission Work (5-year plan): $17.2 billion
• Transmission Work Planned for 2025: $2.6 billion

The Southern Company also notes a potential upside of approximately $5 billion pending final certifications for generation projects and gas pipeline expansions.

Fuel and purchased power costs remain a major variable expense, directly tied to energy generation needs. The costs for the first nine months of 2025 were substantial:

Expense Category	Q3 2025 (Millions USD)	9 Months Ended Sept 30, 2025 (Millions USD)
Fuel and purchased power	$1,604	$4,522
Cost of natural gas	$116	$1,046

For comparison, Q2 2025 Fuel and purchased power for the six months ended June 30, 2025, totaled $2,918 million.

Interest expense on long-term debt has been a growing pressure point, noted as higher in the 2025 reporting periods. For context on the debt load impact, Q4 2024 interest costs were reported at $693 million, representing a 9.3% rise year-over-year.

Operations and maintenance (O&M) expenses are also increasing, with non-fuel O&M being specifically called out as a drag on margins.

Here are the non-fuel O&M figures from the first half of 2025:

• Non-fuel operations and maintenance (Q2 2025): $1,685 million
• Non-fuel operations and maintenance (6 Months Ended June 30, 2025): $3,305 million

In Q4 2024, total operating and maintenance costs rose 14.6% year-over-year to $1.99 billion.

Depreciation and amortization costs are another component increasing the cost base, mentioned alongside interest expense as an offset to higher revenues in Q3 2025. Regarding future depreciation charges, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025 (as of September 30, 2025).

The Southern Company (SO) - Canvas Business Model: Revenue Streams

The revenue streams for The Southern Company (SO) are fundamentally anchored in its regulated utility operations, supplemented by competitive generation and significant growth from large industrial customers, particularly in the data center space.

Operating revenues were $22.6 billion for the first nine months of 2025, compared to $20.4 billion for the corresponding period in 2024, marking an increase of 10.7%.

The primary revenue source is regulated retail electric sales through its major operating companies. For the third quarter of 2025, year-to-date retail electric revenues reached $15.1 billion, up from $13.8 billion the prior year. This segment is bolstered by customer growth, with Total Traditional Electric Operating Companies rising 1.1% year-over-year in customer count as of September 30, 2025.

The breakdown of operating revenues by key utility segment for the third quarter of 2025 illustrates the weighting of these regulated businesses:

Revenue Stream Segment	Q3 2025 Operating Revenue	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Georgia Power (Regulated Electric)	$3.770 billion	+8.6%
Alabama Power (Regulated Electric)	$2.318 billion	+8.4%
Mississippi Power (Regulated Electric)	$480 million	+16.5%
Southern Company Gas (Regulated Gas)	$734 million	+7.6%
Southern Power (Wholesale Electric)	$613 million	+2.2%

The regulated natural gas sales component, primarily through Southern Company Gas, contributed $734 million in operating revenue in the third quarter of 2025.

Wholesale electric power sales, generated via the competitive generation subsidiary Southern Power, accounted for $613 million in Q3 2025 operating revenue. Subsidiary Southern Power owns 13 gigawatts of natural gas generation and renewable energy across the US, selling electricity primarily under long-term contracts.

A critical driver for near-term revenue acceleration is revenue from large-load customer contracts, especially data centers. Electricity usage from data centers jumped 17% year-over-year in the third quarter of 2025. This growth is part of a larger trend, as the total pipeline of potential incremental load across electric subsidiaries is more than 50 GW by the mid-2030s. The Southern Company has recently signed four contracts representing over 2 GW of demand from large load customers.

You can see the growth in customer usage driving these figures:

• Weather-normal retail electricity sales were up 1.8% year-to-date for the first nine months of 2025 compared to the same period in 2024.
• Commercial sector electricity sales grew 3.5% in Q3 2025 on a weather-normal basis.
• The company added approximately 12,000 new electric customers during the third quarter, which is substantially higher than historical trends.

Finance: draft 13-week cash view by Friday.