The Southern Company (So): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la transformation de l'énergie, la Southern Company (donc) apparaît comme un acteur pivot, naviguant stratégiquement sur le terrain complexe de la production et de la distribution d'électricité à travers le sud-est des États-Unis. En fabriquant méticuleusement une toile complète du modèle commercial qui équilibre les opérations de services publics traditionnelles avec des solutions innovantes d'énergie propre, démontre donc une approche avant-gardiste pour répondre aux besoins en évolution des clients et aux défis environnementaux. Leur modèle mélange uniquement la sophistication technologique, les pratiques durables et les infrastructures robustes pour fournir une électricité fiable tout en se positionnant au premier plan de la révolution des énergies renouvelables.

The Southern Company (SO) - Modèle d'entreprise: partenariats clés

Coopératives électriques des services publics

La Southern Company s'associe à 38 coopératives d'adhésion électrique à travers le sud-est des États-Unis. Ces coopératives servent environ 4,5 millions de clients en Géorgie, en Alabama, au Mississippi et en Floride.

Type coopératif	Nombre de partenaires	Couverture client
Coopératives d'adhésion électrique	38	4,5 millions de clients

Fabricants d'équipements

La Southern Company collabore avec les principaux fabricants d'équipements pour assurer la fiabilité technologique et l'innovation.

• General Electric (GE): Contrats d'alimentation de la turbine et du générateur
• Siemens: Solutions d'infrastructure de grille et de transformation numérique
• Mitsubishi Heavy Industries: équipement de production d'électricité

Agences de réglementation des États et fédérales

La Southern Company entretient des partenariats stratégiques avec plusieurs organismes de réglementation:

Agence de réglementation	Interaction primaire
Commission fédérale de la réglementation de l'énergie (FERC)	Compliance et approbation des infrastructures
Commission de la fonction publique de Géorgie	Réglementation des services publics au niveau de l'État
Commission de la fonction publique de l'Alabama	Réglementation des services publics au niveau de l'État

Partners de développement de la technologie et des énergies renouvelables

La Southern Company investit dans des partenariats technologiques stratégiques axés sur le développement des énergies renouvelables.

• Premier solaire: technologie du panneau solaire à grande échelle
• Nextera Energy Resources: Collaborations du projet éolien et solaire
• Tesla: intégration de technologie de stockage de batteries

Institutions de recherche pour la modernisation de la grille

Partenariats de recherche stratégiques pour améliorer l'infrastructure et la technologie du réseau.

Institution de recherche	Domaine de mise au point	Investissement annuel
Georgia Institute of Technology	Technologies de grille intelligente	3,2 millions de dollars
Laboratoire national d'Oak Ridge	Résilience et cybersécurité de la grille	2,7 millions de dollars

The Southern Company (SO) - Modèle d'entreprise: activités clés

Génération d'énergie électrique sur plusieurs sources de carburant

Capacité de production totale: 45 800 mégawatts

Source de carburant	Pourcentage	Mégawatts
Gaz naturel	47%	21,526
Charbon	23%	10,534
Nucléaire	16%	7,328
Énergie renouvelable	14%	6,412

Maintenance et modernisation des infrastructures de grille

Investissement annuel sur les infrastructures: 3,4 milliards de dollars

• Miles de ligne de transmission: 7 550
• Miles de ligne de distribution: 41 200
• Déploiement de la technologie de la grille intelligente: 98% du territoire de service

Développement du projet d'énergie renouvelable

Type renouvelable	Capacité actuelle	Extension planifiée
Solaire	2 500 MW	+3 500 MW d'ici 2027
Vent	1 200 MW	+1 800 MW d'ici 2028

Service client et gestion de la distribution d'énergie

Base de clientèle totale: 4,5 millions

• Facture d'électricité résidentielle annuelle moyenne: 1 450 $
• Centres de service à la clientèle: 22 emplacements
• Utilisateurs de la plate-forme de service numérique: 2,3 millions

Programmes de durabilité et de réduction du carbone

Cible de réduction du carbone: réduction de 50% d'ici 2030

Métrique de réduction du carbone	État actuel
Émissions de CO2	37,2 millions de tonnes métriques en 2023
Investissement d'énergie renouvelable	5,2 milliards de dollars engagés

The Southern Company (SO) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité

Capacité de production totale en 2023: 44 900 mégawatts

Source de génération	Capacité (MW)	Pourcentage
Gaz naturel	27,300	60.8%
Charbon	8,700	19.4%
Nucléaire	4,800	10.7%
Renouvelable / autre	4,100	9.1%

Infrastructure technologique

• Investissement technologique intelligent: 1,2 milliard de dollars par an
• Budget de transformation numérique: 750 millions de dollars en 2023
• Investissement d'infrastructure de cybersécurité: 180 millions de dollars

Composition de la main-d'œuvre

Catégorie des employés	Nombre d'employés
Total des employés	27,600
Ingénieurs	4,300
Spécialistes techniques	6,200

Capital financier

Actif total au troisième trimestre 2023: 73,4 milliards de dollars

Dépenses en capital pour 2024: 6,3 milliards de dollars

Réseau de transmission et de distribution

• Lignes de transmission totales: 69 000 miles de circuit
• Lignes de distribution: 142 000 miles
• Zone de service: 46 000 milles carrés dans le sud-est des États-Unis

The Southern Company (SO) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable pour les clients résidentiels et commerciaux

La Southern Company dessert environ 9 millions de clients électriques et de gaz naturel dans six États. En 2022, la société a généré 101 496 gigawattheures d'électricité d'une capacité de production totale de 44 900 mégawatts.

Segment de clientèle	Nombre de clients	Couverture de service
Clients résidentiels	7,5 millions	Alabama, Géorgie, Mississippi, Floride
Clients commerciaux	1,5 million	Sud-est des États-Unis

Prix ​​d'énergie compétitive sur les marchés du sud-est

La société sud maintient des taux d'électricité compétitifs avec un taux résidentiel moyen de 12,43 cents par kilowattheure en 2022, ce qui est inférieur à la moyenne nationale de 14,3 cents par kilowatt-heure.

Engagement à propre transition énergétique

La société s'est engagée à réduire les émissions de carbone de 50% d'ici 2030 et à réaliser des émissions de carbone nettes d'ici 2050.

Source d'énergie	Pourcentage de génération actuelle	Pourcentage de 2030 projeté
Gaz naturel	42%	35%
Charbon	15%	5%
Énergie renouvelable	12%	30%

Solutions technologiques avancées pour l'efficacité énergétique

• Smart Grid Technologies déployées sur 4 500 miles de lignes de transmission
• Infrastructure de mesure avancée couvrant 90% du territoire de service
• 1,2 milliard de dollars investis dans la modernisation du réseau en 2022

Infrastructure d'énergie résiliente avec des perturbations de service minimales

La Southern Company maintient un indice de fiabilité du système de 99,99%, avec un temps d'interruption moyen de 79 minutes par an en 2022.

Métrique de fiabilité	Performance
Indice de fréquence d'interruption moyenne du système (SAIFI)	0,85 interruptions par client
Indice de durée d'interruption moyenne du système (Saidi)	79 minutes par client par an

The Southern Company (SO) - Modèle d'entreprise: relations clients

Plates-formes de fiançailles clients numériques

La Southern Company exploite une plate-forme numérique complète avec 3,7 millions de comptes d'utilisateurs en ligne actifs. Leur application mobile a été téléchargée 1,2 million de fois, avec une note d'utilisateur de 4,5 / 5. Les mesures d'engagement numérique montrent que 82% des interactions client se produisent désormais via des canaux numériques.

Métrique de la plate-forme numérique	2024 données
Comptes d'utilisateurs en ligne	3,700,000
Téléchargements d'applications mobiles	1,200,000
Pourcentage d'interaction numérique	82%

Outils de gestion de l'énergie personnalisés

L'entreprise fournit des solutions avancées de gestion de l'énergie avec un suivi de la consommation en temps réel. Leurs outils d'efficacité énergétique personnalisés aident les clients à réduire la consommation d'énergie en moyenne de 17% par an.

• Installations de compteur intelligent: 2,1 millions
• Économies d'énergie moyenes par client: 17%
• Rapports d'énergie personnalisés générés mensuellement: 1,5 million

Services de support client 24/7

Southern Company maintient une solide infrastructure de support client avec 1 200 représentants de soutien dédié. Le temps de réponse moyen est de 3,2 minutes pour les canaux numériques et 7,5 minutes pour la prise en charge du téléphone.

Canal de support	Temps de réponse moyen	Volume d'appel annuel
Canaux numériques	3,2 minutes	1 800 000 interactions
Support téléphonique	7,5 minutes	2 500 000 appels

Programmes de sensibilisation communautaire et éducatifs

La société investit 12,5 millions de dollars par an dans les programmes d'éducation communautaire et de littératie énergétique. Ils organisent 450 ateliers éducatifs atteignant environ 75 000 étudiants et membres de la communauté.

• Investissement communautaire annuel: 12 500 000 $
• Ateliers éducatifs menés: 450
• Les membres de la communauté sont atteints: 75 000

Stratégies de facturation et de communication transparentes

Southern Company fournit des informations de facturation détaillées via plusieurs canaux. 95% des clients reçoivent une facturation électronique, avec un taux de satisfaction de 98% pour la transparence de facturation.

Métrique de facturation	Pourcentage
Adoption de facturation électronique	95%
Satisfaction de la transparence de facturation	98%

The Southern Company (SO) - Modèle d'entreprise: canaux

Portail client en ligne

La Southern Company exploite un portail client en ligne avec 4,5 millions d'utilisateurs enregistrés en 2023. Le portail traite environ 2,3 millions de transactions mensuelles, y compris les paiements de factures, le suivi de la consommation d'énergie et la gestion des services.

Métrique du portail	2023 données
Utilisateurs enregistrés	4,5 millions
Transactions mensuelles	2,3 millions
Demandes de services numériques	680 000 par an

Application mobile

L'application mobile de la Southern Company a été téléchargée 1,2 million de fois, avec une note d'utilisateurs de 4,3 / 5 sur les plateformes iOS et Android. L'application prend en charge les fonctionnalités de reporting d'origine en temps réel et de gestion de l'énergie.

• Téléchargements totaux d'applications: 1,2 million
• Évaluation de l'utilisateur: 4.3 / 5
• Caractéristiques clés: reportage des panneaux, paiement des factures, suivi de la consommation d'énergie

Centres de service client physique

La société maintient 42 centres de service à la clientèle physique à travers l'Alabama, la Géorgie, le Mississippi et la Floride, desservant environ 4,7 millions de clients.

Détails du centre de service	Quantité
Centres physiques totaux	42
États servis	4
Total de clientèle	4,7 millions

Représentants des ventes directes

La Southern Company emploie 387 représentants des ventes directes en se concentrant sur les solutions d'énergie commerciale et industrielle, générant 124 millions de dollars de revenus de vente directe en 2023.

• Représentants commerciaux: 387
• Revenu des ventes directes: 124 millions de dollars
• Marchés cibles: secteurs commerciaux et industriels

Assistance du centre d'appels

La société exploite 6 centres d'appels gardant 3,2 millions d'interactions clients par an, avec un temps de réponse moyen de 2,7 minutes et un taux de résolution de 92% du premier appel.

Métriques du centre d'appel	Performance de 2023
Centres d'appels totaux	6
Interactions annuelles du client	3,2 millions
Temps de réponse moyen	2,7 minutes
Taux de résolution de premier appel	92%

The Southern Company (SO) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

En 2023, la Southern Company dessert environ 4,6 millions de clients résidentiels de l'Alabama, de la Géorgie, du Mississippi et de la Floride.

État	Clients résidentiels	Facture mensuelle moyenne
Alabama	1,4 million	$142.35
Georgia	2,3 millions	$134.87
Mississippi	0,5 million	$126.45
Floride	0,4 million	$156.22

Entreprises commerciales et industrielles

La Southern Company dessert 184 000 clients commerciaux et industriels avec des ventes annuelles totales d'électricité de 107,4 milliards de kWh.

• Secteur de la fabrication: 42 000 clients
• Commerces de détail: 62 000 clients
• Complexes de bureaux: 38 000 clients
• Grandes installations industrielles: 42 000 clients

Institutions municipales et gouvernementales

La société fournit de l'électricité à 1 247 clients municipaux et gouvernementaux à travers ses territoires de service.

Type de client	Nombre de clients	Consommation d'électricité annuelle
Gouvernements municipaux	687	12,6 milliards de kWh
Institutions fédérales	342	8,3 milliards de kWh
Installations d'État	218	5,9 milliards de kWh

Clients du secteur agricole

La Southern Company dessert 3 600 clients agricoles avec des solutions d'électricité spécialisées.

• Opérations agricoles: 2 400 clients
• Installations de traitement agricole: 782 clients
• Systèmes d'irrigation: 418 clients

Développeurs de projets d'énergie renouvelable

La société soutient 276 développeurs de projets d'énergie renouvelable dans ses territoires de service.

Type d'énergie renouvelable	Nombre de projets	Capacité installée totale
Solaire	189	3 412 MW
Vent	54	1 287 MW
Biomasse	33	412 MW

The Southern Company (SO) - Modèle d'entreprise: Structure des coûts

Frais de production d'électricité et d'achat de carburant

En 2023, la Southern Company a déclaré un carburant total et acheté des frais d'électricité de 4,9 milliards de dollars. La répartition des coûts de carburant comprend:

Type de carburant	Coût annuel	Pourcentage du total
Gaz naturel	2,3 milliards de dollars	46.9%
Charbon	1,7 milliard de dollars	34.7%
Nucléaire	0,6 milliard de dollars	12.2%
Sources renouvelables	0,3 milliard de dollars	6.2%

Maintenance et mises à niveau des infrastructures

La Southern Company a investi 2,1 milliards de dollars dans la maintenance des infrastructures et les améliorations des capitaux en 2023, avec des domaines clés, notamment:

• Modernisation de la grille: 750 millions de dollars
• Mises à niveau des centrales électriques: 650 millions de dollars
• Améliorations du système de transmission et de distribution: 700 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour la Southern Company en 2023 ont totalisé 385 millions de dollars, notamment:

Zone de conformité	Coût annuel
Règlements environnementaux	215 millions de dollars
Conformité à la sécurité	95 millions de dollars
Rapports et surveillance	75 millions de dollars

Investissements de recherche et développement

La société sud a alloué 180 millions de dollars à la recherche et au développement en 2023, en se concentrant sur:

• Technologies d'énergie propre: 85 millions de dollars
• Innovations sur la résilience du réseau: 55 millions de dollars
• Programmes d'efficacité énergétique: 40 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour la Southern Company en 2023 étaient de 1,2 milliard de dollars:

Catégorie de dépenses	Montant
Salaires de base	780 millions de dollars
Avantages	290 millions de dollars
Formation et développement	130 millions de dollars

The Southern Company (SO) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux clients résidentiels

En 2022, la Southern Company a déclaré des ventes d'électricité résidentielle de 9,08 milliards de dollars, ce qui représente 36% du total des revenus d'exploitation. Les taux d'électricité résidentiels moyens étaient de 0,13 $ par kilowatt-heure dans leurs territoires de service.

Segment de clientèle	Revenus annuels	Pourcentage du total des revenus
Électricité résidentielle	9,08 milliards de dollars	36%

Contrats d'électricité commerciaux et industriels

Les ventes d'électricité commerciale et industrielle ont généré 12,4 milliards de dollars de revenus en 2022, représentant 49% des revenus d'exploitation totaux de la société.

Type de contrat	Revenus annuels	Durée du contrat moyen
Contrats commerciaux	7,2 milliards de dollars	3-5 ans
Contrats industriels	5,2 milliards de dollars	5-10 ans

Revenus du projet d'énergie renouvelable

Les projets d'énergie renouvelable de la Southern Company ont généré 1,2 milliard de dollars de revenus en 2022, les projets solaires et éoliens contribuant de manière significative à ce segment.

• Revenus de projet solaire: 750 millions de dollars
• Revenus de projets éoliens: 450 millions de dollars

Frais de service de grille

Les frais de service et de transmission de la grille ont représenté 1,5 milliard de dollars de revenus pour 2022, ce qui représente 6% du total des revenus d'exploitation.

Type de service de grille	Revenus annuels
Frais de transmission	1,1 milliard de dollars
Frais de connectivité de la grille	400 millions de dollars

Contributions du programme d'efficacité énergétique

Les programmes d'efficacité énergétique et de réponse à la demande ont généré 250 millions de dollars de revenus pour la Southern Company en 2022.

• Revenu du programme de réponse à la demande: 150 millions de dollars
• Revenus incitatifs d'efficacité énergétique: 100 millions de dollars

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.