SO · Earnings call · 2026Q3T · Full report
Regulated Capital Investment Plan
SOUTHERN CO · 2026-11-05 · Importance 58 · Surprise 42 · In source text
Southern Company identified approximately $4 billion of projected investment above its $81 billion base capital plan. The incremental projects include 400 megawatts of upgrades at existing Southern Power natural-gas facilities, Georgia Power's approved Google partnership to unlock additional nuclear capacity, and Southern Natural Gas's Southeast Connector pipeline expansion. Including additional opportunities at Southern Company Gas, Southern Power and PowerSecure, the five-year capital plan could approach $100 billion. Management said 90%–95% of investment is expected to remain state-regulated, with additional federally regulated investment at SONAT.
Key facts
- Southern Company's capital plan could potentially approach $100 billion over five years, including potential company-owned resources and investment opportunities across its businesses.
- The Southern Power, Georgia Power, and Southern Natural Gas projects represented approximately $4 billion of projected investment above Southern Company's $81 billion base capital plan.
- Southern Natural Gas, in which Southern Company owns 50%, announced the Southeast Connector pipeline expansion to support growth and access to diverse fuel supplies.
- Southern Company said Alabama and Georgia RFP-related capital needs were in the 2030s and cited a rule of thumb of $2 billion or more per gigawatt of capacity it might construct.
- Southern Power was moving forward with 400 megawatts of upgrades at existing natural gas facilities.
- Alabama and Georgia RFPs were underway to procure additional generation in the early 2030s, with more insights expected in the coming months.
- Southern Company targeted 90% to 95% of its investments to be state-regulated, with additional federal-regulated investment in SONAT.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | contingent | — | Southern Company's capital plan could potentially approach $100 billion over five years, including potential company-owned resources and… |
| assets | positive | contingent | — | Southern Company's capital plan could potentially approach $100 billion over five years, including potential company-owned resources and… |
| cash | negative | probable | — | The Southern Power, Georgia Power, and Southern Natural Gas projects represented approximately $4 billion of projected investment above… |
| assets | positive | probable | — | The Southern Power, Georgia Power, and Southern Natural Gas projects represented approximately $4 billion of projected investment above… |
| cash | negative | contingent | — | Southern Company said Alabama and Georgia RFP-related capital needs were in the 2030s and cited a rule of thumb of $2 billion or more per… |
| assets | positive | contingent | — | Southern Company said Alabama and Georgia RFP-related capital needs were in the 2030s and cited a rule of thumb of $2 billion or more per… |
| cash | negative | probable | — | Southern Power was moving forward with 400 megawatts of upgrades at existing natural gas facilities. |
| assets | positive | probable | — | Southern Power was moving forward with 400 megawatts of upgrades at existing natural gas facilities. |