The Southern Company Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Adjusted EPS for 2022 was $3.60, an increase of $0.19 versus 2021. Drivers included higher retail pricing, warmer weather, customer growth, increased usage, and regulated utility investment.
  • Non-fuel O&M and interest expense were headwinds, partly offsetting revenue growth.
  • Southern saw strong system performance during peak load events in June (41,000 MW, all‑time high) and December (nearly 38,000 MW, December record).
  • Economic development activity was exceptionally strong: job creation announcements up 135% and capital investment up 257% versus 2021.

Vogtle Units 3 & 4 Update

  • Unit 3:
    • Testing and start‑up activities progressed, but pipe vibration issues required remediation.
    • Additional issues identified included:
      • Valve leak of ~2 drips/min (now resolved).
      • Reactor coolant pump flow measurement inconsistency (under review, may be calibration‑related).
    • These discoveries led to schedule extensions to ensure long‑term performance. New in‑service target: May–June 2023.
  • Unit 4:
    • Cold hydro completed in December; key systems turned over to testing programs.

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Operator: Good afternoon. My name is Scott, and I will be your conference operator today. At this time, I would like to welcome everyone to the Southern Company Fourth Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Mr. Scott Gammill, Vice President, Investor Relations and Treasurer. Please go ahead, sir. Scott Gammill: Thank you, Scott. Good afternoon, and welcome to Southern Company's year-end 2022 Earnings Call. Joining me today are Tom Fanning, Chairman, President and Chief Executive Officer of Southern Company; and Dan Tucker, Chief Financial Officer. In addition, Georgia Power's CEO, Chris Womack, who will be succeeding Tom as President and CEO in the coming months is also joining us. Let me remind you, we'll be making forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K, Form 10-Qs and subsequent filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call, which are both available on our Investor Relations

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