Utilities · data-center power supercycle
Southern Company
Southern Company is a large electric-and-gas utility holding company that sells electricity across the US Southeast (Georgia, Alabama, Mississippi) and distributes natural gas in several states. It runs three reportable segments: the traditional electric operating companies (Alabama Power, Georgia Power, Mississippi Power; FY2025 segment revenue $23.78B), Southern Power selling generation into the competitive wholesale market, and Southern Company Gas distributing natural gas. Georgia Power operates Plant Vogtle Units 3 and 4, the largest nuclear plant in the US. Since 2023 the utilities have signed roughly 9 GW of contracts with data centers and other large-load customers, with a prospective pipeline of 75 GW. FY2025 consolidated operating revenues were $29.55B, up from $26.72B a year earlier.
SO Updated Jul 12, 2026 2 AI consumers· 2 recurring
Financials & Segments
- Total revenue · $29.55B (FY2025 consolidated operating revenues)
- Segments · Traditional electric operating companies (Alabama, Georgia, Mississippi Power) · Southern Company Gas (natural gas distribution) · Southern Power (competitive wholesale generation)
Revenue from
- 소매·도매 전력 및 천연가스 고객 (미 남동부) High confidence· Revenue 29.55 USD_B · consolidated operating revenues FY2025
Core revenue across the three reportable segments. Electric Utilities FY2025 revenue $23.78B (retail $19.33B, wholesale $2.94B); Southern Company Gas distributes gas over 77,900 miles of pipeline. Consolidated operating revenues FY2025 $29.55B (prior year $26.72B). - 데이터센터·대형부하 고객 (Google·Meta·Microsoft 등) High confidence· volume 9 GW · contracted large load (>100MW each)
Since 2023 the traditional electric operating companies signed ~9 GW of contracts with data centers and other large-load customers (each contract >100 MW max annual load). Prospective pipeline 75 GW, 10 GW fully contracted. Data-center electricity sales up 42%; commercial sales projected to grow ~20% annually through the end of the decade.Mentions KO Money Insight Published Jun 26, 2026: Top 5 US power stocks: 2026 data-center beneficiariesMentions EN Seeking Alpha Published May 1, 2026: Southern Company: 11GW Of Contracted Large Load Demand Supports My Buy RatingConfirms EN Utility Dive Published Feb 20, 2026: As load grows, Southern raises spending plan to $81B
Pays to
- 발전·송배전 설비 건설 (신규 발전·송전·배전 capex) High confidence· Capital spending 81 USD_B · 2026-2030 capital plan; $15.9B 2026 program
Data-center demand is driving a larger capital program. 2026 construction plan $15.9B (new generation $3.7B, transmission $3.2B, distribution $2.0B, Southern Company Gas $2.2B, nuclear fuel $0.3B). 2026-2030 capital plan raised to $81B from $76B. Georgia PSC certified ~13 GW of resources ($19.5B, in service through 2030).Confirms EN Utility Dive Published Feb 20, 2026: As load grows, Southern raises spending plan to $81B - 발전연료 (천연가스·석탄·우라늄) High confidence· cost 5.88 USD_B · fuel $4.897B + purchased power $0.98B FY2025
Traditional operating companies and SEGCO are fueled primarily by natural gas and coal, with nuclear for Alabama Power and Georgia Power; Southern Power runs primarily on natural gas. FY2025 fuel expense $4,897M and purchased power $980M.