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Southern Company (SO) Targets Net-Zero Emissions by 2050
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The Southern Company (SO - Free Report) recently announced long-term greenhouse gas emission reduction goal of reaching net zero by 2050. This goal replaces its low- to no-carbon target, which was announced in April 2018. It intends to reduce greenhouse gas emissions by 50% from 2007 levels within 2030.
The ambitious goal involves Southern Company’s electric subsidiaries Georgia Power, Alabama Power and Mississippi Power. Its natural gas operations like Southern Company Gas are also included. Notably, the company’s electric generation mix was 70% coal dependent in 2007 and the figure improved to 22% in 2019. Moreover, renewable energy resources contribute 12% to electricity generation, which is expected to rise in the coming days. By 2024, it is expected to have more than 14 gigawatts of renewable resources.
The company will maintain its emission reduction techniques and continue gaining energy efficiency to reach the goal. Moreover, it will likely adopt negative carbon solutions to boost emission-reduction efforts. Technology-based approaches such as direct carbon capture from air and natural methods like afforestation will be used for this purpose.
With the new goal, Southern Company joins the bandwagon of other energy companies like BP plc (BP - Free Report) , TOTAL S.A. , Royal Dutch Shell plc that are determined to reach net zero emissions by 2050 for combating climate change. Utilities like Duke Energy, Xcel Energy and Dominion are also walking along the same pathway.
Southern Company’s new goal has been praised by investors as it is expected to make the company’s operations sustainable. However, some groups want more clarification on Southern Company’s policies regarding the natural gas fleet, which contributed more than half of its generation last year. These groups are worried that natural gas infrastructures may become uneconomic and face retirements long before their estimated lifespan. These facilities might encounter similar backslashes as witnessed by the coal-fired assets.
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These 7 were selected because of their superior potential for immediate breakout.
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Southern Company (SO) Targets Net-Zero Emissions by 2050
The Southern Company (SO - Free Report) recently announced long-term greenhouse gas emission reduction goal of reaching net zero by 2050. This goal replaces its low- to no-carbon target, which was announced in April 2018. It intends to reduce greenhouse gas emissions by 50% from 2007 levels within 2030.
The ambitious goal involves Southern Company’s electric subsidiaries Georgia Power, Alabama Power and Mississippi Power. Its natural gas operations like Southern Company Gas are also included. Notably, the company’s electric generation mix was 70% coal dependent in 2007 and the figure improved to 22% in 2019. Moreover, renewable energy resources contribute 12% to electricity generation, which is expected to rise in the coming days. By 2024, it is expected to have more than 14 gigawatts of renewable resources.
The company will maintain its emission reduction techniques and continue gaining energy efficiency to reach the goal. Moreover, it will likely adopt negative carbon solutions to boost emission-reduction efforts. Technology-based approaches such as direct carbon capture from air and natural methods like afforestation will be used for this purpose.
With the new goal, Southern Company joins the bandwagon of other energy companies like BP plc (BP - Free Report) , TOTAL S.A. , Royal Dutch Shell plc that are determined to reach net zero emissions by 2050 for combating climate change. Utilities like Duke Energy, Xcel Energy and Dominion are also walking along the same pathway.
Southern Company’s new goal has been praised by investors as it is expected to make the company’s operations sustainable. However, some groups want more clarification on Southern Company’s policies regarding the natural gas fleet, which contributed more than half of its generation last year. These groups are worried that natural gas infrastructures may become uneconomic and face retirements long before their estimated lifespan. These facilities might encounter similar backslashes as witnessed by the coal-fired assets.
Zacks Rank & Price Performance
Southern Company currently has a Zacks Rank #3 (Hold). The company’s shares have gained 2.7% in the past year against 4.7% decline of the industry it belongs to. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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