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ATLANTA - Georgia Power, a subsidiary of Southern Company (NYSE:SO) - a $103.5 billion utility giant currently trading near its 52-week high at $94.31 - has filed contracts representing nearly 2 gigawatts of new customer demand with the Georgia Public Service Commission (PSC), the company announced Tuesday.
These agreements are the first reached under newly approved PSC rules and regulations designed to give Georgia Power flexibility to serve large-load customers while protecting residential and small business customers from additional costs. The utility’s parent company Southern Company has demonstrated strong financial stability, with InvestingPro data showing revenue of $28.36 billion and healthy growth of 8.53% over the last twelve months.
According to testimony filed with the PSC, the contracts are primarily driven by projected data center growth and other large-load customers. The filing is part of an ongoing All-Source Request for Proposals certification proceeding and includes updates on projected customer demand and economic growth.
Georgia Power remains in negotiations with multiple large-load customers that could represent several additional gigawatts of potential demand. Under the PSC’s updated rules approved earlier this year, large-load customers must meet stricter criteria, including providing financial commitments and demonstrating infrastructure readiness.
The company’s risk-adjusted forecast projects increased demand through the next decade, with 8,448 megawatts of projected growth between winters 2025/2026 and 2030/2031. This outlook supports Georgia Power’s request to certify approximately 9,900 megawatts of new capacity resources.
"As Georgia continues to grow, our planning and forecasting teams are working every day to review the latest economic trends and customer data in coordination with our regulators at the Georgia PSC," said Aaron Mitchell, senior vice president for Strategic Growth for Georgia Power, in the press release.
The PSC approved new rules in January enabling Georgia Power to serve large-load customers through customized contracts with terms including upfront infrastructure payments, long-term commitments, and financial guarantees.
Georgia Power is the largest electric subsidiary of Southern Company (NYSE:SO) and serves 2.8 million customers across Georgia. Southern Company has maintained dividend payments for 55 consecutive years, currently offering a 3.15% yield. InvestingPro subscribers have access to 7 additional key insights and a comprehensive analysis of Southern Company’s financial health, valuation metrics, and growth prospects through the Pro Research Report, available exclusively on the platform.
In other recent news, Southern Company reported its Q2 2025 earnings, revealing a revenue of $6.97 billion, which exceeded the anticipated $6.64 billion. However, the company’s earnings per share (EPS) slightly missed expectations, coming in at $0.92 against the forecasted $0.93. Southern Power announced a $1.1 billion senior notes offering, divided into two series, with $550 million in Series 2025A 4.25% Senior Notes due in 2030 and $550 million in Series 2025B 4.90% Senior Notes due in 2035. Moody’s has changed Southern Company’s outlook to negative from stable, while Georgia Power Company’s outlook shifted to stable from positive. Jefferies raised Southern Co.’s stock price target from $104 to $108, maintaining an Underperform rating following the company’s Q2 results. Additionally, Southern Telecom has partnered with Seimitsu to create SouthernWaves, a strategic alliance aimed at expanding fiber-optic network services across the Southeast. This new venture will enhance Southern Telecom’s offerings by combining its fiber infrastructure with Seimitsu’s network management capabilities.
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