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Energy for Life 2018 Annual Report Southern Companyreport 2018 Annual

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Energy for Life 2018 Annual Report Southern Companyreport 2018 Annual Energy for Life 2018 Annual Report Southern Company 2018 Annual Report SouthernCompany.com Contents Shareholder Information 1 Chairman’s Message Transfer Agent Investor Information 3 Financial Highlights EQ Shareowner Services is Southern Company’s transfer agent, For information about earnings and dividends, stock 4 A Culture of Innovation dividend-paying agent, investment plan administrator and registrar. quotes and current news releases, please visit us at If you have questions concerning your registered Southern Company investor.southerncompany.com. 6 Focused on Fundamentals shareowner account, please contact: Leadership 8 Institutional Investor Inquiries EQ Shareowner Services 10 Financial Review Southern Company maintains an investor relations office in 1110 Centre Pointe Curve, Suite 101 Atlanta, Georgia, 404.506.0901, to meet the information needs Mendota Heights, Minnesota 55120 of institutional investors and securities analysts. Telephone: 1.800.554.7626 Website: shareowneronline.com Electronic Delivery of Proxy Materials Any stockholder may enroll for electronic delivery of proxy Southern Company Shareholder Relations materials by logging on at www.icsdelivery.com/so. Telephone: 404.506.0965 Email: [email protected] Environmental Information Southern Company publishes information on its activities to meet Southern Investment Plan environmental commitments at www.southerncompany.com/ The Southern Investment Plan is a convenient way to become corporate-responsibility. Sandy Alexander a Southern Company shareholder. Participants in the Plan can To request printed materials, write to: Printing: purchase additional shares in Southern Company through optional cash purchases and reinvestment of dividends. The Southern Director, Environmental Affairs Investment Plan prospectus can be found at Research and Environmental Affairs Walter Kirk Walter www.southerncompany.com. 600 North 18th St. Bin 14N-8195 Dividend Payments Birmingham, AL 35203-2206 Page 6 Photo: Page Southern Company has paid dividends since 1948. Historically, dividends are declared and paid quarterly at the discretion of Common Stock the Board of Directors. Southern Company common stock is listed on the NYSE under the James Schnepf Schnepf James ticker symbol SO. On December 31, 2018, Southern Company had Annual Meeting 116,135 shareholders of record. The 2019 Annual Meeting of Stockholders will be held Wednesday, Thomas A. Fanning May 22, at 10 a.m. ET at The Lodge Conference Center at Callaway The 2018 annual report is submitted for shareholders’ information. Photography: Photography: Chairman, President & CEO, Gardens, 4500 Southern Pine Drive, Pine Mountain, Ga. 31822. It is not intended for use in connection with any sale or purchase Southern Company of, or any solicitation of, offers to buy or sell securities. Auditors Deloitte & Touche LLP Visit our website at www.southerncompany.com Leap Communications Communications Leap 191 Peachtree St. NE Visit our Corporate Responsibility Report at Suite 2000 www.southerncompany.com/corporate-responsibility Design: Atlanta, GA 30303 Follow us on Twitter at www.twitter.com/southerncompany Terrell McCollum McCollum Terrell Writing and Project Management: Management: and Project Writing Chairman’s Message Dear fellow shareholders, At Southern Company, we like to say that we are “bigger than Excel at the Fundamentals our bottom line” and “customers are at the center of all we do.” We continued our longstanding track record of providing More than mere slogans, these ideas are deeply rooted in our outstanding customer service. J.D. Power, which ranks culture and genuinely embraced by employees throughout the companies based on power quality and reliability, price, Southern Company system. That’s because our employees billing and payment, corporate citizenship, communications understand that the energy solutions we provide undergird the and customer service, rated Georgia Power the number one lives and commercial endeavors of the more than nine million large electric utility in the South Region for both residential customers we are privileged to serve, the communities in and business customer satisfaction. Nicor Gas was recently which they live and the businesses where they are employed. named a most trusted utility brand for residential customers Energy to heat and cool homes. Energy to empower businesses by the Cogent Report. and industry. Energy for Life. Nicor Gas also replaced its last cast iron natural gas main in 2018 was a year of significant accomplishment for Southern 2018 as part of a longstanding upgrade program. Today, Nicor Company. For the year, on an adjusted basis, our company Gas has no known low pressure cast iron in its system, helping earned $3.13 billion, or $3.07 a share, compared with adjusted to ensure the long-term safety and reliability of natural gas earnings of $3.02 billion, or $3.02 per share, in 2017. For 71 service for its customers. consecutive years, dating back to 1948, Southern Company has paid 285 consecutive quarterly dividends that have been In collaboration with Southern Company Research and equal to or greater than the dividend paid in the prior quarter. Development, Alabama Power and Mississippi Power deployed Edge of Network Grid Optimization (ENGO) devices in Meridian, We have successfully completed more than $11 billion Mississippi and western Alabama. These new voltage-limiting in strategic, value-accretive transactions, including the devices enhance system flexibility by allowing for finer control divestitures of Elizabethtown Gas, Elkton Gas, Florida City Gas, of distribution voltage than was previously possible. Pivotal Home Solutions and other assets. In December, Southern Power entered into a partnership with three of the largest Finally, we believe Southern Company is at its best when things tax equity partners in the U.S. – Bank of America, JP Morgan are at their worst. Our subsidiaries provided outstanding storm and Wells Fargo – for an interest in substantially all of its response during an especially active hurricane season, deploying operating wind portfolio. And on January 1, 2019, we closed crews across our system to restore power after Hurricane on the sale of Gulf Power. These decisive actions served to Michael, as well as helping our neighbors in the Carolinas with strengthen our balance sheet, substantially reduce our projected restoration efforts following Hurricane Florence, and finishing equity needs and remove significant risk from our financing the work begun in Puerto Rico after Hurricane Maria. plans. We believe these transactions also position our company for future growth. Achieve Success with Major Construction Projects Tax reform was a topic of much discussion to start 2018. At Georgia Power’s Plant Vogtle, the first new nuclear reactors We reached timely, innovative and constructive outcomes with to be built in the U.S. in three decades are under construction regulators in multiple jurisdictions that have paved the way near Waynesboro, Georgia. In the first full year with Southern to deliver approximately $1.8 billion in benefits to customers Nuclear as the project’s general contractor – in partnership with while simultaneously preserving our credit quality and Bechtel – we saw significant progress in the construction of improving earnings per share. Plant Vogtle units 3 and 4 and we achieved our principal year- Further highlights of 2018 are perhaps best shared through a end construction targets. Taking into consideration engineering, brief review of the progress we achieved in each of our five procurement and the initial test plan, the new Vogtle units are strategic priorities: approximately 75 percent complete as of this writing. Southern Company 2018 Annual Report 1 Chairman’s Message (continued) This past summer, we announced that Southern Nuclear revised through features that can be managed by smart devices and the estimated cost to complete the project and recalibrated voice activation. site production expectations with a site-wide project reset. Our fiber optics subsidiary, Southern Telecom, has entered into Since then, we have seen marked improvement in construction an agreement with Atlanta-based GigSouth to provide dark productivity at the site, with substantial momentum as we fiber that will expand that company’s current network, bringing finished the year. Much hard work remains in order to sustain high-speed internet and reliable bandwidth to underserved this momentum, but we are pleased with the project’s progress rural communities throughout the Southeast. and remain confident that the project will meet the in-service dates of November 2021 for Unit 3 and November 2022 for Value and Develop Our People Unit 4 that were approved by regulators. Diversity and inclusion continue to be key focus areas for Support the Building of a National Energy Policy Southern Company. Each of our operating companies is focused on cultivating a culture of inclusion that acknowledges and We continue to be engaged in public policy debate and values the uniqueness of its employees. Their multi-pronged constructive dialogue with legislators and regulators to approach includes the formation of diversity and inclusion advocate for a comprehensive national energy policy that councils, employee resource groups, training and development, promotes innovation and financial integrity in today’s evolving education and awareness, inclusive benefits and policies and energy landscape – one that benefits both customers and our diverse community
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