Boston, MA 05/06/2014 (wallstreetpr) – The Southern Company (NYSE:SO) has delayed the commencement of a $5.5 billion power plant in Mississippi. Owing to this delay, the company would be taking charge of $235 million. The delay is happening because of increased construction and labour problems coupled with rains in summer at this coal gasification project. The plant captures emissions of carbon dioxide, and this is a very significant technological development in the area of producing clean and green energy. Because of this delay, the company has missed out on tax incentives to the tune of $133 million.
The Southern Company (NYSE:SO) is into many projects dealing with various forms of renewable resources. It intends to come up with a complete report on its renewable energy projects.
Latest Developments
The American government has finalized loan guarantee of nearly $6.5 billion for the country’s first two nuclear reactors in the last 30 years, putting an end to the unjustifiable delay.
An investor group having combined assets of more than $200 billion have demanded that energy companies, including Southern Co, disclose their plans and strategy for sustaining and competing in a low carbon scenario. Shareholder resolutions with these companies have been filed for this purpose.
The company is looking at projection of earnings per share of $0.66 in the current quarter.
Annual dividend has been raised by the company by $0.07 per share and now stands at $2.10 a share. Even the quarterly dividend has witnessed an increase.
A subsidiary of Southern Co, SouthernLINC Wireless has entered into a contract with Georgia Technology Authority for giving a boost to the Push To Talk service that has been renewed till 2017
Southern Telecom, a subsidiary of The Southern Company (NYSE:SO) has entered into a strategic alliance with Henry County Broadband with an aim of providing reciprocal services and assets and services in Macon, Atlanta, Macon and Henry County. Both the companies will expand their own networks in the times to come.
The Southern Company (NYSE:SO)’s 1,152 MW Unit 2 at the Vogtle nuclear power plant in Georgia was shut from 25% power.
