62-649: Southern Company is an American gas and electric utility holding company based in the Southern United States . It is headquartered in Atlanta, Georgia , with executive offices located in Birmingham , Alabama . As of 2021 it is the second largest utility company in the U.S. in terms of customer base. Through its subsidiaries it serves 9 million gas and electric utility customers in 6 states. Southern Company's regulated regional electric utilities serve
124-544: A 120,000-square-mile (310,000 km) territory with 27,000 miles (43,000 km) of distribution lines. Southern Company, a for-profit corporation, is one of the largest energy providers in the United States and is ranked 126th on the Fortune 500 listing of the largest U.S. corporations. The company has approximately 31,300 employees. Southern Company subsidiaries are operating or developing renewable power across
186-666: A 30 MW solar project from First Solar . Located in Cimarron , New Mexico , it began generating electricity in 2011. In June 2012, the Nacogdoches Generating Facility began its commercial operation. The facility is a 115 MW biomass-fueled electric generating plant, located near Sacul in Nacogdoches County, Texas . In 2016, Southern Company acquired PowerSecure, a distributed energy infrastructure technologies company, and AGL Resources (which
248-480: A global energy company, growing to serve 10 countries on four continents. On April 2, 2001, Southern Company completed the spinoff of Southern Energy as Mirant Corporation . Another Southern Company subsidiary—Southern Nuclear—began providing services in 1991 to the system's nuclear power plants. In 1996, Southern Communications Services began providing digital wireless communications services to Southern Company's subsidiaries and also began marketing these services to
310-654: A new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which is then known as a " wholly owned subsidiary ". First Solar First Solar, Inc. is a publicly traded American manufacturer of solar panels , and provider of utility-scale PV power plants , supporting services that include finance, construction, maintenance and end-of-life panel recycling. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as
372-527: A parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by the Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or
434-399: A reported cost of 59 cents per watt. In August 2019, researchers from NREL and First Solar published a Nature Energy article demonstrating a way to achieve 20.8% solar cell efficiency . In 1984, inventor and entrepreneur Harold McMaster founded Glasstech Solar . After trying amorphous silicon, he shifted to CdTe and founded Solar Cells, Inc. (SCI) in 1990. In February 1999, SCI
496-542: A semiconductor. The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. and the Florida Corporation in 1993 with JD Polk. In 1999 it was purchased by True North Partners, LLC, who rebranded it as First Solar, Inc. The company went public in 2006, trading on the NASDAQ. Its current chief executive is Mark Widmar, who succeeded the previous CEO James Hughes July 1, 2016. First Solar
558-626: A utility systems business group to address the large-scale PV systems solutions market. Utility systems are now the company's core business focus, with a strategy to focus on markets that do not require subsidies to support the solar generation business. On April 17, 2012, First Solar announced it would restructure operations worldwide. This restructuring process included phasing out operations in Frankfurt (Oder) , Germany and idling four production lines in Kulim , Malaysia. 30% of First Solar's workforce
620-499: Is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form a corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for
682-643: Is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After the financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were
SECTION 10
#1732780533676744-598: Is based in Tempe, Arizona . In 2009, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $ 1 per watt. As of 2022, First Solar was considered the fourth-largest solar company on American stock exchanges by 12-month trailing revenue and in 2012 was ranked sixth in Fast Company ' s list of the world's 50 most innovative companies. In 2011, it ranked first on Forbes's list of America's 25 fastest-growing technology companies. It
806-433: Is built on the idea of dry-feed, non-slag gasifiers, which operate at lower temperatures than other coal gasifiers. This dry-feed is crushed, heated, and circulated in the gasifier, producing a flammable synthetic gas, syngas. Syngas can generate electricity with fewer emissions. Of course, other byproducts are produced, like ammonia and sulphuric acid. These particular products are sold for commercial use. The EPA considers
868-478: Is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In the United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of
930-635: Is listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009. The company was also listed as No. 1 in Solar Power World magazine's 2012 and 2013 rankings of solar contractors. First Solar manufactures cadmium telluride (CdTe)-based photovoltaic (PV) modules, which produce electricity with a thin CdTe film on glass. In 2013, the company produced CdTe-panels with an efficiency of about 14 percent at
992-668: The Commonwealth & Southern Corporation . The new system included five Northern companies and six Southern companies. However, in the late 1940s Commonwealth & Southern was dissolved to meet the Public Utility Holding Company Act of 1935 . Four of Commonwealth & Southern's Deep South operating companies—Alabama Power, Georgia Power, Gulf Power, and Mississippi Power—were deemed to be an integrated system and thus were allowed to remain under common ownership. A new holding company, Southern Company,
1054-677: The Kemper Coal Project and other planned facilities like it, to be a lifeline for the coal industry in the wake of the new climate change plan. Between 2010 and 2014, approximately 150 coal plants were shut down. As of April 2014, the US Department of Energy had invested $ 270m in this project. Southern Company, and its subsidiary, Mississippi Power anticipate that the Kemper Coal Plant will generate enough energy to serve more than 187,000 customers. Upon opening,
1116-526: The Securities and Exchange Commission related to overruns at the Kemper Project. The project had been repeatedly delayed and costs increased from $ 2.88 billion to $ 6.58 billion. In recorded conversations, at least six engineers from the Kemper Project claimed that delays, cost overruns, safety violations, and shoddy work, were in part due to mismanagement or fraud. In June 2016, Mississippi Power
1178-427: The broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which
1240-442: The shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in a tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In
1302-1372: The $ 1 barrier, reaching $ 0.98. Production cost has continued to fall and in February 2013, reached $ 0.68 per watt. 11.4 GW of solar modules were sold in 2023. Production costs of 18.8 Cent/Watt were forecast in February 2024, with average sales prices of 18.2 Cent/kWh for sales of around 16 GW in 2024. In 2019, the company was expected to pass annual shipments of panels for 5,400 MWp. Production started in Perrysburg, Ohio , expanded in 2010. Between 2007 and 2012, production grew in additional plants in Frankfurt (Oder) in Germany, in Kulim Hi-Tech Park in Malaysia and in France. Other locations considered for expansions before 2012 were Vietnam and Mesa, AZ . The 2023 Sustainability Report published in August 2023 highlights findings related to Environmental, Social, and Governance (ESG) metrics, including modern slavery and forced labor findings. Report findings shared with media support
SECTION 20
#17327805336761364-452: The DOE, Southern Company has been working with KBR , another technology partner, to perfect its TRIG advanced coal gasification technology. This process of breaking down "dirty coal", or lignite , into its chemical components is not only cleaner, but it is also less expensive and more reliable. This technology is currently being implemented at Southern Company's Kemper County power plant, one of
1426-524: The Gulf Power name retired in favor of FPL in 2022. Southern Company can be traced back to 1924, when Southeastern Power & Light was formed as a holding company for Alabama Traction, Light and Power (formed 1906), the immediate forerunner of Alabama Power. Later that year, it formed Mississippi Power as a subsidiary, with Gulf Power following in 1925. In 1926, it merged with Georgia Power (formed 1902). In 1930, Southeastern Power & Light merged into
1488-522: The Kemper Coal Project is expected to be capable of stripping out at least 65% of the carbon dioxide, significantly exceeding the EPA's proposed requirement of 40%. Southern Company works with the U.S. Department of Energy on a variety of projects including transmission and distribution of infrastructure and smart grid initiatives, environmental research programs, and nuclear generation. One of
1550-548: The Southeast. The new subsidiary targets wholesale customers. On July 19, 2002, Southern Company Gas received certification from the Georgia Public Service Commission to enter the retail gas market. After nearly four years of operations, the company was sold and customers transferred to Cobb EMC's newly formed affiliate, Gas South. In 2011, Southern Company and Turner Renewable Energy purchased
1612-507: The U.S. Department of Energy granted Southern Company a $ 165 million Smart Grid Investment Grant to implement a smart grid and to make the grid more reliable. Through matching funds and other investments, the company spent $ 363 million on the initiative, which it completed in 2014. The upgraded smart grid allows Southern Company the ability to monitor and control its electric infrastructure in real time and respond to problems. Southern Company reported Total CO2e emissions (Direct + Indirect) for
1674-479: The U.S., India and China. Beginning in December 2011, First Solar shifted away from existing markets that are heavily dependent on government subsidies and toward providing utility-scale PV systems in sustainable markets with immediate need. As a result, it now competes against conventional power generators, and has reduced its focus on the rooftop market. On February 24, 2009, First Solar's cost per watt broke
1736-468: The U.S., as well as opening the first new nuclear units in the U.S. in 30 years at Plant Vogtle near Augusta, Georgia . Southern Company's three retail operating companies — Alabama Power , Georgia Power , and Mississippi Power — cover 120,000 square miles (310,000 km) in three states. Southern Power serves wholesale electricity customers across the country, and Southern Company Gas serves utility customers in seven states. Southern Company owns
1798-452: The US, China, and around the world. This partnership with Shenhua, who is currently expected to add more than 400,000 megawatts of coal-fired capacity by 2035, could lead to wide deployment of TRIG-equipped power plants across Asia. TRIG technology has the potential to not only assist China with their growing carbon issue, but also enable the country to tap into their own low quality coal. In 2009,
1860-446: The United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of the stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay
1922-852: The board. In May 2023, First Solar acquired Evolar, a European company that provided perovskite technology. The deal was valued at $ 38M USD. Historically, First Solar sold its products to solar project developers, system integrators , and independent power producers. Early sales were primarily in Germany because of strong incentives for solar enacted in the German Renewable Energy Sources Act (EEG) of 2000 (cp. Solar power in Germany ). Declines and uncertainty in feed-in-tariff subsidies for solar power in European markets, including Germany, France, Italy and Spain, prompted major PV manufacturers, such as First Solar, to accelerate their expansion into other markets, including
Southern Company - Misplaced Pages Continue
1984-545: The bottom line, leading to a net loss of $ 96.3 million – or $ 1.11 per share – for the year. Historically, the low cost of First Solar's modules has been the key to its market performance. The use of cadmium telluride instead of silicon allowed it to achieve a significantly lower module cost ($ 0.67 per watt), compared to crystalline-silicon PV, which averaged $ 1.85 per watt in 2010. As the company shifts its focus away from module sales to utility-scale projects, it will need to become price competitive with non-solar power sources,
2046-455: The company announced it would open a Mercury Research Center at Plant Crist Pensacola, Florida , hoping to find new ways to reduce mercury emissions. On April 25, 2006, Alabama Power , a subsidiary of Southern Company, agreed to pay $ 200M to settle allegations that its coal-fired James H. Miller, Jr. Plant near West Jefferson , Alabama emitted harmful amounts of SO2 and NOx . In response to growing public and financial community interest,
2108-1113: The company has enacted assorted environmental measures. Southern Company participates in Renew Our Rivers , a volunteer program to remove debris from rivers and other waterways throughout the Southeast , which claims over 11 million pounds of trash removed or recycled in Renew Our Rivers events. The company also manages and operates the National Carbon Capture Center, a focal point of the US Department of Energy 's efforts to develop carbon capture and greenhouse gas reduction technologies, under which various projects to test geologic sequestration are in progress at Plant Gorgas in Alabama, Plant Daniel in Mississippi and other company sites. However, critics have argued that CCS seldom works and prolongs
2170-493: The company's output, followed by nuclear (23%) and natural gas (16%). Renewable hydroelectric power represented 4 percent of Southern's generation. Coal-based generation dropped significantly in 2009 from an average of 70% between 2005 and 2008. As of 2017 Coal-based generation had dropped to 30%. In June 2010, the United States Department of Energy awarded an $ 8.3 billion loan guarantee to facilitate
2232-648: The company's proactive efforts and due diligence to address human right violations within the solar power supply chain as they are discovered. First Solar's products have been released by U.S. Customs and Border Protection and comply with the Uyghur Forced Labor Prevention Act. In 2023, the company reported current Operational Annual US Cell Capacity of 6.5 GW plus and projected Global Annual Nameplate Capacity in 2026 will be about 26 GW. While First Solar witnessed record sales of over $ 3.37 billion in 2012, its restructuring efforts impacted
2294-735: The company's satellite network to promote pro-coal messages about climate change and the environment. In February 2015, the Mississippi Supreme Court ordered Southern Company's subsidiary Mississippi Power to restore $ 377 million to South Mississippi ratepayers for rate increases related to the Kemper Project , a "clean" coal plant. These fees were derived from Mississippi's Baseload Act, allowing Mississippi Power to charge ratepayers for powerplants under construction. In May 2016, Southern Company and its subsidiary Mississippi Power announced they were being investigated by
2356-486: The construction of two new nuclear reactors at Plant Vogtle , near Augusta, Georgia . A Southern Company subsidiary, Georgia Power, owns 45.7% of the current 2,430 MW facility, with co-owners Oglethorpe Power (30%) Municipal Electric Authority of Georgia (22.7%) and the City of Dalton (1.6%). The plant is operated by Georgia Power. The $ 14 billion construction project is scheduled to be completed by 2022 and would double
2418-647: The few new coal facilities working to keep the U.S. coal industry alive. This new facility will be built on a lignite seam, is expected to strip out two-thirds of carbon dioxide emissions, leaving emissions at about the same level as natural gas. The Kemper Coal Plant is expected to fall well under new regulations implemented by the EPA, which limits coal plants to 1,100lbs of carbon dioxide emissions per megawatt hour of electricity. In an effort to make this technology more attainable, Southern Company has partnered with China's Shenhua Group to collaborate on further research, development, and deployment of clean coal technologies in
2480-450: The financing of the four nuclear reactors being built in the U.S., and it is expected a way forward to completing the plant can be agreed. In September 2013 the EPA introduced new provisions regarding output of carbon emissions in new power facilities. The proposed emission limit for new energy sources will be 1,100lbs of carbon dioxide per megawatt hour of electricity. Preemptively recognizing
2542-431: The firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become a tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give
Southern Company - Misplaced Pages Continue
2604-458: The first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for the allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship
2666-605: The five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958 the number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed
2728-666: The following companies: Prior to 2019, Southern Company also owned Gulf Power , an electric utility based in Pensacola, Florida that serves most of the Florida Panhandle . An agreement was reached in May 2018 to sell Gulf Power to rival utility company NextEra Energy . The sale was completed on January 1, 2019. Gulf Power would become the Northwest Florida division of Florida Power & Light (FPL) in 2021, with
2790-455: The following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of a parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes
2852-450: The largest donor. The scientist described his studies to fossil fuel executives as "deliverables", and permitted anonymous pre-publication reviews. Soon advanced the widely discredited theory that changes in solar activity are to blame for climate change, and called into question the severity and extent of climate change in all his studies, never revealing his backers. Holding company#Public utility holding company A holding company
2914-511: The life of fossil fuels. Southern Company has a long history of funding climate change denial and has been a "driving force behind climate disinformation", sponsoring campaigns in opposition to climate science , against limiting greenhouse gas emissions , and slowing the transition to renewable energy sources. Between 1993 and 2004 Southern Company paid over $ 62 million to organizations that spread disinformation about climate change . The utility paid for advertising claiming that climate change
2976-431: The more significant joint efforts, the DOE's National Carbon Capture Center, is managed by Southern Company and represents national efforts to reduce greenhouse gas emissions from coal-based power generation. At this location, Southern Company has been working with scientists and technology developers from government, industry, and universities who are creating the next generation of carbon capture technologies. Along with
3038-455: The need for these changes, Southern Company broke ground on its 21st-century clean coal facility in June 2010. Southern's subsidiary, Mississippi Power will operate the plant. The Kemper County Energy Facility, or Kemper Project , takes advantage of the abundant lignite , or poor quality coal, available in Mississippi. Additionally, it employs Transport Gasifier (TRIG) technology. TRIG technology
3100-597: The plant's capacity. The construction of two 1,154 MW reactors has been hailed by Energy Secretary Steven Chu as "the first new nuclear power plant to break ground in decades". It is expected to create up to 3,500 jobs during the construction phase, and 800 once operational. However, in March 2017 Westinghouse Electric Company , who were building the plant, filed for Chapter 11 bankruptcy because of $ 9 billion of losses from its two U.S. nuclear construction projects. The U.S. government had given $ 8.3 billion of loan guarantees on
3162-493: The public within the Southeast as Southern Linc. Southern Telecom, a telecommunications subsidiary of Southern Company, was founded in 1997. Southern Telecom provides colocation and dark fiber optic lines to network businesses. On January 9, 2001, Southern Company received final approval from the Securities and Exchange Commission to form Southern Power, a subsidiary to own, manage and finance wholesale generating assets in
SECTION 50
#17327805336763224-643: The start date" for the Kemper Project, though Mississippi Power stated the suit was without merit. The company was also found to have unlawfully fired a whistle-blower who had criticized alleged false statements by company management. In June 2021, Georgia Power , a subsidiary of Southern Company, was scrutinized by the Georgia Public Service Commission over the lengthy delays and ballooning costs of its new Vogtle nuclear plant in Burke County , Georgia . In February 2015, it
3286-448: The twelve months ending 31 December 2020 at 75,300 Kt (-13,100 /-14.8% y-o-y) and aims to reach net zero emissions by 2050. In May 2018, it was reported that Southern Company had donated $ 1 million to America First Policies , a pro- Donald Trump advocacy group. Southern Company is the third-largest producer of greenhouse gas emissions in the United States, emitting 86,244,286 metric tons of carbon dioxide equivalent in 2019. In 2005,
3348-499: The usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called
3410-449: Was acquired by True North Partners , which then formed First Solar, LLC . At the end of 2009, First Solar had surpassed an energy power production rate of 1 GW and was the largest producer of PV cells in the world. The company is headquartered in Tempe, Arizona and has manufacturing facilities in Perrysburg, Ohio , Kulim, Malaysia , Ho Chi Minh City, Vietnam and Chennai, India . In July 2010, First Solar formed
3472-673: Was incorporated in Delaware on November 9, 1945. It commenced operation in 1949, and moved to Georgia in 1950. In 1954–55, the company was involved in the Dixon-Yates contract with the Atomic Energy Commission , and the associated political controversy. In 1981, Southern Company became the first electric utility holding company in 46 years to diversify its operations by forming an unregulated subsidiary. In January 1982, Southern Energy, Inc., began official operations as
3534-466: Was laid off as a result of these actions, which were blamed on market volatility and reduced demand. Mark Widmar, the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable." On July 1, 2016, Mark Widmar was appointed CEO of First Solar. Previously he had been chief financial officer. Company founder and former CEO Mike Ahearn remains chairman of
3596-474: Was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as a matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of
3658-532: Was not real and made payments to public relations companies, industry groups, law firms and thinktanks to dispute the scientific consensus for climate change and attack legislative solutions. The utility paid $ 20 million to the trade group Edison Electric Institute, which creates media campaigns to attack proponents of global warming. In the 1990s, Southern Company and the Center for Energy and Economic Development hosted energy workshops broadcast to schoolteachers through
3720-776: Was renamed Southern Company Gas ). As a result of the AGL Resources merger, Southern Company doubled its customer base, expanded its footprint and broadened the scope of its business by increasing its natural gas presence. In September 2023, it was announced Southern Company's subsidiary, Southern Power had acquired the 200MW Millers Branch Solar Facility in Haskell County, Texas from EDF Renewables North America, for an undisclosed amount. Southern Company subsidiaries operate hydroelectric, gas, coal, and nuclear generation sources to generate approximately 200 terawatt-hours of electricity. In 2009, coal represented 57 percent of
3782-532: Was revealed that climate change denier Willie Soon had been paid by Southern Company and several other fossil fuel interest groups. Over the course of 14 years, Soon received a total of $ 1.25m from Southern Company, Exxon Mobil , the American Petroleum Institute (API) and a foundation run by the Koch brothers , the documents obtained by Greenpeace show. At $ 410,000, Southern Company was
SECTION 60
#17327805336763844-459: Was sued by Treetop Midstream Services over the cancellation of a contract to receive carbon dioxide from the Kemper Project as part of the carbon capture and storage design. Treetop had contracted to buy carbon dioxide from the Kemper plant and had built a pipeline in preparation to receive the gas. Treetop alleged Mississippi Power had fraudulently and "intentionally misrepresenting and concealing
#675324