Southern's (SO) Subsidiary & U.S. Army Join Forces for EV Infra
The Southern Company's SO largest subsidiary, Georgia Power has joined forces with the U.S. Army Garrison Eisenhower, to expedite the expansion of electric vehicle (EV) charging infrastructure within the installation.
Under the utility privatization (UP) contract with Fort Eisenhower, Georgia Power assumes ownership, maintenance and management responsibilities for the EV infrastructure and charging program.The initial phase of this venture will entail the implementation of EV infrastructure at 14 key locations within Fort Eisenhower. The construction phase, with a total budget of $1.6 million, is slated to commence by the end of 2023.
This sizeable investment is embedded within the broader UP contract, positioning Georgia Power as the custodian of Fort Eisenhower's electric utility system. The acceleration of electric framework investments under this contract aims to cater to the evolving energy requirements of Fort Eisenhower while simultaneously curbing its carbon footprint.
Colonel Reginald K. Evans, U.S. Army Garrison Eisenhower Commander, expressed enthusiasm about the partnership, stating that building the EV infrastructure now allows Fort Eisenhower to get chargers in place ahead of government EV fleet growth expected in the near future.
The deployment of the new electric infrastructure promises benefits, including enhanced availability of EV charging stations to support government vehicles stationed at and entering Fort Eisenhower. This move aligns with broader sustainability goals, reducing reliance on fossil fuels and minimizing greenhouse gas emissions. It also complements the resiliency and decarbonization efforts of Department of Defense installations to meet the mandates of Executive Order 14057.
Zacks Rank and Key Picks
SO is an American utility firm that provides electricity to customers across the Southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. Currently, SO carries a Zacks Rank #3 (Hold).
Investors interested in the utility sector might look at some better-ranked stocks like Otter Tail OTTR, Consolidated Water CWCO and CenterPoint Energy, Inc. CNP. While Otter Tail sports a Zacks Rank #1 (Strong Buy) at present, Consolidated Water and CenterPoint Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Otter Tail is valued at around $3.18 billion. In the past year, its shares have risen 29.6%.
OTTR, a company primarily focused on electric energy production, transmission, distribution and sale, also operates in Health Services Operations and Diversified Operations through its subsidiaries.
Consolidated Water is worth approximately $583.92 million. It currently pays dividends of 38 cents per share or 1.02% on an annual basis.
CWCO develops and operates seawater desalination plants and water distribution systems in scarce or nonexistent water sources, targeting tourist properties. The company operates in Retail, Bulk, Services and Manufacturing segments.
CenterPoint Energy is worth approximately $18.03 billion. It currently pays dividends of 80 cents per share or 2.80% on an annual basis.
CNP, a domestic energy delivery company, provides electric transmission & distribution, natural gas distribution and competitive natural gas sales and services operations.
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Southern Company (The) (SO) : Free Stock Analysis Report
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