Following the NRC approval, Southern Co.’s SO subsidiary Georgia Power is not ready to initiate fuel load at Vogtle Unit 3 and subsequently move to commercial operations, according to UBS.
The Southern Company Analyst: Ross Fowler upgraded the rating for Southern from Neutral to Buy, while raising the price target from $76 to $87.
The Southern Company Thesis: The company can now accelerate its fleet transformation to achieve its goal of net zero carbon emissions by 2050, Fowler said in the upgrade note.
“We expect both Vogtle units moving to in-service rate base will generate cash of $600-$700mln,” the analyst wrote.
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“The Vogtle risk premium in shares should wane,” Fowler stated. “As fleet transformation occurs, an additive premium to historical levels is likely, as a result of an improving ESG profile,” he added.
SO Price Action: Shares of Southern Company had risen by 1.67% to $78.55 at the time of publication Thursday.
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