Southern Company (SO) Expands $76 Billion Capital Plan Amid Rising Data Center Power Demand

We recently published 11 Most Profitable Utility Stocks to Buy According to Hedge Funds. The Southern Company (NYSE:SO) is one of these profitable utility stocks.

The Southern Company (NYSE:SO) stands fifth among the most profitable stocks. It is a leading U.S. utility based in Atlanta and serves over 9 million customers across the Southeast through its electric, natural gas, and energy solutions businesses. It operates eight nuclear units, including the newly completed Vogtle Units 3 and 4, the first new U.S. commercial nuclear units in roughly 30 years.

In Q2 2025, The Southern Company (NYSE:SO) increased its five-year base capital plan by $13 billion to $76 billion following approval of Georgia Power’s 2025 Integrated Resource Plan, which includes about 10 GW of new generation requests under review. The business also sees potential for up to $5 billion in additional capital investments through 2029, including gas pipeline expansions.

A major regulatory milestone is Georgia Power’s extended alternate rate plan, approved through early 2028, which removes the need for a 2025 base rate case and provides rate stability. This predictable environment supports large-scale investments while maintaining customer affordability.

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The Southern Company (NYSE:SO) is also positioned to benefit from surging electricity demand, particularly from hyperscale data centers and industrial growth, with a pipeline exceeding 50 GW of potential new load. The corporation targets 5%–7% annual EPS growth through 2029, supported by disciplined capital deployment, regulatory certainty, and long-term customer contracts.

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