Dive Brief:
- Southern Co.'s utilities posted a 1.7% jump in “weather normalized” electric sales in the fourth quarter last year on a major increase in industrial sales, bringing total sales for the year up 0.4% over 2012.
- Looking ahead, Southern expects total sales to grow by 0.7% this year, driven by a 1.1% increase in industrial sales. The estimate is conservative, company officials said during a conference call with analysts.
- Electric sales are being depressed by flat income growth and not by energy efficiency programs, Art Beattie, Southern CFO, said.
Southern Co.
Dive Insight:
After a slow start last year, power sales took off in the second half, a trend Southern expects to carry over into this year. Company officials believe the Southeastern economy is improving, partly because foreign companies are opening operations to take advantage of relatively low power prices.
