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Southern Company Inks Deal for Wind Development Project
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Southern Power, a subsidiary of electric utility holding firm Southern Company (SO - Free Report) , reported that it has entered into a joint growth agreement with Renewable Energy Systems Americas Inc. As per the agreement, the duo will be responsible for the development of approximately 3,000 megawatts (MW) of power across 10 projects. The commercial operation dates for the project lie between 2018 and 2020. Additionally, Southern Power will be purchasing wind turbine equipment from both Siemens and Vestas for use at the above mentioned facilities.
Per the company, Southern Power will use the wind turbine equipment purchased from both Siemens and Vestas to secure current tax benefits for the identified projects. Renewable Energy Systems Americas will serve as the lead developer for the projects.
As of today, Southern Power has 35 solar, wind and biomass projects, including 11 solar projects in California. Since 2012, the parent – Southern Company – has acquired more than 4,000 MW of renewable energy projects.
Southern Company is one of the largest and best-managed electric utility holding companies in the U.S. The firm dominates the power business across the southeastern region.
Over the past one year, the Zacks categorized Utility Electric Power industry has registered an impressive growth of 5.7%. However, the Southern Company stock has underperformed the industry by registering growth of only 3.6%.
Currently, the utility carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
Suncor, on the other hand, delivered an average positive earnings surprise of 40.55% in the last four quarters.
In the last four quarters, CONE Midstream Partners posted an average positive earnings surprise of 14.68%.
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Southern Company Inks Deal for Wind Development Project
Southern Power, a subsidiary of electric utility holding firm Southern Company (SO - Free Report) , reported that it has entered into a joint growth agreement with Renewable Energy Systems Americas Inc. As per the agreement, the duo will be responsible for the development of approximately 3,000 megawatts (MW) of power across 10 projects. The commercial operation dates for the project lie between 2018 and 2020. Additionally, Southern Power will be purchasing wind turbine equipment from both Siemens and Vestas for use at the above mentioned facilities.
Per the company, Southern Power will use the wind turbine equipment purchased from both Siemens and Vestas to secure current tax benefits for the identified projects. Renewable Energy Systems Americas will serve as the lead developer for the projects.
As of today, Southern Power has 35 solar, wind and biomass projects, including 11 solar projects in California. Since 2012, the parent – Southern Company – has acquired more than 4,000 MW of renewable energy projects.
Southern Company is one of the largest and best-managed electric utility holding companies in the U.S. The firm dominates the power business across the southeastern region.
Over the past one year, the Zacks categorized Utility Electric Power industry has registered an impressive growth of 5.7%. However, the Southern Company stock has underperformed the industry by registering growth of only 3.6%.
Currently, the utility carries a Zacks Rank #3 (Hold), which implies that the stock will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players from the broader energy sector include Braskem S.A. (BAK - Free Report) , Suncor Energy (SU - Free Report) and CONE Midstream Partners LP . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Braskem posted an average positive earnings surprise of 105.5%.
Suncor, on the other hand, delivered an average positive earnings surprise of 40.55% in the last four quarters.
In the last four quarters, CONE Midstream Partners posted an average positive earnings surprise of 14.68%.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>