Southern Co. Reports Retail Natural Gas Customer Growth Versus September (SouthStar)

February 19, 2020

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Reporting by Paul Ring • ring@energychoicematters.com

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Southern Co., the ultimate parent of Southstar Energy Services and related brands, reported a higher retail competitive natural gas customer count in its Gas Marketing Services segment versus September 30, 2019, in reporting fourth quarter and full year 2019 earnings

As of December 31, 2019, Southern's Gas Marketing Services segment was serving 630,682 customers, versus about 611,000 customers as of September 30, 2019, and 697,384 as of December 31, 2018. The customer count as of December 31, 2018 had included approximately 70,000 customers in Ohio contracted through an annual auction process to serve for 12 months beginning April 1, 2018.

Southern's Gas Marketing Services' market share of energy customers in Georgia was 28.9% as of December 31, 2019, versus 28.5% as of Sept. 30, 2019 and 29.0% a year ago

The Gas Marketing Services segment reported the following volumes for the full year 2019, versus 2018:

Gas Sales Volumes
 (mmBtu in millions)

             2019   2018
Firm:      
   Georgia    33     37 
   Illinois   12     13 
   Other      15     20 

Interruptible large commercial 
   and industrial 
              14     14 
 
Total         74     84 

The Gas Marketing Services reported Adjusted Operating Margin of $234 million for the year 2019, versus $263 million a year ago

The Gas Marketing Services reported net income of $83 million for the year 2019, versus a net loss of $40 million a year ago. This increase primarily relates to a $122 million decrease in operating expenses and a $27 million decrease in income tax expense, partially offset by the $29 million decrease in adjusted operating margin

The Gas Marketing Services reported operating revenues of $456 million for the year 2019, versus $568 million a year ago

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