Tag Archives: Thomas A. Fanning

SO CEO Fanning: Policy, jobs, and the economy plus fracking

You may have wondered, how was Southern Company (SO) CEO Thomas A. Fanning so ready and able to respond at length to any question at the SO shareholder meeting? Because he’s a class A CEO who does his homework, such as this white paper he wrote dated September 2011: American Energy Policy, Jobs and the Economy, in which he explains what he meant by “the revolution we have seen in the shale gas industry”.

So, natural gas is important, but it’s not a panacea. Here’s why.

First, the reason prices have dropped so far is because of a new technology called fracking, which releases natural gas from so-called tight rock formations, such as shale gas. Fracking is the injection of chemicals underground, which have the effect of fracturing the rock deposits, thereby releasing the natural gas. There are environmental concerns around the chemicals associated with the fracking process. Those concerns have to be resolved.

Those concerns range from polluted groundwater to earthquakes. It’s great that SO is turning away from coal. I don’t think it’s so great to trade dirty air from coal for dirty water and earthquakes from fracking.

Secondly, many of these shale gas deposits are in places where there is no sufficient pipeline infrastructure necessary to move the gas to the places it’s needed to generate the electricity. Pipelines will have to be built. It will take time. We need to resolve that issue, too.

Meanwhile, rooftop solar Continue reading →

The solar train is leaving the station, but the nuclear buggywhip is in the way

The president of the Georgia Solar Energy Association Solar Energy Industries Association says the solar train is leaving the station nationwide, but Georgia remains enmeshed in tangled legislation. We could have changed that last year with SB 401 if Georgia Power and Southern Company’s vested interested in new nuclear plants at Plant Vogtle hadn’t gotten in the way. We can change it next year with a similar or better law. The time to contact your Georgia legislator or candidate is now, while election season is on.

Update 14 June 2012: Fixed Rhone Resch employment attribution.

Rhone Resch wrote for the Saporta Report, 3 June 2012, It’s time to put solar to work in Georgia

There are now more than 100,000 Americans employed at over 5,600 solar businesses in all 50 states. Many of these are small businesses that have been hit hard by the recession, but they are finding new opportunity for growth in the solar industry.

In Georgia, there are more than 80 companies in the solar value chain including Suniva, MAGE Solar, Inc. and Enfinity Corporation. I will be joining representatives of each of these fine companies — and many others — at the Southern Solar Summit on June 15 in the Georgia Tech Research Institute Conference Center in Midtown Atlanta to talk about the strides solar is making, and what remains to be done.

These companies are leading rapid innovation — across the entire value chain, from manufacturing improvements to new financing and sales mechanisms, that are allowing more and more Americans to go solar.

He points out that more solar was installed in 2011 than the total installed in 2008 and 2009, which shows that Moore’s Law continues to work for solar: the price per watt continues to go down, causing demand to go up. He projects forward:

The U.S. is on pace to install nearly 3,200 megawatts of new solar capacity this year with an annual growth rate of 30 percent through 2016.

At that rate, the United States would add more than 25,000 megawatts of new solar capacity between now and 2016. That is roughly the size of 25 coal-fired power plants and represents a significant opportunity for states that aggressively move to obtain a share of this exponentially growing market.

Hm, at Plant Vogtle the operating nuclear reactors produce about 2,430 megawatts and the two new ones under construction are supposed to produce about 2,200 megawatts. So that 25 gigawatts of new solar capacity by 2016 would be about 20 nuclear plants, a number that may be familiar from what Germany has already deployed. Somebody remind me again: why are we building any new nukes? How about if we end the nuke boondoggle and get on with clean green jobs for community and profit?

Rhone Resch says what Georgia can do:

Continue reading →

Videos of Shareholder Questions to Southern Company @ SO 2012-05-23

Slides and sound for Southern Company (SO) CEO Thomas A. Fanning’s main presentation at the 23 May 2012 SO shareholder meeting are available from SO on their website. SO doesn’t seem to have posted videos yet, although they had professional video equipment in use, and I was told just after the event that their videos would be on the web later that same day.

These items have already been blogged about this meeting:

I missed at least one questioner: Colleen Kiernan, Director of the Georgia Sierra Club. I plead unfamiliar cameras. Maybe soon SO will publish its own videos. SO was using a camera in front of the questioners, so you should be able to see them better.

Related blog posts:

Many more blog posts are in the nuclear category in the blog.

Here’s a video playlist for the 23 May 2012 SO shareholder meeting:

Videos of Shareholder Questions to Southern Company
Shareholder Meeting, Southern Company (SO),
Callaway Gardens, Pine Mountain, Georgia, 23 May 2012.
Video by John S. Quarterman for Lowndes Area Knowledge Exchange (LAKE).

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Shareholder Questions to Southern Company

Nuclear is our only emissionless technology, said Southern Company (SO) CEO Thomas A. Fanning. That would indicate that solar and wind have emissions. I assume he just mis-spoke in his otherwise masterful responses (often not answers) to shareholder questions.

Slides and sound for CEO Fanning’s main presentation are available on SO’s website. He indicated SO is unmatched in a combination of financial aspects, including dividends that have steadily increased year after year, and especially investment stability. He neglected to mention that much of those dividends are made possible by Georgia Power’s guaranteed profit margins. He did find time to oppose big government regulation, which is ironic, since Southern Company is a big beneficiary of Georgia’s numerous regulations benefitting Georgia Power. He also bragged about the Georgia legislature passing the “Energy Rate Increases to Finance Nuclear Power Plant Construction”.

During the Q&A session, I congratulated CEO Fanning on his 62% compensation raise last year, and noted that Georgia Power customers also got a raise, Continue reading →

Southern Company committed to communities, renewable energy, energy efficiency

Thomas A. Fanning, chairman, president and CEO of Southern Company, says his company is committed to communities, renewable energy, and energy efficiency. So helping finance municipal refitting and solar projects should be a natural for Southern Company!

According to PR from Southern Company, 25 May 2011, Southern Company Holds Annual Meeting of Shareholders

Fanning also emphasized a continued commitment to the communities the company serves and stressed the need for a national energy policy and a robust research and development initiative.

“Southern Company keeps customers at the center of every decision we make,” said Fanning. “We remain committed to providing reliable, affordable energy for our customers and to do that we need to maintain a diverse fuel mix as well as stay focused on developing the newest technologies.”

Referencing a diverse fuel mix, Fanning highlighted the company’s commitment to nuclear energy, including building the nation’s first new units in 30 years. He also discussed the importance of preserving coal – America’s most abundant energy resource – as well as the role of natural gas, renewable energy and energy efficiency in meeting its customers energy needs.

“Furthermore, we are the only company in the industry that is doing it all. We’ve committed more than $20 billion to these efforts,” Fanning said.

Sure, he listed renewable energy and energy efficiency last. But this is the same Thomas A. Fanning who said in May that he’s “bullish” on solar. The same CEO of the parent company of Georgia Power, which just connected a 300 kiloWatt solar plant in Lowndes County. The same CEO who’s being nagged by the Georgia PSC chairman “to come up with options in the next 30 days for expanding the tiny amount of electricity generated from solar power.” And a company that spends more than $20 billion on new energy projects can afford a few tens of millions for community refitting and solar.

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