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The Southern Company (NYSE:SO) is one of the utility stocks riding the 2026 “Reliability Shock.”
On April 30, 2026, The Southern Company (NYSE:SO) reported first-quarter results showing how quickly data-center load is becoming part of its growth story. The company said adjusted earnings rose to $1.32 per share from $1.23 a year earlier, while operating revenue increased 8.0% to $8.4 billion. Reuters said Southern beat first-quarter profit estimates as higher power demand lifted results, with commercial kilowatt-hour sales up 4.2% and industrial sales up 1.5%.
High-voltage power lines. Electricity distribution station. high voltage electric transmission tower. Distribution electric substation with power lines and transformers.
The data center detail makes the story more directly tied to reliability demand. Utility Dive reported on May 1 that data centers used 42% more power across Southern’s utilities than in the first quarter of 2025, while the company had 28 large-load projects totaling 11 GW under contract. That follows Southern’s February update, when Reuters reported that the company lifted its 2026-2030 capital spending plan to about $81 billion and had contracted 10 GW of large-load customers, including Google, Meta, Microsoft, and Compass Datacenters.
The Southern Company (NYSE:SO) is an Atlanta-based utility holding company serving electric and natural gas customers across the Southeast and beyond.
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