Month: April 2024

Southern Company

Georgia Power declared today that Plant Vogtle Unit 4 has entered commercial operation and is now serving customers and the State of Georgia. The new unit, which can produce enough electricity to power an estimated 500,000 homes and businesses, will provide reliable, emissions-free energy to customers for at least 60 to 80 years. Vogtle Unit 3 entered commercial operation on July 31, 2023. (read more)

With all four units now in operation, Plant Vogtle is the largest generator of clean energy in the nation, expected to produce more than 30 million megawatt hours of electricity each year. The plant is operated by Southern Nuclear on behalf of the co-owners including Georgia Power, Oglethorpe Power, MEAG Power and Dalton Utilities. Nuclear energy is the only zero-emission baseload energy source available today – offering high reliability and efficient operations around the clock – and, for 2023, provided more than 25% of Georgia Power’s generation, including Plant Vogtle and Plant Hatch in Baxley, Georgia.

The construction of Vogtle 3 & 4 was originally approved by the Georgia Public Service Commission (PSC) as part of the continuous Integrated Resource Plan process. This regulatory process includes robust analysis and discussion of the company’s plan, typically filed every three years, outlining how it will continue delivering clean, safe, reliable and affordable energy for millions of customers over a 20-year planning horizon. In addition to the Vogtle expansion, this process has helped bring thousands of megawatts of new renewable energy to Georgia in recent years, as well as new technologies such as battery energy storage systems.

“It’s an exciting time to be a Georgian as our state continues to grow and thrive, with new demand for more clean energy each year. The new Vogtle units are a key piece of our strategy to meet the energy needs of our customers not only tomorrow, but 20 years from now,” said Kim Greene, chairman, president and CEO of Georgia Power. “As we mark the completion of the Vogtle 3 & 4 expansion, we’re grateful for the leadership and foresight of the Georgia PSC, as well as the steadfast dedication from all of the project’s co-owners. I’m also so proud of the teams who have worked tirelessly to deliver the first newly constructed nuclear units in the U.S. in more than 30 years – representing a long-term investment that will benefit our customers and the state of Georgia for decades to come.”

In addition to providing a new source of clean, reliable energy for Georgia, the construction of the new units at Plant Vogtle has provided billions of dollars of positive economic impact for Georgia and local communities. In addition to the 800 permanent jobs created by the new units, the site employed more than 9,000 onsite jobs at the peak of construction including engineers, welders, electricians, pipefitters, plumbers and many more.

“The completion of the expansion of the Vogtle nuclear generation plant to include Unit 3 and now Unit 4 is a hallmark achievement for Southern Company, the state of Georgia and the entire United States,” said Chris Womack, chairman, president and CEO of Southern Company. “Working with our partners across government, industry, labor and beyond, we have added new nuclear generation to the diverse energy resources that enhance the reliability, resiliency and affordability of our system as we work to achieve our goal to be net zero by 2050. These new Vogtle units not only will support the economy within our communities now and in the future, they demonstrate our global nuclear leadership.”

Learn more about Vogtle 3 & 4.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the expected service life for Plant Vogtle Unit 3 & 4. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the inherent risks involved in operating and constructing nuclear generating facilities; the direct or indirect effect on Georgia Power’s business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars or other similar occurrences; and the direct or indirect effects on Georgia Power’s business resulting from incidents affecting the U.S. electric grid or operation of generating or storage resources. Georgia Power expressly disclaims any obligation to update any forward-looking information.

Originally published in Northwestern Mutual 2023 Sustainability and Social Impact Report Executive Summary

At Northwestern Mutual, every aspect of our business centers on doing what’s right for our employees, financial advisors and representatives, clients, and the communities we serve – delivering the business results our stakeholders expect today and building a better tomorrow. 

As a 167-year-old company that takes a long-term approach to managing our business, we integrate sustainability principles and social impact practices into our strategy to consistently generate long-term value, growth and positive societal impact. Our commitment to sustainability, social impact and sound governance is one more way we live our mutual values, driving positive, lasting outcomes for generations to come.

Delivering Financial Security and Expanding Financial Access 

Our company is in the business of doing good; we exist to improve lives through financial security, so people can live the life they want both today and tomorrow.

One way we honor this commitment is by investing in expanding financial access to help reduce the wealth gap in underserved communities. We’re taking bold steps to increase financial knowledge, improve access to capital for small businesses and advance the ability to build generational wealth. 

$20M goal each for investing in women and African American/Black entrepreneurs through Northwestern Mutual Future Ventures $175M Impact Investment Fund to increase access to capital for entrepreneurs in underserved communities, locally and nationally 30 entrepreneurs from a diversity of backgrounds supported in 18 communities nationwide since 2021 through the Northwestern Mutual Black Founder Accelerator® program

Investing in Our Communities 

We invest in transformational and sustainable community outcomes that improve lives.

Through the Northwestern Mutual Foundation, we invest in the future to drive better outcomes where our people and our clients live and work. That includes advancing childhood cancer research nationally, and in Milwaukee, expanding access to quality education, revitalizing underserved neighborhoods and making cultural attractions even more inclusive. 

$50M+ donated to fight childhood cancer and support children and families since 2012 $60M+ invested in Milwaukee-area students over 25+ years 4,600+ students mentored by Northwestern Mutual employees in 2023 $3.5M dedicated in 2023 to help residents in underserved communities become homeowners

Strengthening Our Culture of Belonging 

Our unique corporate culture enables everyone’s success, making Northwestern Mutual an employer and workplace of choice.

Employing diversity and inclusion as a growth strategy is critical to relevance, competitiveness and long-term policyowner value. We’re committed to creating community through inclusion, building a diverse talent pipeline and empowering employees to develop their full potential. 

30% of our corporate employees are people of color—the highest percentage in company history ~50% of employees across our corporate offices are women 3,000+ employees participate across eight award-winning Employee Resource Groups 1,800 financial advisors, representatives, teams and allies participated in our 2023 Multicultural and Women’s Affinity Summits 83% of employees say managers understand their professional goals

Reducing Our Environmental Impact 

We ensure our actions and investments demonstrate commitment to people and planet.

We manage our day-to-day facility operations to reduce our climate impact through energy efficiency, water conservation, waste management and a continued focus on our carbon footprint. Our commitment to sustainability carries through to the design of our spaces, our investment strategy and the investment products we offer consumers. 

75% of construction waste from our updated North Office Building to be diverted from landfills 40%+ of corporate office space LEED Gold certified $24.8B in socially and environmentally responsible investments without compromising returns 34,000 square feet of rooftop plantings divert 500,000+ gallons of stormwater runoff a year

Earning Trust Through Corporate Governance and Accountability 

We operate ethically, honestly and transparently to safeguard our policyowners and clients

Trust is Northwestern Mutual’s most valued currency. Our governance and accountability policies and reporting practices are designed to maintain that trust, promoting ethical operation and safeguarding client assets, privacy and data. We also file an annual Task Force on ClimateRelated Financial Disclosures (TCFD) report. 

HIGHEST RATINGS for financial strength from A.M. Best, Fitch, Moody’s, and S&P1 5M+ Americans served $7.3B in record-setting dividends to policyowners expected in 2024

Learn more about Northwestern Mutual’s commitment and impact. Get the 2023 Sustainability and Social Impact Report.
 

1. Among U.S. life insurers. Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company, as of the most recent review and report by each rating agency. Ratings as of: 11/23 (Moody’s Investors Service) Aaa (highest), 08/23 (AM Best Company) A++(highest), 08/23 (Fitch Ratings) AAA (highest), 05/23 (S&P Global Ratings) AA+ (second highest) Ratings are subject to change. 

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM.

By Allison Aicher 

Regions Bank associates gathered in early 2024 to celebrate the Year of the Dragon at the Lunar New Year event, hosted by the Atlanta Diversity, Equity and Inclusion Network.

Regions has established a growing number of Diversity, Equity and Inclusion (DEI) Networks for associates throughout the bank’s geographic footprint, The associate-led networks strive to create a workplace where everyone can thrive, supporting associate development through interactive programming, workshops and the availability of network leaders.

This is the 11th year that Regions associates have gathered to learn more about the Lunar New Year and share the favorite traditions and cultures of those who celebrate every year. Atlanta associates gathered for an in-person lunch with treats and a photo booth before a companywide virtual event was held.

Approximately 55 people joined in person while the virtual event reached over 600 associates.

“We started this event 11 years ago, then took it virtual during COVID,” says Consumer Credit Risk Executive Tom Bloetscher, who serves as executive sponsor for the event. “It’s amazing to see what it has grown into and how it gets better and better each year.”

Vivian Xiong has led the planning on this event for 11 years, along with a team of her colleagues from Data and Analytics and Consumer Credit Risk, and with support from the Atlanta DEI Workplace subcommittee. Approximately 55 people joined in person while the virtual event reached over 600 associates. Associates had a lively chat during the event, making this an incredibly interactive time for remote and in-person attendees.

Associates learned fun facts about Lunar New Year traditions, and how the representation of dragons in American culture differs from Asian cultures. Sasha Li and Xiang Li gave presentations highlighting the delicious foods eaten throughout the holiday throughout Asia. Associates learned the difference in the solar and lunar calendars as well as what predictions 2024 held for the different animal signs of the lunar zodiac. Henry Wu even gave a quick martial arts lesson! The event ended with a compilation video from previous Regions associates wishing everyone a Happy Lunar New Year. It really tied it all together in how we are all one Regions family and life is so much brighter when we support one another.

Regions DEI Areas of Impact

Diversity, equity and inclusion activities at Regions are focused on three areas of impact: workforce, workplace and marketplace.

Workforce: We view diversity as a competitive advantage that enhances business performance and generates innovative solutions by fostering a broader range of perspectives and ideas.

Workplace: We create and maintain a work environment that is inclusive, and where associates are encouraged to collaborate across differences.

Marketplace: We leverage DEI and social responsibility focus to strengthen our relationships with communities, clients, customers and external stakeholders.