Thread by @BizWriterKristi

Good morning from Southern’s annual shareholders meeting, which is also Tom Fanning’s last as CEO

“I’m going to be your CEO for the next 15 minutes,” he said

Fanning: we’re at 90 percent power today at #Vogtle

The first reactor will reach 100 percent next week, he said.

100 percent. Next week. Been a long damn time coming

#Gapol #gapsc

Southern’s board unanimously chose Chris Womack to be the company’s CEO, Fanning said

Fanning told me - in 2019 - that he had given the board names of people who he thought would be good to succeed him and then said the final decision would be up to the board

Safety briefing - asked for anyone w/CPR training to raise your hand. Proud to raise mine
That’s a non-energy/journalism tweet. Learn CPR, people. It is critical. Look, it may not work …but learn it so you can help someone. You will be a hero in the eyes of that person’s family

At the business portion of the meeting - shareholder proposals from, “As you Sow”
This one involves Scope 3 GHG emissions

Fanning: As you Sow has been a great friend to the company over the years

Fanning compliments someone’s hat, which says: Make Earth cool again

(That must be the red ball cap I saw earlier)

The business meeting is over.
Chris Womack is now officially the CEO of Southern

Womack says he is humbled and always remembers his background

He’s taking a moment to explain Fanning’s business strategy/legacy as part of his official CEO report

Oh man, Womack reminded us of one of the “Fanning-isms” — calling the audience “sports fans”

I had forgotten about that one

Others are: you can’t keep the waves off the beach; birds of prey; skate to where the puck will be (ok, he borrowed that last one from Gretsky)

Womack doing a rundown of fleet transition, saying generation/fuel choice is based on economics

Or, as I say: utilities don’t add renewables because they are nice people; they do so if it makes economic sense

Womack on Southern’s commitment to equity: this never ends

Fanning’s phrase: make, move and sell electricity

Womack just said: make, move and SERVE energy

That’s not a misstatement- it’s also in print on the giant screen here

Welcome to the Womack era

Fanning has rejoined Womack on stage

By the sheer nature of his personality, Fanning has taken over again - reminding shareholders of the company’s accomplishments

Womack quietly stands back (major confidence move)

The interaction between the two executives is fascinating

Womack: last question. What’s your “old man” advice

Fanning: ok, I want to keep this (answer short)

Womack: really?

Q&A from audience

Womack says we’re ending at noon

Fanning: we’re gonna try to end at noon

🤦🏽‍♀️

Wasn’t going to tweet out every question, but this one grinds my gears - shareholder pointing out that the company’s on-bill financing program (energy efficiency) is a “cost” program for the company, not a savings one …

I think it’s clear that I don’t pull any punches with Southern.

But for the love of Durga, the chief reason that electric companies don’t like EE (despite what they say) is because they don’t make money off of those programs. EE means they sell less of their product …

So to even GET a utility at the table to consider an innovative EE program is something

Fanning and Womack say the company will share in the cost of #Vogtle

There are a lot of nuances that come with the word “share,” in this case

Also - adding to the announcement that the first reactor will be at 100 percent electricity by next week - Womack says it will reach commercial operation by the end of June

The difference is on paper (ie, in accounting). 100 % electricity means that literally…

… commercial operation is a regulatory and accounting term.

Reaching commercial operation is required before the company can start recouping costs from customers

Fanning took issue with a shareholder talking about “mistakes” at #Vogtle

Ok. There was: a lawsuit over the quality of dirt; rebar that wasn’t bent in the right way; documents that missed signatures

To error is human. There were mistakes. (They were corrected, to be sure)

As this wraps, other q’s were about: GHG emissions; coal ash; renewables; market reform; CCS; IRA/tax incentives; legacy; future

Fanning is typical 100% charisma as he answers questions
Womack is all business and did not come to play

No right or wrong; just different styles