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Latest News

Jefferson County, Alabama to file for largest municipal bankruptcy

Alabama's Jefferson County is set to file for the largest municipal bankruptcy in U.S. history after commissioners failed to approve a settlement on the county's billions in debts. 
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Southern Co.'s Tom Fanning bets big on nukes

"Sleepy" hasn't been the right word for the electric utility industry in many years, but the business has felt particularly strong zaps lately. The Japanese earthquake and tsunami rewrote the future of nuclear power, which had been in the midst of a renaissance. The Environmental Protection Agency wants to impose the most stringent emissions rules the industry has ever faced. And the rapid development of shale gas in the U.S. could revolutionize electrical generation. These are tense times for any utility -- especially one like Southern Co., which is building a major new nuclear power plant near Augusta, Ga., and generates most of its electricity by burning coal. Running the enterprise since last December has been Tom Fanning, 54, who joined the company right out of Georgia Tech. He's well prepared: Among his 14 previous jobs at the company have been CFO, CIO, strategy chief, and CEO of one of Southern's operating companies, Gulf Power. It helps that Southern is the world's most admired utility (tied with NextEra Energy in Fortune's latest ranking) and by far the most valuable utility in America. Fanning talked recently with Fortune's Geoff Colvin about nuclear power's future (bright), the smart grid (smart), those proposed new EPA rules (impossible), and much else.