BIRMINGHAM, Ala., June 6, 2023 — HData, an innovative RegTech company and TechStars graduate, and Southern Company, a leading energy provider, today announced the launch of a pilot program to HData's unique artificial intelligence-based platform for managing regulatory data at electric and gas utilities. The pilot will explore the benefits of Regulatory AI in key subject areas that support departments such as Regulatory Accounting, Accounting, Finance, and Treasury.
Southern Company subsidiaries Alabama Power, Georgia Power, Mississippi Power, and Southern Company Gas will be the first electric and gas utilities to utilize this revolutionary AI-based software, which will enable these companies to monitor compliance and risks across jurisdictions with confidence and ease.
Regulatory AI rapidly transforms millions of Federal Energy Regulatory Commission (FERC) Forms 1, 2, 6 and EIA (Energy Information Administration) data points into digestible pieces of financial information, streamlining required regulatory filings and providing valuable insights to multiple departments within the utility. Users with varying levels of expertise can quickly solve complex problems through custom or pre-defined metrics and visualizations.
"Our platform is designed to empower energy companies like Southern Company and its subsidiary utilities to make data-driven decisions by simplifying the complex processes involved in managing regulatory data," explained Hudson Hollister, founder and CEO of HData. "We're excited to work with Southern Company to explore the potential of our platform."
Key benefits of Regulatory AI include:
- AI-Powered Analysis: Complex regulations and compliance requirements are deciphered through the power of artificial intelligence.
- Proactive Risk Management: Compliance and risks across different jurisdictions are monitored, ensuring organizations stay ahead of potential issues.
- Optimized Energy Strategy: Data-driven decisions enable the optimization of energy strategy, reducing costs and increasing efficiency.
The pilot program aims to assess the feasibility and benefits of implementing HData's platform for Regulatory Accounting, Accounting, Finance, and Treasury departments.
"HData's platform offers a promising solution to be more efficient and proactive, which is beneficial to our customers and business operations," commented Senior Vice President of Customer Solutions for Southern Company, Hank Adams. "We are eager to see how employees across Southern leverage the platform and incorporate more data-driven decisions."
By embracing Regulatory AI, Southern Company aims to transform its approach to navigating the regulatory landscape, making it easier, faster and more efficient than ever before.
Learn more about the new HData Regulatory AI offering here.
HData is a software company that makes life easier for energy companies and their regulators. We do this by automating critical comparative analytics for instant insight and improved decision making. We also automated Federal filings, built the first energy regulatory app marketplace, and pioneered Regulatory AI. For more information, visit www.hdata.us.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy distribution company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers' and communities' needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit www.southerncompany.com.