Is the $43 Billion Growth Plan Just the Beginning for This High-Yield Dividend Stock?

The Southern Company (NYSE: SO) provides natural gas and electricity to customers across several Southeastern U.S. states. It is a fairly uneventful utility with a reasonably attractive dividend yield of around 4.1%, notably better than the average utility's yield of around 3.6%, using Vanguard Utilities Index ETF (NYSEMKT: VPU) as a proxy. The biggest selling point today is growth, but that needs a bit of an explanation.

Southern's dividend has been increased annually for 22 consecutive years. This is actually more impressive than it may sound at first, given the headwinds the utility faced over that span. From an external view, there was the coronavirus pandemic and the Great Recession. Internally, the company was building two nuclear power plants, collectively known as the Vogtle Project, that were badly delayed and way over budget. So, keeping the dividend streak going despite facing multiple adverse situations shouldn't be ignored.