Birmingham-based HData and Southern Co. are working together on an artificial intelligence-related endeavor.
HData, a regtech company and TechStars graduate, and Southern Co. recently unveiled the launch of a pilot program of HData's AI platform. The program is 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 Co. subsidiaries Alabama Power, Georgia Power, Mississippi Power and Southern Co. Gas will be the first electric and gas utilities to use the AI-based software, according to a release, which will enable them to monitor compliance and risks across jurisdictions.
Regulatory AI transforms millions of Federal Energy Regulatory Commission Forms 1, 2, 6 and EIA data points into more easily digestible pieces of financial information, streamlining required regulatory filings and providing insights to multiple departments within the utility. Users with varying levels of expertise can access custom or pre-defined metrics and visualizations.
"Our platform is designed to empower energy companies like Southern Co. and its subsidiary utilities to make data-driven decisions by simplifying the complex processes involved in managing regulatory data," said Hudson Hollister, founder and CEO of HData.
Regulatory AI, according to a news release from HData, offers AI-powered analysis, risk management and energy strategy. 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," said Southern Co. Senior Vice President of Customer Solutions Hank Adams. "We are eager to see how employees across Southern leverage the platform and incorporate more data-driven decisions."
By embracing regulatory AI, leaders at Southern Co. hope to transform its approach to navigating the regulatory landscape.
