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  4. [10-Q] SOUTHERN CO Quarterly Earnings Report

[10-Q] SOUTHERN CO Quarterly Earnings Report

Filing Impact
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Filing Sentiment
(Neutral)
Form Type
10-Q
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    Table of Contents                                Index to Financial Statements
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to            
Commission
File Number		Registrant,
State of Incorporation,
Address and Telephone Number		I.R.S. Employer
Identification No.
1-3526The Southern Company58-0690070
(A Delaware Corporation)
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, Georgia 30308
(404) 506-5000
1-3164Alabama Power Company63-0004250
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35203
(205) 257-1000
1-6468Georgia Power Company58-0257110
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
001-11229Mississippi Power Company64-0205820
(A Mississippi Corporation)
2992 West Beach Boulevard
Gulfport, Mississippi 39501
(228) 864-1211
001-37803Southern Power Company58-2598670
(A Delaware Corporation)
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, Georgia 30308
(404) 506-5000
1-14174Southern Company Gas58-2210952
(A Georgia Corporation)
Ten Peachtree Place, N.E.
Atlanta, Georgia 30309
(404) 584-4000

    Table of Contents                                Index to Financial Statements
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of Each ClassTrading
Symbol(s)		Name of Each Exchange
on Which Registered
The Southern CompanyCommon Stock, par value $5 per shareSONew York Stock Exchange
(NYSE)
The Southern CompanySeries 2017B 5.25% Junior Subordinated Notes due 2077SOJCNYSE
The Southern CompanySeries 2020A 4.95% Junior Subordinated Notes due 2080SOJDNYSE
The Southern CompanySeries 2020C 4.20% Junior Subordinated Notes due 2060SOJENYSE
The Southern CompanySeries 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081SO 81NYSE
The Southern Company
Series 2025A 6.50% Junior Subordinated Notes due 2085
SOJF
NYSE
Georgia Power CompanySeries 2017A 5.00% Junior Subordinated Notes due 2077GPJANYSE
Southern Power CompanySeries 2016B 1.850% Senior Notes due 2026SO/26ANYSE
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
RegistrantLarge Accelerated FilerAccelerated
Filer		Non-accelerated FilerSmaller
Reporting
Company		Emerging
Growth
Company
The Southern CompanyX
Alabama Power CompanyX
Georgia Power CompanyX
Mississippi Power CompanyX
Southern Power CompanyX
Southern Company GasX
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ (Response applicable to all registrants.)
RegistrantDescription of Common Stock
Shares Outstanding at
September 30, 2025
The Southern CompanyPar Value $5 Per Share1,101,104,843 
Alabama Power CompanyPar Value $40 Per Share30,537,500 
Georgia Power CompanyWithout Par Value9,261,500 
Mississippi Power CompanyWithout Par Value1,121,000 
Southern Power CompanyPar Value $0.01 Per Share1,000 
Southern Company GasPar Value $0.01 Per Share100 
This combined Form 10-Q is separately filed by The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.
2
    Table of Contents                                Index to Financial Statements
TABLE OF CONTENTS
  Page
Definitions
4
Cautionary Statement Regarding Forward-Looking Information
7
PART I—FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
9
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
97
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
150
Item 4.
Controls and Procedures
150
PART II—OTHER INFORMATION
Item 1.
Legal Proceedings
151
Item 1A.
Risk Factors
151
Item 2.Unregistered Sales of Equity Securities and Use of ProceedsInapplicable
Item 3.Defaults Upon Senior SecuritiesInapplicable
Item 4.Mine Safety DisclosuresInapplicable
Item 5.
Other Information
151
Item 6.
Exhibits
151
Signatures
155
3
    Table of Contents                                Index to Financial Statements

DEFINITIONS
TermMeaning
2022 ARPAlternate Rate Plan approved by the Georgia PSC in 2022 for Georgia Power for the years 2023 through 2025
2023 IRP Update
Georgia Power's updated IRP filed in 2023 and approved by the Georgia PSC in April 2024 as modified by a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors
2024 ELG Rule
Final rule published by the EPA in May 2024 revising the steam effluent guidelines
2024 GHG Rules
Final rules published by the EPA in May 2024 for existing fossil fuel-fired steam electric generating units and new fossil fuel-fired combustion turbines and combined cycle generation facilities
2024 Legacy Rule
Final rule published by the EPA in May 2024 related to legacy surface impoundments and CCR management units
AFUDCAllowance for funds used during construction
AGL Services Company
AGL Services Company, Inc., the Southern Company Gas system service company and a wholly-owned subsidiary of Southern Company Gas
Alabama PowerAlabama Power Company
AROAsset retirement obligation
Atlanta Gas LightAtlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas
CAMT
Corporate alternative minimum tax
CCRCoal combustion residuals
CCR RuleDisposal of Coal Combustion Residuals from Electric Utilities final rule published by the EPA in 2015
Chattanooga GasChattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas
Clean Air ActClean Air Act Amendments of 1990
COD
Commercial operation date
CODM
Chief operating decision maker
CWIPConstruction work in progress
Dalton
City of Dalton, Georgia, an incorporated municipality in the state of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners
Dalton PipelineA pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest
DOEU.S. Department of Energy
ECCRGeorgia Power's Environmental Compliance Cost Recovery tariff
ECO PlanMississippi Power's environmental compliance overview plan
ELGEffluent limitations guidelines
EPAU.S. Environmental Protection Agency
FCCFederal Communications Commission
FERCFederal Energy Regulatory Commission
FFBFederal Financing Bank
FitchFitch Ratings, Inc.
FP&L
Florida Power and Light Company
Form 10-K
Annual Report on Form 10-K of Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas for the year ended December 31, 2024, as applicable
GAAPU.S. generally accepted accounting principles
Georgia PowerGeorgia Power Company
GHGGreenhouse gas
Heating Degree DaysA measure of weather, calculated when the average daily temperatures are less than 65 degrees Fahrenheit
Heating SeasonThe period from November through March when Southern Company Gas' natural gas usage and operating revenues are generally higher
HLBVHypothetical liquidation at book value
4
    Table of Contents                                Index to Financial Statements

DEFINITIONS
(continued)
TermMeaning
IGCCIntegrated coal gasification combined cycle, the technology originally approved for Mississippi Power's Kemper County energy facility
IICIntercompany Interchange Contract
Internal Revenue Code
Internal Revenue Code of 1986, as amended
IRPIntegrated resource plan
IRS
Internal Revenue Service
ITCInvestment tax credit
KWHKilowatt-hour
LIFOLast-in, first-out
LTSALong-term service agreement
MEAG PowerMunicipal Electric Authority of Georgia
Mississippi PowerMississippi Power Company
mmBtuMillion British thermal units
Moody'sMoody's Investors Service, Inc.
MRAMunicipal and Rural Associations
MWMegawatt
natural gas distribution utilitiesSouthern Company Gas' natural gas distribution utilities (Nicor Gas, Atlanta Gas Light, Virginia Natural Gas, and Chattanooga Gas)
NCCRGeorgia Power's Nuclear Construction Cost Recovery tariff
NDRAlabama Power's Natural Disaster Reserve
Nicor GasNorthern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas
NRCU.S. Nuclear Regulatory Commission
OCIOther comprehensive income
OPCOglethorpe Power Corporation (an electric membership corporation)
PEPMississippi Power's Performance Evaluation Plan
PowerSecurePowerSecure, Inc., a wholly-owned subsidiary of Southern Company
PPAPower purchase agreements, as well as, for Southern Power, contracts for differences that provide the owner of a renewable facility a certain fixed price for the electricity sold to the grid
PSCPublic Service Commission
PTCProduction tax credit
Rate CNPAlabama Power's Rate Certificated New Plant, consisting of Rate CNP New Plant, Rate CNP Compliance, Rate CNP PPA, and Rate CNP Depreciation
Rate ECRAlabama Power's Rate Energy Cost Recovery
Rate RSEAlabama Power's Rate Stabilization and Equalization
RegistrantsSouthern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power Company, and Southern Company Gas
ROEReturn on equity
S&PS&P Global Ratings, a division of S&P Global Inc.
SAVESteps to Advance Virginia's Energy, an infrastructure replacement program at Virginia Natural Gas
SCSSouthern Company Services, Inc., the Southern Company system service company and a wholly-owned subsidiary of Southern Company
SECU.S. Securities and Exchange Commission
SEGCOSouthern Electric Generating Company, 50% owned by each of Alabama Power and Georgia Power
SNGSouthern Natural Gas Company, L.L.C., a pipeline system in which Southern Company Gas has a 50% ownership interest
SOFRSecured Overnight Financing Rate
Southern CompanyThe Southern Company
Southern Company GasSouthern Company Gas and its subsidiaries
5
    Table of Contents                                Index to Financial Statements

DEFINITIONS
(continued)
TermMeaning
Southern Company Gas Capital
Southern Company Gas Capital Corporation, a wholly-owned subsidiary of Southern Company Gas
Southern Company power poolThe operating arrangement whereby the integrated generating resources of the traditional electric operating companies and Southern Power (excluding subsidiaries) are subject to joint commitment and dispatch in order to serve their combined load obligations
Southern Company system
Southern Company, the traditional electric operating companies, Southern Power, Southern Company Gas, SEGCO, Southern Nuclear, SCS, Southern Linc, PowerSecure, and other subsidiaries
Southern HoldingsSouthern Company Holdings, Inc., a wholly-owned subsidiary of Southern Company
Southern LincSouthern Communications Services, Inc., a wholly-owned subsidiary of Southern Company,
doing business as Southern Linc
Southern NuclearSouthern Nuclear Operating Company, Inc., a wholly-owned subsidiary of Southern Company
Southern PowerSouthern Power Company and its subsidiaries
SouthStarSouthStar Energy Services, LLC (a Marketer), a wholly-owned subsidiary of Southern Company Gas
SP SolarSP Solar Holdings I, LP, a limited partnership indirectly owning substantially all of Southern Power's solar and battery energy storage facilities, in which Southern Power has a 67% ownership interest
SP WindSP Wind Holdings II, LLC, a holding company owning a portfolio of eight operating wind facilities, in which Southern Power is the controlling partner in a tax equity arrangement
SRRMississippi Power's System Restoration Rider, a tariff for retail property damage cost recovery and reserve
Subsidiary RegistrantsAlabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas
traditional electric operating companiesAlabama Power, Georgia Power, and Mississippi Power
U.S. Treasury
U.S. Department of the Treasury
VIEVariable interest entity
Virginia CommissionVirginia State Corporation Commission
Virginia Natural GasVirginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company Gas
Vogtle OwnersGeorgia Power, OPC, MEAG Power, and Dalton
6
    Table of Contents                                Index to Financial Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements include, among other things, statements concerning regulated rates, the strategic goals for the business, customer and sales growth, economic conditions, including inflation, cost recovery and other rate actions, current and proposed environmental regulations and related compliance plans and estimated expenditures, pending or potential litigation matters, access to sources of capital, financing activities, completion dates and costs of construction projects, matters related to the abandonment of the Kemper IGCC, completion of announced acquisitions, filings with state and federal regulatory authorities, and estimated construction plans and expenditures. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or "continue" or the negative of these terms or other similar terminology. There are various factors that could cause actual results to differ materially from those suggested by the forward-looking statements; accordingly, there can be no assurance that such indicated results will be realized. These factors include:

•the impact of recent and future federal and state regulatory changes, including tax, environmental, and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws, regulations, and guidance;
•the extent and timing of costs and legal requirements related to CCR;
•current and future litigation or regulatory investigations, proceedings, or inquiries, including litigation related to the Kemper County energy facility;
•the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources;
•variations in demand for electricity and natural gas;
•available sources and costs of natural gas and other fuels and commodities;
•the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, public and policymaker support for such projects, and operational interruptions to natural gas distribution and transmission activities;
•transmission constraints;
•the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects due to challenges which include, but are not limited to, changes in labor costs, availability, and productivity; challenges with the management of contractors or vendors; subcontractor performance; adverse weather conditions; shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor; contractor or supplier delay; the impacts of inflation and tariffs; delays due to judicial or regulatory action; nonperformance under construction, operating, or other agreements; operational readiness, including specialized operator training and required site safety programs; engineering or design problems or any remediation related thereto; design and other licensing-based compliance matters; challenges with start-up activities, including major equipment failure, or system integration; and/or operational performance; challenges related to future pandemic health events; continued public and policymaker support for projects; environmental and geological conditions; delays or increased costs to interconnect facilities to transmission grids; and increased financing costs as a result of changes in interest rates or as a result of project delays;
•legal proceedings and regulatory approvals and actions related to past, ongoing, and proposed construction projects, including state PSC or other applicable state regulatory agency approvals and FERC and NRC actions;
•the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction;
•investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds;
•advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and negative carbon concepts;
•performance of counterparties under ongoing renewable energy partnerships and development agreements;
•state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to ROE, equity ratios, additional generating capacity and transmission facilities, extension of retirement dates for fossil fuel plants, and fuel and other cost recovery mechanisms;
•the ability to successfully operate the traditional electric operating companies', SEGCO's, and Southern Power's generation, transmission, distribution, and battery energy storage facilities, as applicable, and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions;
7
    Table of Contents                                Index to Financial Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
(continued)
•the inherent risks involved in operating nuclear generating facilities;
•the inherent risks involved in generation, transmission, and distribution of electricity and transportation and storage of natural gas, including accidents, explosions, fires, mechanical problems, discharges or releases of toxic or hazardous substances or gases, and other environmental risks;
•the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities;
•internal restructuring or other restructuring options that may be pursued;
•potential business strategies, including acquisitions or dispositions of assets or businesses, or interests therein, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries;
•the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required;
•the ability to obtain new short- and long-term contracts with wholesale customers;
•the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks;
•global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts;
•access to capital markets and other financing sources;
•changes in Southern Company's and any of its subsidiaries' credit ratings;
•the ability of the traditional electric operating companies to obtain additional generating capacity (or sell excess generating capacity) at competitive prices;
•catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars, or other similar occurrences;
•the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources;
•impairments of goodwill or long-lived assets;
•the effect of accounting pronouncements issued periodically by standard-setting bodies; and
•other factors discussed elsewhere herein and in other reports (including the Form 10-K) filed by the Registrants from time to time with the SEC.
The Registrants expressly disclaim any obligation to update any forward-looking statements.
8
    Table of Contents                                Index to Financial Statements
PART I
Item 1. Financial Statements (Unaudited).
 Page
The Southern Company and Subsidiary Companies:
Condensed Consolidated Statements of Income
10
Condensed Consolidated Statements of Comprehensive Income
11
Condensed Consolidated Statements of Cash Flows
12
Condensed Consolidated Balance Sheets
13
Condensed Consolidated Statements of Stockholders' Equity
15
Alabama Power Company:
Condensed Statements of Income
17
Condensed Statements of Comprehensive Income
17
Condensed Statements of Cash Flows
18
Condensed Balance Sheets
19
Condensed Statements of Common Stockholder's Equity
21
Georgia Power Company:
Condensed Statements of Income
22
Condensed Statements of Comprehensive Income
22
Condensed Statements of Cash Flows
23
Condensed Balance Sheets
24
Condensed Statements of Common Stockholder's Equity
26
Mississippi Power Company:
Condensed Statements of Income
27
Condensed Statements of Comprehensive Income
27
Condensed Statements of Cash Flows
28
Condensed Balance Sheets
29
Condensed Statements of Common Stockholder's Equity
31
Southern Power Company and Subsidiary Companies:
Condensed Consolidated Statements of Income
32
Condensed Consolidated Statements of Comprehensive Income (Loss)
32
Condensed Consolidated Statements of Cash Flows
33
Condensed Consolidated Balance Sheets
34
Condensed Consolidated Statements of Stockholders' Equity
36
Southern Company Gas and Subsidiary Companies:
Condensed Consolidated Statements of Income
38
Condensed Consolidated Statements of Comprehensive Income
38
Condensed Consolidated Statements of Cash Flows
39
Condensed Consolidated Balance Sheets
40
Condensed Consolidated Statements of Stockholder's Equity
42
Combined Notes to the Condensed Financial Statements
43
9
    Table of Contents                                Index to Financial Statements

THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Retail electric revenues$5,707 $5,366 $15,065 $13,793 
Wholesale electric revenues832 721 2,257 1,919 
Other electric revenues262 222 724 631 
Natural gas revenues (includes alternative revenue programs of
    $(5), $1, $(32), and $46, respectively)
734 682 3,552 3,220 
Other revenues288 283 974 820 
Total operating revenues7,823 7,274 22,572 20,383 
Operating Expenses:
Fuel1,345 1,146 3,753 3,174 
Purchased power259 249 769 669 
Cost of natural gas116 98 1,046 852 
Cost of other sales156 166 522 464 
Other operations and maintenance1,643 1,662 4,948 4,522 
Depreciation and amortization1,422 1,210 4,030 3,537 
Taxes other than income taxes288 375 1,136 1,155 
Total operating expenses5,229 4,906 16,204 14,373 
Operating Income2,594 2,368 6,368 6,010 
Other Income and (Expense):
Allowance for equity funds used during construction90 58 243 167 
Earnings from equity method investments33 31 76 107 
Interest expense, net of amounts capitalized(755)(692)(2,343)(2,050)
Other income (expense), net149 147 459 450 
Total other income and (expense)(483)(456)(1,565)(1,326)
Earnings Before Income Taxes2,111 1,912 4,803 4,684 
Income taxes404 377 973 890 
Consolidated Net Income1,707 1,535 3,830 3,794 
Net loss attributable to noncontrolling interests(4)— (95)(73)
Consolidated Net Income Attributable to
   Southern Company		$1,711 $1,535 $3,925 $3,867 
Common Stock Data:
Earnings per share -
Basic$1.55 $1.40 $3.56 $3.53 
Diluted$1.54 $1.39 $3.54 $3.51 
Average number of shares of common stock outstanding (in millions)
Basic1,102 1,097 1,101 1,096 
Diluted1,110 1,103 1,108 1,102 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
10
    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Consolidated Net Income$1,707 $1,535 $3,830 $3,794 
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of
    $(5), $(1), $12, and $(2), respectively
(13)(2)36 (5)
Reclassification adjustment for amounts included in net income,
   net of tax of $2, $(2), $(12), and $14, respectively
5 (8)(38)39 
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of
    $—, $—, $—, and $1, respectively
— — 1 3 
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $—, and $—, respectively
— 1 — 1 
Total other comprehensive income (loss)(8)(9)(1)38 
Comprehensive Income1,699 1,526 3,829 3,832 
Comprehensive loss attributable to noncontrolling interests(4)— (95)(73)
Consolidated Comprehensive Income Attributable to
   Southern Company		$1,703 $1,526 $3,924 $3,905 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.

11
    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Consolidated net income$3,830 $3,794 
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total4,425 3,916 
Deferred income taxes355 607 
Allowance for equity funds used during construction(243)(167)
Pension, postretirement, and other employee benefits(414)(391)
Settlement of asset retirement obligations(471)(405)
Stock based compensation expense124 120 
Storm damage cost recovery – long-term(262)— 
Other, net(22)(121)
Changes in certain current assets and liabilities —
-Receivables200 (233)
-Retail fuel cost under recovery439 843 
-Fossil fuel for generation121 143 
-Materials and supplies18 (195)
-Other current assets(187)(181)
-Accounts payable(747)(161)
-Accrued taxes432 179 
-Accrued compensation(126)(90)
-Other current liabilities(267)(43)
Net cash provided from operating activities7,205 7,615 
Investing Activities:
Property additions(8,452)(6,206)
Business acquisition
(635)— 
Nuclear decommissioning trust fund purchases(1,212)(1,070)
Nuclear decommissioning trust fund sales1,212 1,070 
Proceeds from dispositions1 370 
Cost of removal, net of salvage(479)(444)
Change in construction payables, net69 (119)
Other investing activities(103)(279)
Net cash used for investing activities(9,599)(6,678)
Financing Activities:
Decrease in notes payable, net(993)(1,264)
Proceeds —
Long-term debt10,269 5,321 
Short-term borrowings200 700 
Common stock90 112 
Redemptions and repurchases —
Long-term debt(2,383)(2,167)
Short-term borrowings— (1,020)
Distributions to noncontrolling interests(118)(108)
Payment of common stock dividends(2,254)(2,220)
Other financing activities(176)(157)
Net cash provided from (used for) financing activities4,635 (803)
Net Change in Cash, Cash Equivalents, and Restricted Cash2,241 134 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period1,101 921 
Cash, Cash Equivalents, and Restricted Cash at End of Period$3,342 $1,055 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $97 and $76 capitalized for 2025 and 2024, respectively)
$2,173 $2,015 
Income taxes, net (excludes credit transfers)
231 131 
Noncash transactions —
Accrued property additions at end of period1,177 937 
Right-of-use assets obtained under operating leases131 126 
Right-of-use assets obtained under finance leases17 1 
Reassessment of right-of-use assets under operating leases— (7)
Issuance of common stock under dividend reinvestment plan167 123 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
12
    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
 (in millions)
Current Assets:
Cash and cash equivalents$3,341 $1,070 
Receivables —
Customer accounts2,304 2,228 
Unbilled revenues685 825 
Under recovered fuel clause revenues517 713 
Other accounts and notes476 597 
Accumulated provision for uncollectible accounts(79)(74)
Materials and supplies2,158 2,178 
Fossil fuel for generation682 803 
Natural gas for sale415 388 
Prepaid expenses324 294 
Assets from risk management activities, net of collateral56 39 
Regulatory assets – asset retirement obligations353 353 
Other regulatory assets793 804 
Other current assets602 476 
Total current assets12,627 10,694 
Property, Plant, and Equipment:
In service143,189 137,143 
Less: Accumulated depreciation42,793 40,126 
Plant in service, net of depreciation100,396 97,017 
Other utility plant, net331 410 
Nuclear fuel, at amortized cost914 873 
Construction work in progress9,239 6,389 
Total property, plant, and equipment110,880 104,689 
Other Property and Investments:
Goodwill5,161 5,161 
Nuclear decommissioning trusts, at fair value2,884 2,621 
Equity investments in unconsolidated subsidiaries1,303 1,416 
Other intangible assets, net of amortization of $436 and $412, respectively
308 332 
Miscellaneous property and investments696 668 
Total other property and investments10,352 10,198 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization1,378 1,386 
Deferred charges related to income taxes911 889 
Prepaid pension costs2,982 2,674 
Unamortized loss on reacquired debt191 203 
Deferred under recovered fuel clause revenues197 485 
Regulatory assets – asset retirement obligations, deferred5,047 5,458 
Other regulatory assets, deferred7,361 7,037 
Other deferred charges and assets1,322 1,467 
Total deferred charges and other assets19,389 19,599 
Total Assets$153,248 $145,180 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
13
    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholders' EquityAt September 30, 2025At December 31, 2024
 (in millions)
Current Liabilities:
Securities due within one year$7,541 $4,718 
Notes payable144 1,338 
Accounts payable3,017 3,701 
Customer deposits489 486 
Accrued taxes —
Accrued income taxes456 57 
Other accrued taxes966 997 
Accrued interest602 682 
Accrued compensation1,206 1,261 
Asset retirement obligations680 731 
Liabilities from risk management activities, net of collateral98 160 
Operating lease obligations198 200 
Natural gas cost over recovery163 193 
Other regulatory liabilities196 369 
Other current liabilities970 1,100 
Total current liabilities16,726 15,993 
Long-term Debt64,621 58,768 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes12,250 11,730 
Deferred credits related to income taxes4,381 4,434 
Accumulated deferred ITCs1,994 2,056 
Employee benefit obligations955 1,011 
Operating lease obligations, deferred1,242 1,253 
Asset retirement obligations, deferred8,774 9,203 
Other cost of removal obligations2,032 2,016 
Other regulatory liabilities, deferred642 692 
Other deferred credits and liabilities1,357 1,350 
Total deferred credits and other liabilities33,627 33,745 
Total Liabilities114,974 108,506 
Total Stockholders' Equity (See accompanying statements)
38,274 36,674 
Total Liabilities and Stockholders' Equity$153,248 $145,180 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Southern Company Common Stockholders' Equity
 Number of
Common Shares		Common StockAccumulated
Other
Comprehensive Income
(Loss)
 IssuedTreasuryPar ValuePaid-In CapitalTreasuryRetained EarningsNoncontrolling InterestsTotal
 (in millions)
Balance at December 31, 20231,092 (1)$5,423 $13,775 $(59)$12,482 $(177)$3,781 $35,225 
Consolidated net income (loss)— — — — — 1,129 — (58)1,071 
Other comprehensive income— — — — — — 37 — 37 
Stock issued3 — 8 53 — — — — 61 
Stock-based compensation— — — 8 — — — — 8 
Dividends of $0.70 per share
— — — — — (766)— — (766)
Capital contributions from
   noncontrolling interests		— — — — — — — 9 9 
Distributions to noncontrolling interests— — — — — — — (38)(38)
Other— — — 10 (2)(1)— — 7 
Balance at March 31, 20241,095 (1)5,431 13,846 (61)12,844 (140)3,694 35,614 
Consolidated net income (loss)— — — — — 1,203 — (15)1,188 
Other comprehensive income— — — — — — 10 — 10 
Stock issued1 — 5 85 — — — — 90 
Stock-based compensation— — — 13 — — — — 13 
Dividends of $0.72 per share
— — — — — (788)— — (788)
Capital contributions from
   noncontrolling interests		— — — — — — — 2 2 
Distributions to noncontrolling interests— — — — — — — (19)(19)
Other— — — 3 (2)— — — 1 
Balance at June 30, 20241,096 (1)5,436 13,947 (63)13,259 (130)3,662 36,111 
Consolidated net income— — — — — 1,535 — — 1,535 
Other comprehensive income (loss)— — — — — — (9)— (9)
Stock issued1 — 5 79 — — — — 84 
Stock-based compensation— — — 24 — — — — 24 
Dividends of $0.72 per share
— — — — — (789)— — (789)
Distributions to noncontrolling interests— — — — — — — (55)(55)
Other— — — (2)6 — — — 4 
Balance at September 30, 20241,097 (1)$5,441 $14,048 $(57)$14,005 $(139)$3,607 $36,905 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.








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    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Southern Company Common Stockholders' Equity
 Number of
Common Shares		Common StockAccumulated
Other
Comprehensive Income
(Loss)
 IssuedTreasuryPar ValuePaid-In CapitalTreasuryRetained EarningsNoncontrolling InterestsTotal
 (in millions)
Balance at December 31, 20241,098 (1)$5,446 $14,149 $(59)$13,750 $(78)$3,466 $36,674 
Consolidated net income (loss)— — — — — 1,334 — (64)1,270 
Other comprehensive income— — — — — — 3 — 3 
Stock issued2 — 7 78 — — — — 85 
Stock-based compensation— — — 5 — — — — 5 
Dividends of $0.72 per share
— — — — — (791)— — (791)
Capital contributions from
   noncontrolling interests		— — — — — — — 19 19 
Distributions to noncontrolling interests— — — — — — — (37)(37)
Other— — — (1)(2)(2)— — (5)
Balance at March 31, 20251,100 (1)5,453 14,231 (61)14,291 (75)3,384 37,223 
Consolidated net income (loss)— — — — — 880 — (27)853 
Other comprehensive income— — — — — — 4 — 4 
Stock issued1 — 5 84 — — — — 89 
Stock-based compensation— — — 11 — — — — 11 
Dividends of $0.74 per share
— — — — — (815)— — (815)
Capital contributions from
   noncontrolling interests		— — — — — — — 4 4 
Distributions to noncontrolling interests— — — — — — — (33)(33)
Other— — — 6 (1)1 — — 6 
Balance at June 30, 20251,101 (1)5,458 14,332 (62)14,357 (71)3,328 37,342 
Consolidated net income (loss)— — — — — 1,711 — (4)1,707 
Other comprehensive income (loss)— — — — — — (8)— (8)
Stock issued1 — 4 79 — — — — 83 
Stock-based compensation— — — 21 — — — — 21 
Dividends of $0.74 per share
— — — — — (815)— — (815)
Distributions to noncontrolling interests— — — — — — — (52)(52)
Other— — 1 (10)5 1 (1)— (4)
Balance at September 30, 20251,102 (1)$5,463 $14,422 $(57)$15,254 $(80)$3,272 $38,274 

The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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    Table of Contents                                Index to Financial Statements

ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Retail revenues$2,046 $1,904 $5,487 $5,117 
Wholesale revenues, non-affiliates137 89 326 259 
Wholesale revenues, affiliates28 34 132 103 
Other revenues107 111 353 324 
Total operating revenues2,318 2,138 6,298 5,803 
Operating Expenses:
Fuel416 384 1,139 1,050 
Purchased power, non-affiliates56 49 180 148 
Purchased power, affiliates97 48 218 134 
Other operations and maintenance434 493 1,370 1,335 
Depreciation and amortization380 366 1,121 1,091 
Taxes other than income taxes115 108 365 347 
Total operating expenses1,498 1,448 4,393 4,105 
Operating Income820 690 1,905 1,698 
Other Income and (Expense):
Allowance for equity funds used during construction18 15 54 40 
Interest expense, net of amounts capitalized(119)(113)(343)(337)
Other income (expense), net44 36 128 116 
Total other income and (expense)(57)(62)(161)(181)
Earnings Before Income Taxes763 628 1,744 1,517 
Income taxes
175 135 401 322 
Net Income
$588 $493 $1,343 $1,195 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Net Income$588 $493 $1,343 $1,195 
Other comprehensive income:
Qualifying hedges:
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $1, and $1, respectively
1 — 2 1 
Total other comprehensive income1 — 2 1 
Comprehensive Income$589 $493 $1,345 $1,196 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

 For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Net income$1,343 $1,195 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total1,226 1,201 
Deferred income taxes127 (79)
Pension, postretirement, and other employee benefits(148)(151)
Settlement of asset retirement obligations(202)(184)
Retail fuel cost under recovery – long-term(69)— 
Other, net(75)24 
Changes in certain current assets and liabilities —
-Receivables(125)(115)
-Fossil fuel stock71 46 
-Prepayments(56)(44)
-Retail fuel cost under recovery(14)236 
-Other current assets24 (32)
-Accounts payable(286)(304)
-Accrued taxes237 235 
-Customer refunds(110)(23)
-Other current liabilities(143)(22)
Net cash provided from operating activities1,800 1,983 
Investing Activities:
Property additions(1,523)(1,279)
Business acquisition
(635)— 
Nuclear decommissioning trust fund purchases(407)(448)
Nuclear decommissioning trust fund sales407 448 
Cost of removal, net of salvage(137)(123)
Change in construction payables, net of joint owner portion
(52)(32)
Other investing activities(14)(26)
Net cash used for investing activities(2,361)(1,460)
Financing Activities:
Increase in notes payable, net— (40)
Proceeds —
Senior notes1,100 — 
Short-term borrowings— 50 
Other long-term debt
4 6 
Redemptions —
Senior notes
(250)— 
Revenue bonds
— (21)
Short-term borrowings— (50)
Capital contributions from parent company591 488 
Payment of common stock dividends(914)(886)
Other financing activities(12)(3)
Net cash provided from (used for) financing activities519 (456)
Net Change in Cash, Cash Equivalents, and Restricted Cash(42)67 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period585 409 
Cash, Cash Equivalents, and Restricted Cash at End of Period$543 $476 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $16 and $13 capitalized for 2025 and 2024, respectively)
$347 $356 
Income taxes, net243 288 
Noncash transactions —
Accrued property additions at end of period96 106 
Right-of-use assets obtained under operating leases8 11 
Right-of-use assets obtained under finance leases4 — 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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ALABAMA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents$543 $585 
Receivables —
Customer accounts577 512 
Unbilled revenues197 187 
Affiliated133 91 
Other accounts and notes82 126 
Accumulated provision for uncollectible accounts(22)(22)
Fossil fuel stock267 339 
Materials and supplies720 699 
Prepaid expenses128 63 
Other regulatory assets345 332 
Other current assets137 79 
Total current assets3,107 2,991 
Property, Plant, and Equipment:
In service38,605 36,501 
Less: Accumulated provision for depreciation12,614 11,741 
Plant in service, net of depreciation25,991 24,760 
Other utility plant, net331 410 
Nuclear fuel, at amortized cost298 262 
Construction work in progress1,412 1,377 
Total property, plant, and equipment28,032 26,809 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,526 1,386 
Equity investments in unconsolidated subsidiaries46 48 
Miscellaneous property and investments123 129 
Total other property and investments1,695 1,563 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization82 84 
Deferred charges related to income taxes268 264 
Prepaid pension and other postretirement benefit costs922 841 
Regulatory assets – asset retirement obligations1,515 1,780 
Other regulatory assets, deferred1,914 1,815 
Other deferred charges and assets413 391 
Total deferred charges and other assets5,114 5,175 
Total Assets$37,948 $36,538 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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ALABAMA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2025At December 31, 2024
 (in millions)
Current Liabilities:
Securities due within one year$624 $655 
Accounts payable —
Affiliated302 299 
Other367 625 
Customer deposits115 113 
Accrued taxes289 78 
Accrued interest102 120 
Accrued compensation261 240 
Asset retirement obligations264 364 
Other regulatory liabilities29 165 
Other current liabilities136 219 
Total current liabilities2,489 2,878 
Long-term Debt11,381 10,499 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,361 4,178 
Deferred credits related to income taxes1,382 1,398 
Accumulated deferred ITCs107 113 
Employee benefit obligations150 148 
Operating lease obligations73 76 
Asset retirement obligations, deferred3,446 3,694 
Other regulatory liabilities, deferred171 271 
Other deferred credits and liabilities274 195 
Total deferred credits and other liabilities9,964 10,073 
Total Liabilities23,834 23,450 
Common Stockholder's Equity (See accompanying statements)
14,114 13,088 
Total Liabilities and Stockholder's Equity$37,948 $36,538 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
20
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ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
(in millions)
Balance at December 31, 202331 $1,222 $7,125 $3,993 $(7)$12,333 
Net income— — — 333 — 333 
Capital contributions from parent company— — 427 — — 427 
Cash dividends on common stock— — — (295)— (295)
Other— — — (1)— (1)
Balance at March 31, 202431 1,222 7,552 4,030 (7)12,797 
Net income— — — 369 — 369 
Capital contributions from parent company— — 50 — — 50 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (296)— (296)
Balance at June 30, 202431 1,222 7,602 4,103 (6)12,921 
Net income— — — 493 — 493 
Capital contributions from parent company— — 16 — — 16 
Cash dividends on common stock— — — (295)— (295)
Balance at September 30, 202431 $1,222 $7,618 $4,301 $(6)$13,135 
Balance at December 31, 202431 $1,222 $7,657 $4,214 $(5)$13,088 
Net income— — — 375 — 375 
Capital contributions from parent company— — 527 — — 527 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (305)— (305)
Other— — — — (1)(1)
Balance at March 31, 202531 1,222 8,184 4,284 (5)13,685 
Net income— — — 381 — 381 
Capital contributions from parent company— — 38 — — 38 
Cash dividends on common stock— — — (304)— (304)
Other— — — (1)1 — 
Balance at June 30, 202531 1,222 8,222 4,360 (4)13,800 
Net income— — — 588 — 588 
Capital contributions from parent company— — 31 — — 31 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (305)— (305)
Other— — — — (1)(1)
Balance at September 30, 202531 $1,222 $8,253 $4,643 $(4)$14,114 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
21
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GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Retail revenues$3,359 $3,185 $8,754 $7,937 
Wholesale revenues140 78 390 198 
Other revenues271 209 774 610 
Total operating revenues3,770 3,472 9,918 8,745 
Operating Expenses:
Fuel567 451 1,567 1,281 
Purchased power, non-affiliates176 174 516 466 
Purchased power, affiliates202 204 664 567 
Other operations and maintenance616 613 1,897 1,565 
Depreciation and amortization526 462 1,541 1,334 
Taxes other than income taxes75 177 417 488 
Total operating expenses2,162 2,081 6,602 5,701 
Operating Income1,608 1,391 3,316 3,044 
Other Income and (Expense):
Allowance for equity funds used during construction67 37 171 108 
Interest expense, net of amounts capitalized(200)(184)(585)(543)
Other income (expense), net51 52 162 156 
Total other income and (expense)(82)(95)(252)(279)
Earnings Before Income Taxes1,526 1,296 3,064 2,765 
Income taxes278 246 612 516 
Net Income$1,248 $1,050 $2,452 $2,249 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Net Income$1,248 $1,050 $2,452 $2,249 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of
    $—, $—, $1, and $4, respectively
— — 3 13 
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $—, and $1, respectively
— 1 1 3 
Total other comprehensive income— 1 4 16 
Comprehensive Income$1,248 $1,051 $2,456 $2,265 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
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GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

 For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Net income$2,452 $2,249 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total1,770 1,566 
Deferred income taxes277 408 
Allowance for equity funds used during construction(171)(108)
Pension, postretirement, and other employee benefits(208)(197)
Settlement of asset retirement obligations(236)(191)
Storm damage cost recovery – long-term(262)— 
Other, net(136)(174)
Changes in certain current assets and liabilities —
-Receivables(104)(499)
-Retail fuel cost under recovery483 590 
-Fossil fuel stock25 110 
-Materials and supplies17 (83)
-Other current assets(169)(163)
-Accounts payable(385)113 
-Accrued taxes90 24 
-Other current liabilities41 36 
Net cash provided from operating activities3,484 3,681 
Investing Activities:
Property additions(4,886)(3,403)
Nuclear decommissioning trust fund purchases(805)(623)
Nuclear decommissioning trust fund sales805 622 
Cost of removal, net of salvage(226)(225)
Change in construction payables, net of joint owner portion24 (92)
Proceeds from dispositions— 356 
Other investing activities(101)(122)
Net cash used for investing activities(5,189)(3,487)
Financing Activities:
Decrease in notes payable, net— (776)
Proceeds —
Senior notes3,100 1,400 
Short-term borrowings200 350 
Redemptions and repurchases —
Senior notes(700)(400)
Short-term borrowings— (670)
FFB loan(64)(64)
Revenue bonds(45)— 
Capital contributions from parent company1,741 1,560 
Payment of common stock dividends(1,657)(1,538)
Other financing activities(51)(67)
Net cash provided from (used for) financing activities2,524 (205)
Net Change in Cash, Cash Equivalents, and Restricted Cash819 (11)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period118 75 
Cash, Cash Equivalents, and Restricted Cash at End of Period$937 $64 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $54 and $43 capitalized for 2025 and 2024, respectively)
$576 $530 
Income taxes, net (excludes credit transfers)
39 80 
Noncash transactions —
Accrued property additions at end of period748 590 
Right-of-use assets obtained under operating leases30 121 
Right-of-use assets obtained under finance leases13 44 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
 (in millions)
Current Assets:
Cash and cash equivalents$937 $97 
Receivables —
Customer accounts, net1,144 985 
Unbilled revenues359 341 
Under recovered retail fuel clause revenues
487 713 
Joint owner accounts115 101 
Affiliated109 65 
Other accounts and notes48 92 
Fossil fuel stock360 385 
Materials and supplies945 968 
Regulatory assets – asset retirement obligations222 222 
Other regulatory assets358 373 
Other current assets355 262 
Total current assets5,439 4,604 
Property, Plant, and Equipment:
In service57,432 55,036 
Less: Accumulated provision for depreciation15,713 14,806 
Plant in service, net of depreciation41,719 40,230 
Nuclear fuel, at amortized cost616 611 
Construction work in progress5,581 3,197 
Total property, plant, and equipment47,916 44,038 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,359 1,236 
Equity investments in unconsolidated subsidiaries39 43 
Miscellaneous property and investments222 192 
Total other property and investments1,620 1,471 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization1,228 1,331 
Deferred charges related to income taxes615 596 
Prepaid pension costs1,010 897 
Deferred under recovered retail fuel clause revenues
197 453 
Regulatory assets – asset retirement obligations, deferred3,303 3,436 
Other regulatory assets, deferred4,015 3,814 
Other deferred charges and assets616 615 
Total deferred charges and other assets10,984 11,142 
Total Assets$65,959 $61,255 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
24
    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2025At December 31, 2024
 (in millions)
Current Liabilities:
Securities due within one year$1,368 $966 
Notes payable— 200 
Accounts payable —
Affiliated925 984 
Other1,436 1,837 
Customer deposits263 256 
Accrued taxes856 803 
Accrued interest178 190 
Accrued compensation263 276 
Operating lease obligations176 169 
Asset retirement obligations345 309 
Other regulatory liabilities86 150 
Other current liabilities239 296 
Total current liabilities6,135 6,436 
Long-term Debt19,656 17,384 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,782 4,385 
Deferred credits related to income taxes2,051 2,047 
Accumulated deferred ITCs337 343 
Employee benefit obligations191 205 
Operating lease obligations, deferred1,029 1,159 
Asset retirement obligations, deferred4,999 5,106 
Other deferred credits and liabilities552 509 
Total deferred credits and other liabilities13,941 13,754 
Total Liabilities39,732 37,574 
Common Stockholder's Equity (See accompanying statements)
26,227 23,681 
Total Liabilities and Stockholder's Equity$65,959 $61,255 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

 Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
 (in millions)
Balance at December 31, 20239 $398 $17,923 $3,071 $(9)$21,383 
Net income— — — 437 — 437 
Capital contributions from parent company— — 750 — — 750 
Other comprehensive income— — — — 13 13 
Cash dividends on common stock— — — (513)— (513)
Balance at March 31, 20249 398 18,673 2,995 4 22,070 
Net income— — — 762 — 762 
Capital contributions from parent company— — 113 — — 113 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (513)— (513)
Balance at June 30, 20249 398 18,786 3,244 5 22,433 
Net income— — — 1,050 — 1,050 
Capital contributions from parent company— — 700 — — 700 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (512)— (512)
Other— — — (1)— (1)
Balance at September 30, 20249 $398 $19,486 $3,781 $6 $23,671 
Balance at December 31, 20249 $398 $19,708 $3,562 $13 $23,681 
Net income— — — 596 — 596 
Capital contributions from parent company— — 702 — — 702 
Other comprehensive income (loss)— — — — (1)(1)
Cash dividends on common stock— — — (552)— (552)
Balance at March 31, 20259 398 20,410 3,606 12 24,426 
Net income— — — 607 — 607 
Capital contributions from parent company— — 972 — — 972 
Other comprehensive income— — — — 4 4 
Cash dividends on common stock— — — (553)— (553)
Other— — — 1 — 1 
Balance at June 30, 20259 398 21,382 3,661 16 25,457 
Net income— — — 1,248 — 1,248 
Capital contributions from parent company— — 73 — — 73 
Cash dividends on common stock— — — (552)— (552)
Other— — — 1 — 1 
Balance at September 30, 20259 $398 $21,455 $4,358 $16 $26,227 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
26
    Table of Contents                                Index to Financial Statements

MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Retail revenues$302 $276 $824 $739 
Wholesale revenues, non-affiliates72 66 205 179 
Wholesale revenues, affiliates94 57 230 166 
Other revenues12 13 42 34 
Total operating revenues480 412 1,301 1,118 
Operating Expenses:
Fuel and purchased power179 134 488 363 
Other operations and maintenance94 90 261 261 
Depreciation and amortization53 48 157 141 
Taxes other than income taxes37 33 106 95 
Total operating expenses363 305 1,012 860 
Operating Income117 107 289 258 
Other Income and (Expense):
Interest expense, net of amounts capitalized(19)(19)(59)(58)
Other income (expense), net10 9 26 33 
Total other income and (expense)(9)(10)(33)(25)
Earnings Before Income Taxes108 97 256 233 
Income taxes24 22 58 47 
Net Income$84 $75 $198 $186 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Net Income$84 $75 $198 $186 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of
    $—, $—, $—, and $2, respectively
— — — 5 
Total other comprehensive income— — — 5 
Comprehensive Income$84 $75 $198 $191 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
27
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Net income$198 $186 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total173 153 
Deferred income taxes(7)4 
Pension, postretirement, and other employee benefits(14)(13)
Settlement of asset retirement obligations(14)(13)
Plant acquisition regulatory liability
36 — 
Other, net(6)21 
Changes in certain current assets and liabilities —
-Receivables(24)(22)
-Retail fuel cost under recovery(30)17 
-Fossil fuel stock24 (10)
-Prepaid income taxes11 — 
-Other current assets(2)(13)
-Accounts payable(12)(29)
-Accrued taxes10 (11)
-Accrued interest(10)(9)
-Accrued compensation(10)(4)
-Wholesale fuel cost over recovery(20)12 
-Other current liabilities(4)(4)
Net cash provided from operating activities299 265 
Investing Activities:
Property additions(232)(220)
Contributions in aid of construction57 — 
Cost of removal, net of salvage(44)(32)
Change in construction payables, net of joint owner portion
(27)(3)
Payments pursuant to LTSAs(15)(15)
Other investing activities(2)(2)
Net cash used for investing activities(263)(272)
Financing Activities:
Increase (decrease) in notes payable, net(14)50 
Proceeds — Senior notes100 250 
Redemptions —
Senior notes
— (200)
Revenue bonds(11)— 
Capital contributions from parent company57 60 
Payment of common stock dividends(145)(141)
Other financing activities(2)(2)
Net cash provided from (used for) financing activities(15)17 
Net Change in Cash, Cash Equivalents, and Restricted Cash21 10 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period13 38 
Cash, Cash Equivalents, and Restricted Cash at End of Period$34 $48 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest$69 $67 
Income taxes, net25 35 
Noncash transactions —
Accrued property additions at end of period22 33 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
 (in millions)
Current Assets:
Cash and cash equivalents$34 $13 
Receivables —
Customer accounts, net87 45 
Unbilled revenues45 39 
Affiliated40 33 
Other accounts and notes23 24 
Fossil fuel stock32 56 
Materials and supplies103 103 
Other regulatory assets44 43 
Other current assets8 28 
Total current assets416 384 
Property, Plant, and Equipment:
In service5,888 5,697 
Less: Accumulated provision for depreciation1,919 1,833 
Plant in service, net of depreciation3,969 3,864 
Construction work in progress266 253 
Total property, plant, and equipment4,235 4,117 
Other Property and Investments146 152 
Deferred Charges and Other Assets:
Deferred charges related to income taxes26 27 
Prepaid pension costs139 124 
Deferred under recovered retail fuel clause revenues— 32 
Regulatory assets – asset retirement obligations230 243 
Other regulatory assets, deferred260 259 
Accumulated deferred income taxes68 82 
Other deferred charges and assets66 74 
Total deferred charges and other assets789 841 
Total Assets$5,586 $5,494 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
29
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2025At December 31, 2024
 (in millions)
Current Liabilities:
Securities due within one year$66 $12 
Notes payable— 14 
Accounts payable —
Affiliated67 68 
Other59 83 
Customer deposits19 20 
Accrued taxes125 115 
Accrued compensation41 46 
Asset retirement obligations21 32 
Over recovered retail fuel clause revenues— 32 
Other regulatory liabilities8 5 
Other current liabilities56 75 
Total current liabilities462 502 
Long-term Debt1,715 1,681 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes480 492 
Deferred credits related to income taxes209 219 
Employee benefit obligations65 65 
Asset retirement obligations, deferred104 116 
Other cost of removal obligations124 170 
Other regulatory liabilities, deferred143 121 
Other deferred credits and liabilities84 39 
Total deferred credits and other liabilities1,209 1,222 
Total Liabilities3,386 3,405 
Common Stockholder's Equity (See accompanying statements)
2,200 2,089 
Total Liabilities and Stockholder's Equity$5,586 $5,494 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
30
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

 Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings (Accumulated Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		Total
 (in millions)
Balance at December 31, 20231 $38 $4,721 $(2,756)$— $2,003 
Net income— — — 50 — 50 
Capital contributions from parent company— — 1 — — 1 
Other comprehensive income— — — — 5 5 
Cash dividends on common stock— — — (47)— (47)
Balance at March 31, 20241 38 4,722 (2,753)5 2,012 
Net income— — — 61 — 61 
Capital contributions from parent company— — 58 — — 58 
Cash dividends on common stock— — — (47)— (47)
Balance at June 30, 20241 38 4,780 (2,739)5 2,084 
Net income— — — 75 — 75 
Capital contributions from parent company— — 3 — — 3 
Cash dividends on common stock— — — (47)— (47)
Balance at September 30, 20241 $38 $4,783 $(2,711)$5 $2,115 
Balance at December 31, 20241 $38 $4,791 $(2,745)$5 $2,089 
Net income— — — 55 — 55 
Capital contributions from parent company— — 51 — — 51 
Cash dividends on common stock— — — (48)— (48)
Other— — — — (1)(1)
Balance at March 31, 20251 38 4,842 (2,738)4 2,146 
Net income— — — 59 — 59 
Capital contributions from parent company— — 7 — — 7 
Cash dividends on common stock— — — (49)— (49)
Other— — — 1 — 1 
Balance at June 30, 20251 38 4,849 (2,727)4 2,164 
Net income— — — 84 — 84 
Capital contributions from parent company— — 1 — — 1 
Cash dividends on common stock— — — (48)— (48)
Other— — — (1)— (1)
Balance at September 30, 20251 $38 $4,850 $(2,692)$4 $2,200 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
31
    Table of Contents                                Index to Financial Statements

SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Wholesale revenues, non-affiliates$498 $489 $1,368 $1,286 
Wholesale revenues, affiliates112 102 341 280 
Other revenues3 9 17 31 
Total operating revenues613 600 1,726 1,597 
Operating Expenses:
Fuel168 166 523 454 
Purchased power32 20 91 60 
Other operations and maintenance128 126 384 367 
Depreciation and amortization247 133 576 378 
Taxes other than income taxes12 12 37 34 
Total operating expenses587 457 1,611 1,293 
Operating Income26 143 115 304 
Other Income and (Expense):
Interest expense, net of amounts capitalized(25)(30)(76)(89)
Other income (expense), net4 2 10 8 
Total other income and (expense)(21)(28)(66)(81)
Earnings Before Income Taxes5 115 49 223 
Income taxes6 33 3 32 
Net Income (Loss)(1)82 46 191 
Net loss attributable to noncontrolling interests(4)— (95)(73)
Net Income Attributable to Southern Power$3 $82 $141 $264 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Net Income (Loss)$(1)$82 $46 $191 
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of
    $(2), $3, $15, and $(2), respectively
(6)10 45 (5)
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $(4), $(15), and $2, respectively
1 (14)(46)5 
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of
    $—, $—, $—, and $—, respectively
— — — 1 
Total other comprehensive income (loss)(5)(4)(1)1 
Comprehensive Income (Loss)(6)78 45 192 
Comprehensive loss attributable to noncontrolling interests(4)— (95)(73)
Comprehensive Income (Loss) Attributable to Southern Power$(2)$78 $140 $265 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
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    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Net income$46 $191 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total593 388 
Deferred income taxes(122)68 
Amortization of ITCs
(44)(44)
Other, net16 13 
Changes in certain current assets and liabilities —
-Receivables19 (24)
-Other current assets3 (9)
-Accounts payable(25)(19)
-Accrued taxes52 56 
-Other current liabilities(17)(13)
Net cash provided from operating activities521 607 
Investing Activities:
Property additions(620)(179)
Change in construction payables78 1 
Payments pursuant to LTSAs(42)(34)
Other investing activities— 13 
Net cash used for investing activities(584)(199)
Financing Activities:
Increase (decrease) in notes payable, net2 (68)
Proceeds — Senior notes1,100 — 
Capital contributions from parent company157 8 
Capital contributions from noncontrolling interests23 11 
Distributions to noncontrolling interests(118)(108)
Payment of common stock dividends(209)(196)
Other financing activities(13)(4)
Net cash provided from (used for) financing activities942 (357)
Net Change in Cash, Cash Equivalents, and Restricted Cash879 51 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period168 144 
Cash, Cash Equivalents, and Restricted Cash at End of Period$1,047 $195 
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $15 and $5 capitalized for 2025 and 2024, respectively)
$77 $88 
Income taxes, net (excludes credit transfers)
163 (30)
Noncash transactions —
Accrued property additions at end of period138 52 
Right-of-use assets obtained under operating leases2 10 
Reassessment of right-of-use assets under operating leases— (7)
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
33
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
 (in millions)
Current Assets:
Cash and cash equivalents$1,047 $159 
Receivables —
Customer accounts, net151 122 
Affiliated39 39 
Other33 90 
Materials and supplies117 107 
Other current assets85 82 
Total current assets1,472 599 
Property, Plant, and Equipment:
In service15,019 14,961 
Less: Accumulated provision for depreciation4,999 4,540 
Plant in service, net of depreciation10,020 10,421 
Construction work in progress861 317 
Total property, plant, and equipment10,881 10,738 
Other Property and Investments:
Intangible assets, net of amortization of $183 and $168, respectively
209 223 
Net investment in sales-type leases138 143 
Total other property and investments347 366 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization481 484 
Prepaid LTSAs185 234 
Other deferred charges and assets229 232 
Total deferred charges and other assets895 950 
Total Assets$13,595 $12,653 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
34
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholders' EquityAt September 30, 2025At December 31, 2024
 (in millions)
Current Liabilities:
Securities due within one year$1,486 $500 
Accounts payable —
Affiliated60 80 
Other168 100 
Accrued taxes70 18 
Accrued interest24 26 
Operating lease obligations29 29 
Other current liabilities82 96 
Total current liabilities1,919 849 
Long-term Debt2,353 2,180 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes590 712 
Accumulated deferred ITCs1,397 1,440 
Operating lease obligations, deferred
510 511 
Other deferred credits and liabilities249 279 
Total deferred credits and other liabilities2,746 2,942 
Total Liabilities7,018 5,971 
Total Stockholders' Equity (See accompanying statements)
6,577 6,682 
Total Liabilities and Stockholders' Equity$13,595 $12,653 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
35
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)
Total Common
Stockholder's Equity
Noncontrolling InterestsTotal
(in millions)
Balance at December 31, 2023$1,088 $1,846 $(17)$2,917 $3,781 $6,698 
Net income (loss)— 96 — 96 (58)38 
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (65)— (65)— (65)
Capital contributions from
   noncontrolling interests		— — — — 9 9 
Distributions to noncontrolling interests— — — — (38)(38)
Other— (1)— (1)— (1)
Balance at March 31, 20241,088 1,876 (15)2,949 3,694 6,643 
Net income (loss)— 86 — 86 (15)71 
Capital contributions from parent company8 — — 8 — 8 
Other comprehensive income— — 3 3 — 3 
Cash dividends on common stock— (66)— (66)— (66)
Capital contributions from
   noncontrolling interests		— — — — 2 2 
Distributions to noncontrolling interests— — — — (19)(19)
Other1 — — 1 — 1 
Balance at June 30, 20241,097 1,896 (12)2,981 3,662 6,643 
Net income— 82 — 82 — 82 
Capital contributions from parent company1 — — 1 — 1 
Other comprehensive income (loss)— — (4)(4)— (4)
Cash dividends on common stock— (65)— (65)— (65)
Distributions to noncontrolling interests— — — — (55)(55)
Balance at September 30, 2024$1,098 $1,913 $(16)$2,995 $3,607 $6,602 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.












36
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total Common
Stockholders' Equity		Noncontrolling InterestsTotal
(in millions)
Balance at December 31, 2024$1,306 $1,912 $(2)$3,216 $3,466 $6,682 
Net income (loss)— 87 — 87 (64)23 
Capital contributions from parent company130 — — 130 — 130 
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (70)— (70)— (70)
Capital contributions from
   noncontrolling interests		— — — — 19 19 
Distributions to noncontrolling interests— — — — (37)(37)
Balance at March 31, 20251,436 1,929 — 3,365 3,384 6,749 
Net income (loss)— 51 — 51 (27)24 
Capital contributions from parent company16 — — 16 — 16 
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (69)— (69)— (69)
Capital contributions from
   noncontrolling interests		— — — — 4 4 
Distributions to noncontrolling interests— — — — (33)(33)
Other— (1)— (1)— (1)
Balance at June 30, 20251,452 1,910 2 3,364 3,328 6,692 
Net income (loss)— 3 — 3 (4)(1)
Capital contributions from parent company12 — — 12 — 12 
Other comprehensive income (loss)— — (5)(5)— (5)
Cash dividends on common stock— (70)— (70)— (70)
Distributions to noncontrolling interests— — — — (52)(52)
Other— 1 — 1 — 1 
Balance at September 30, 2025$1,464 $1,844 $(3)$3,305 $3,272 $6,577 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
37
    Table of Contents                                Index to Financial Statements

SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of
    $12, $11, $102, and $87, respectively)
$734 $682 $3,552 $3,220 
Total operating revenues734 682 3,552 3,220 
Operating Expenses:
Cost of natural gas116 98 1,046 852 
Other operations and maintenance314 295 929 877 
Depreciation and amortization176 162 517 475 
Taxes other than income taxes48 44 206 186 
Total operating expenses654 599 2,698 2,390 
Operating Income80 83 854 830 
Other Income and (Expense):
Earnings from equity method investments31 34 93 110 
Interest expense, net of amounts capitalized(94)(84)(277)(250)
Other income (expense), net14 16 48 49 
Total other income and (expense)(49)(34)(136)(91)
Earnings Before Income Taxes31 49 718 739 
Income taxes6 11 169 184 
Net Income$25 $38 $549 $555 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
 (in millions)(in millions)
Net Income$25 $38 $549 $555 
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of
    $(3), $(3), $(1), and $(4), respectively
(8)(7)(2)(10)
Reclassification adjustment for amounts included in net income,
    net of tax of $—, $1, $1, and $10, respectively
1 3 1 25 
Pension and other postretirement benefit plans:
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $—, and $—, respectively
— — (1)— 
Total other comprehensive income (loss)(7)(4)(2)15 
Comprehensive Income$18 $34 $547 $570 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
38
    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 For the Nine Months Ended September 30,
 20252024
 (in millions)
Operating Activities:
Net income$549 $555 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total512 466 
Deferred income taxes188 206 
Other, net— 7 
Changes in certain current assets and liabilities —
-Receivables328 386 
-Natural gas for sale, net of temporary LIFO liquidation(27)3 
-Prepaid income taxes(34)35 
-Other current assets8 (92)
-Accounts payable(103)(105)
-Natural gas cost over recovery(30)12 
-Other current liabilities(13)(66)
Net cash provided from operating activities1,378 1,407 
Investing Activities:
Property additions(1,179)(1,064)
Cost of removal, net of salvage(70)(63)
Change in construction payables, net45 (13)
Investment in unconsolidated subsidiaries(43)(64)
Returned investment in unconsolidated subsidiaries128 4 
Other investing activities— 4 
Net cash used for investing activities(1,119)(1,196)
Financing Activities:
Decrease in notes payable, net(312)(352)
Proceeds —
Senior notes850 450 
First mortgage bonds— 156 
       Other long-term debt— 9 
Redemptions — First mortgage bonds(50)— 
Return of capital to parent company(23)— 
Capital contributions from parent company40 — 
Payment of common stock dividends(446)(454)
Other financing activities(16)(10)
Net cash provided from (used for) financing activities43 (201)
Net Change in Cash, Cash Equivalents, and Restricted Cash302 10 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period44 35 
Cash, Cash Equivalents, and Restricted Cash at End of Period$346 $45 
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $12 and $16 capitalized for 2025 and 2024, respectively)
$297 $258 
Income taxes, net16 (54)
Noncash transactions —
Accrued property additions at end of period87 126 
Right-of-use assets obtained under operating leases60 1 
Return of capital to parent company33 — 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
39
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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2025At December 31, 2024
(in millions)
Current Assets:  
Cash and cash equivalents$346 $43 
Receivables —  
Customer accounts223 399 
Unbilled revenues73 244 
Other accounts and notes64 45 
Accumulated provision for uncollectible accounts(44)(33)
Materials and supplies59 66 
Natural gas for sale415 388 
Prepaid expenses82 45 
Other regulatory assets177 187 
Other current assets38 55 
Total current assets1,433 1,439 
Property, Plant, and Equipment:  
In service23,516 22,338 
Less: Accumulated depreciation6,165 5,887 
Plant in service, net of depreciation17,351 16,451 
Construction work in progress978 1,057 
Total property, plant, and equipment18,329 17,508 
Other Property and Investments:
Goodwill5,015 5,015 
Equity investments in unconsolidated subsidiaries1,175 1,279 
Other intangible assets, net of amortization of $178 and $173, respectively
4 9 
Miscellaneous property and investments25 25 
Total other property and investments6,219 6,328 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization89 38 
Prepaid pension costs208 191 
Other regulatory assets, deferred506 481 
Other deferred charges and assets142 192 
Total deferred charges and other assets945 902 
Total Assets$26,926 $26,177 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.

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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2025At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year$751 $302 
Notes payable144 455 
Accounts payable —
Affiliated58 75 
Other419 437 
Customer deposits91 98 
Accrued taxes76 85 
Accrued interest77 88 
Accrued compensation119 129 
Natural gas cost over recovery163 193 
Other regulatory liabilities30 7 
Other current liabilities133 149 
Total current liabilities2,061 2,018 
Long-term Debt8,579 8,229 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes1,992 1,796 
Deferred credits related to income taxes728 755 
Employee benefit obligations60 78 
Operating lease obligations88 30 
Other cost of removal obligations1,908 1,846 
Accrued environmental remediation203 198 
Other deferred credits and liabilities218 231 
Total deferred credits and other liabilities5,197 4,934 
Total Liabilities15,837 15,181 
Common Stockholder's Equity (See accompanying statements)
11,089 10,996 
Total Liabilities and Stockholder's Equity$26,926 $26,177 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (UNAUDITED)

 Paid-In
Capital		Retained
Earnings
(Accumulated Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		Total
 (in millions)
Balance at December 31, 2023$10,836 $(49)$16 $10,803 
Net income— 409 — 409 
Capital contributions from parent company2 — — 2 
Other comprehensive income— — 12 12 
Cash dividends on common stock— (151)— (151)
Other— (1)— (1)
Balance at March 31, 202410,838 208 28 11,074 
Net income— 108 — 108 
Capital contributions from parent company6 — — 6 
Other comprehensive income— — 7 7 
Cash dividends on common stock— (151)— (151)
Balance at June 30, 202410,844 165 35 11,044 
Net income— 38 — 38 
Capital contributions from parent company1 — — 1 
Other comprehensive income (loss)— — (4)(4)
Cash dividends on common stock— (152)— (152)
Other— 1 — 1 
Balance at September 30, 2024$10,845 $52 $31 $10,928 
Balance at December 31, 2024$10,863 $85 $48 $10,996 
Net income— 418 — 418 
Return of capital to parent company(56)— — (56)
Capital contributions from parent company3 — — 3 
Other comprehensive income— — 12 12 
Cash dividends on common stock— (149)— (149)
Other— 1 — 1 
Balance at March 31, 202510,810 355 60 11,225 
Net income— 106 — 106 
Capital contributions from parent company23 — — 23 
Other comprehensive income (loss)— — (7)(7)
Cash dividends on common stock— (148)— (148)
Other— (1)— (1)
Balance at June 30, 202510,833 312 53 11,198 
Net income— 25 — 25 
Capital contributions from parent company21 — — 21 
Other comprehensive income (loss)— — (7)(7)
Cash dividends on common stock— (149)— (149)
Other— 1 — 1 
Balance at September 30, 2025$10,854 $189 $46 $11,089 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
ALABAMA POWER COMPANY
GEORGIA POWER COMPANY
MISSISSIPPI POWER COMPANY
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
(UNAUDITED)


INDEX TO THE NOTES TO THE CONDENSED FINANCIAL STATEMENTS
NotePage
A
Introduction
44
B
Regulatory Matters
48
C
Contingencies
54
D
Revenue from Contracts with Customers and Lease Income
56
E
Consolidated Entities and Equity Method Investments
63
F
Financing
64
G
Income Taxes
68
H
Retirement Benefits
70
I
Fair Value Measurements
73
J
Derivatives
77
K
Acquisitions and Dispositions
89
L
Segment and Related Information
90



INDEX TO APPLICABLE NOTES TO FINANCIAL STATEMENTS BY REGISTRANT
The following unaudited notes to the condensed financial statements are a combined presentation; however, information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf and each Registrant makes no representation as to information related to the other Registrants. The table below indicates the Registrants to which each note applies.

Applicable Notes
RegistrantABCDEFGHIJKL
Southern Companyllllllllllll
Alabama Powerlllllllllll
Georgia Powerllllllllll
Mississippi Powerlllllllllll
Southern Powerlllllllllll
Southern Company Gaslllllllllll
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
(A) INTRODUCTION
The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets at December 31, 2024 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended September 30, 2025 and 2024. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy and other factors, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year.
The preparation of financial statements in conformity with GAAP requires the use of estimates, and the actual results may differ from those estimates. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant.
Goodwill and Other Intangible Assets
Goodwill at both September 30, 2025 and December 31, 2024 was as follows:
Goodwill
(in millions)
Southern Company$5,161 
Southern Company Gas:
Gas distribution operations$4,034 
Gas marketing services981 
Southern Company Gas total$5,015 
Goodwill is not amortized but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if goodwill impairment indicators exist.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Other intangible assets were as follows:
At September 30, 2025At December 31, 2024
Gross Carrying AmountAccumulated AmortizationOther
Intangible Assets, Net		Gross Carrying AmountAccumulated AmortizationOther
Intangible Assets, Net
(in millions)(in millions)
Southern Company
Subject to amortization:
Customer relationships$212 $(186)$26 $212 $(182)$30 
Trade names64 (64)— 64 (59)5 
PPA fair value adjustments390 (183)207 390 (168)222 
Other3 (3)— 3 (3)— 
Total subject to amortization$669 $(436)$233 $669 $(412)$257 
Not subject to amortization:
FCC licenses75 — 75 75 — 75 
Total other intangible assets$744 $(436)$308 $744 $(412)$332 
Southern Power(*)
PPA fair value adjustments$390 $(183)$207 $390 $(168)$222 
Southern Company Gas(*)
Gas marketing services
Customer relationships$156 $(152)$4 $156 $(150)$6 
Trade names26 (26)— 26 (23)3 
Total other intangible assets$182 $(178)$4 $182 $(173)$9 
(*)All subject to amortization.
Amortization associated with other intangible assets was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Southern Company(a)
$8 $9 $24 $27 
Southern Power(b)
5 5 15 15 
Southern Company Gas
Gas marketing services2 2 5 5 
(a)Includes $5 million for the three months ended September 30, 2025 and 2024 and $15 million for the nine months ended September 30, 2025 and 2024 recorded as a reduction to operating revenues.
(b)Recorded as a reduction to operating revenues.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
Southern CompanyGeorgia PowerSouthern PowerSouthern
Company Gas
(in millions)
At September 30, 2025
Cash and cash equivalents$3,341 $937 $1,047 $346 
Restricted cash(*):
Other current assets1 — — — 
Total cash, cash equivalents, and restricted cash
$3,342 $937 $1,047 $346 
At December 31, 2024
Cash and cash equivalents$1,070 $97 $159 $43 
Restricted cash(*):
Other current assets31 21 9 1 
Total cash, cash equivalents, and restricted cash
$1,101 $118 $168 $44 
(*)For Georgia Power, reflects remaining proceeds at December 31, 2024 from the issuance of solid waste disposal facility revenue bonds in 2022. For Southern Power, reflects remaining proceeds at December 31, 2024 from an arbitration award held to fund future replacement costs. For Southern Company, also reflects collateral of $1 million for life insurance and long-term disability insurance, which was included at Southern Holdings and Southern Company Gas at September 30, 2025 and December 31, 2024, respectively.
Natural Gas for Sale
With the exception of Nicor Gas, Southern Company Gas records natural gas inventories on a weighted average cost basis. For any declines in market prices below the weighted average cost considered to be non-temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year-end are charged to cost of natural gas at the estimated annual replacement cost. Inventory decrements that are not restored prior to year-end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated.
Southern Company Gas recorded no material adjustments to natural gas inventories for either period presented. Nicor Gas' inventory decrements that occurred during the year have been restored as of September 30, 2025.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Storm Damage Reserves
See Note 1 to the financial statements under "Storm Damage and Reliability Reserves" in Item 8 of the Form 10-K for additional information.
Storm damage reserve activity for the traditional electric operating companies during the nine months ended September 30, 2025 was as follows:
Southern
Company
Alabama Power
Georgia Power
Mississippi
Power
 (in millions)
Balance at December 31, 2024
$(705)$70 $(827)$52 
Accrual(*)
58 23 24 11 
Weather-related damages
(209)(97)(104)(8)
Balance at September 30, 2025
$(856)$(4)$(907)$55 
(*)For Alabama Power, includes $7 million of undistributed customer bill credits related to the nuclear fuel disposal costs litigation award, as directed by the Alabama PSC in its December 2024 order. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
Depreciation and Amortization
See Note 5 to the financial statements under "Depreciation and Amortization" in Item 8 of the Form 10-K for additional information.
On April 1, 2025, the Mississippi PSC approved a stipulation between Mississippi Power and the Mississippi Public Utilities Staff for an $8 million increase in total annual depreciation effective January 1, 2025.
Asset Retirement Obligations
See Note 6 to the financial statements in Item 8 of the Form 10-K for additional information.
In June 2025, Alabama Power recorded a net decrease of approximately $257 million to its AROs related to the CCR Rule and the related state rule resulting from changes in estimates, including lower future inflation rates, higher discount rates, and timing of closure activities.
Also in June 2025, Mississippi Power, as a joint owner of Alabama Power's Plant Greene County Units 1 and 2, recorded a net decrease of approximately $13 million to its AROs related to the CCR Rule and the related Alabama state rule resulting from changes in estimates, including lower future inflation rates, higher discount rates, and timing of closure activities.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(B) REGULATORY MATTERS
See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters.
The fuel and natural gas cost recovery balances for the traditional electric operating companies and Southern Company Gas, respectively, at September 30, 2025 and December 31, 2024 were as follows:
Regulatory ClauseBalance Sheet Line ItemAt September 30, 2025At December 31, 2024
(in millions)
Alabama Power
Rate ECR
Other regulatory assets, current
$14 $— 
Other regulatory assets, deferred69 — 
Other regulatory liabilities, current
— 29 
Georgia Power
Fuel Cost Recovery
Receivables – under recovered retail fuel clause revenues
$487 $713 
Deferred under recovered retail fuel clause revenues197 453 
Mississippi Power
Fuel Cost Recovery(*)
Receivables – customer accounts, net$30 $— 
Deferred under recovered retail fuel clause revenues— 32 
Over recovered retail fuel clause revenues
— 32 
Southern Company Gas
Natural Gas Cost RecoveryNatural gas cost over recovery$163 $193 
(*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At September 30, 2025 and December 31, 2024, wholesale MRA fuel cost over recovery was immaterial and $19 million, respectively, and was included in other current liabilities on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.
Alabama Power
Petition for Certificate of Convenience and Necessity
On August 13, 2025, the Alabama PSC approved Alabama Power's petition for a certificate of convenience and necessity authorizing Alabama Power to complete the acquisition of Tenaska Alabama Partners, L.P., which had been approved by the FERC on June 6, 2025. The transaction closed on September 30, 2025. Tenaska Alabama Partners, L.P. had owned and operated the Lindsay Hill Generating Station, an approximately 855-MW combined cycle generation facility in Autauga County, Alabama. Alabama Power expects to recover all approved costs associated with the acquisition through existing rate mechanisms as outlined in Note 2 to the financial statements under "Alabama Power – Petition for Certificate of Convenience and Necessity" in Item 8 of the Form 10-K. See Note (K) under "Alabama Power" for additional information.
Jurisdictional Separation Study Order
On June 5, 2025, the Alabama PSC approved an order authorizing Alabama Power to implement changes related to the Jurisdictional Separation Study (JSS) under Rate RSE, which allocates costs between retail and other electric services. For 2026, a revised JSS allocation factor will account for system capacity previously allocated to wholesale electric services that will be used for retail electric service starting January 1, 2026. In addition, Alabama Power is authorized to establish a regulatory asset to defer certain costs associated with this capacity for 2026, and those costs are estimated to be approximately $100 million. Beginning in 2027, Alabama Power will amortize the regulatory asset on a levelized basis over a period not exceeding 10 years.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Rate NDR
Beginning with July 2025 billings, the NDR reserve maintenance charge was suspended and the reserve establishment charge was activated as a result of the NDR balance falling below $50 million. Alabama Power expects to collect $18 million in the second half of 2025 and approximately $36 million annually beginning in 2026 under Rate NDR unless the NDR balance exceeds $75 million. At September 30, 2025, Alabama Power's regulatory asset balance related to NDR was $4 million. Rate NDR is intended to allow recovery of any existing deferred storm-related operations and maintenance costs and any future reserve deficits over a 48-month period. The Alabama PSC gives Alabama Power authority to record a deficit balance in the NDR when costs of storm damage exceed any established reserve balance.
Reliability Reserve Accounting Order
On June 19, 2025, Alabama Power notified the Alabama PSC of its intent to use a portion of its $131 million reliability reserve balance during 2025. As a result, Alabama Power had usage of the reliability reserve in the amount of $30 million during the third quarter 2025 for reliability-related transmission, distribution, and generation expenses. At September 30, 2025, Alabama Power's reliability reserve balance was $101 million.
Nuclear Production Tax Credits Order
On October 7, 2025, the Alabama PSC issued an order authorizing Alabama Power to establish a regulatory liability for nuclear PTCs received through its nuclear generating facilities pursuant to Internal Revenue Code §45U for tax years 2024 through 2032. For the 2024 tax year, Alabama Power claimed §45U PTCs on Southern Company's consolidated tax return. The base credit amount of $36 million is included in a regulatory liability. Additionally, Alabama Power claimed the prevailing wage multiplier on its 2024 federal income tax return for a total credit claimed of $180 million. The §45U PTC is available for tax years 2024 to 2032 and is subject to a phase-out. As such, Alabama Power will evaluate annually whether it qualifies for the credit. The §45U PTCs will be deferred as a regulatory liability until the Alabama PSC provides direction on how to apply them for the benefit of customers. The ultimate outcome of this matter cannot be determined at this time. See Note (G) under "Unrecognized Tax Benefits" herein for additional information.
Georgia Power
2022 ARP
On July 1, 2025, the Georgia PSC approved a settlement agreement among Georgia Power, the staff of the Georgia PSC, and certain intervenors to extend the 2022 ARP for an additional three-year term through December 31, 2028 (ARP Extension). Under the ARP Extension, base rates will not be adjusted in 2026, 2027, or 2028 (ARP Extension Period) except for reasonable and prudent storm damage costs incurred through December 31, 2025, which will be determined in a separate regulatory proceeding.
Under the ARP Extension, Georgia Power's retail ROE set point will continue at 10.50% and its equity ratio will continue at 56%. Additionally, the retail ROE range approved by the Georgia PSC in the 2022 ARP, of 9.50% to 11.90%, will continue. The ARP Extension includes, among other things, the following modifications to the 2022 ARP:
•Storm damage costs will be included in a separate regulatory proceeding to be filed no sooner than February 1, 2026 and no later than July 1, 2026 to recover the actual reasonable and prudent storm costs incurred through December 31, 2025. Subject to Georgia PSC approval, new rates would be effective approximately 90 days after the filing is made. The Georgia PSC will determine the period over which any such storm damage costs will be recovered.
•Amortization of regulatory assets and liabilities in the 2022 ARP, which were subsequently included in current rates through annual compliance filings, will continue through the ARP Extension Period. This includes those regulatory asset and liability balances that were projected to be fully amortized through 2025 or during the ARP Extension Period.
49
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
•The amounts previously deferred during the 2022 ARP for ITCs and PTCs will be amortized through the ARP Extension Period. The acceleration of amortization during the ARP Extension Period is subject to the Internal Revenue Code normalization rules and other guidance (if any) released by the IRS. Certain amounts of ITCs generated during the ARP Extension Period will be amortized over five years, and additional ITC amounts will be deferred to a regulatory liability during the ARP Extension Period. Sixty percent (60%) of PTC benefits generated (excluding PTCs generated under Internal Revenue Code §45J) during the ARP Extension Period will be credited to income tax expense as generated. The remaining forty percent (40%) will be deferred to a regulatory liability.
•The period for depreciation and amortization related to certain generating plants and net book values of retired generating plants will be 13 years effective January 1, 2026.
Using the retail ROE range approved by the Georgia PSC in the 2022 ARP, earnings above 11.90% retail ROE will continue to be subject to sharing whereby 40% of earnings above the band would be applied to regulatory assets, 40% would be directly refunded to customers, and the remaining 20% would be retained by Georgia Power. There will be no recovery of any earnings shortfall below 9.50% retail ROE on an actual basis. However, if at any time during the term of the ARP Extension Period, Georgia Power projects that its retail earnings will be less than the lower end of the approved retail ROE range for any calendar year of the ARP Extension Period, it may petition the Georgia PSC for implementation of the Interim Cost Recovery (ICR) tariff to adjust Georgia Power's retail rates to achieve a retail ROE equal to the lower end of the approved retail ROE range. Any ICR tariff would expire at the earlier of January 1, 2029 or the end of the calendar year in which the ICR tariff becomes effective. In lieu of requesting implementation of an ICR tariff, or if the Georgia PSC chooses not to implement the ICR tariff, Georgia Power may file a full base rate case.
Except as provided above, Georgia Power will not file a base rate increase while the ARP Extension is in effect. Georgia Power is required to file a general base rate case by July 1, 2028.
Integrated Resource Plans
On September 4, 2025, the Georgia PSC approved Georgia Power's June 2025 request to certify a Georgia Power-owned battery energy storage facility with a capacity of 200 MWs and a projected COD in 2027.
On July 30, 2025, Georgia Power requested certification from the Georgia PSC, for which a final decision is expected to be rendered in December 2025, for the following resources:
•As included in the 2022 IRP final order, Georgia Power initiated a request for proposals (RFP) of up to 8,500 MWs of capacity from a variety of resources with projected CODs or delivery commencement dates between 2028 and 2030. The RFP resulted in 18 resources, totaling 7,999 MWs, being selected which consist of four PPAs (including two affiliate PPAs with Southern Power that are subject to approval by the FERC) with capacity totaling 1,195 MWs commencing between 2028 and 2030, three project sites consisting of five Georgia Power-owned combined cycle units with capacity totaling 3,692 MWs and projected CODs commencing between 2029 and 2030, nine Georgia Power-owned battery energy storage facilities with capacity totaling 2,762 MWs and projected CODs commencing between 2028 and 2030, and two Georgia Power-owned battery energy storage facilities with solar with capacity totaling 350 MWs and projected CODs commencing in 2028.
•In July 2025, Georgia Power extended 50 MWs of an existing 750-MW affiliate PPA with Mississippi Power for an additional year through December 31, 2029.
•Additionally, in July 2025, Georgia Power executed a 20-year non-affiliate PPA for 930 MWs commencing in 2030 and five 25-year non-affiliate PPAs totaling 646 MWs commencing in 2027.
•Georgia Power entered into agreements to initiate acquisition of property and construction of a 260-MW Georgia Power-owned battery energy storage facility with a projected COD in 2027 to be paired with an existing non-affiliate solar PPA.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The certification requests in June and July 2025 associated with these Georgia Power-owned projects and related transmission investments total approximately $16.7 billion, excluding AFUDC. At September 30, 2025, Georgia Power had recorded approximately $725 million of combined capital costs, excluding AFUDC, for the projects requested for certification.
As required by the 2025 IRP decision, Georgia Power filed with the Georgia PSC on September 17, 2025 an updated load forecast to support the certification requests from the RFP of up to 8,500 MWs. The Georgia PSC will determine the necessary generation resources to certify. See "2025 IRP" herein for information regarding the 2025 IRP.
The ultimate outcome of these matters cannot be determined at this time.
2025 IRP
On July 15, 2025, the Georgia PSC approved Georgia Power's 2025 IRP, as modified by a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors. In the 2025 IRP decision, the Georgia PSC approved the following requests:
•Extended operation of Plant Scherer Unit 3 (614 MWs based on 75% ownership) through at least December 31, 2035 and Plant Gaston Units 1 through 4 (500 MWs based on 50% ownership through SEGCO) through December 31, 2034. See Note 7 to the financial statements under "SEGCO" in Item 8 of the Form 10-K for additional information.
•Installation of environmental controls and natural gas co-firing at Plant Bowen Units 1 through 4 (3,160 MWs), Plant Scherer Units 1 and 2 (137 MWs based on 8.4% ownership), and Plant Scherer Unit 3 for compliance with both ELG supplemental rules and GHG rules.
•Upgrades to Plant McIntosh Units 10 and 11 (1,319 MWs) for a projected 194 MWs of incremental capacity by 2028 and Plant McIntosh Units 1 through 8 (640 MWs) for a projected 74 MWs of incremental capacity by 2033.
•Upgrades to Plant Vogtle Units 1 and 2 (1,060 MWs based on 45.7% ownership) for a projected 54 MWs of incremental capacity, some of which could be available as early as 2028.
•Investments related to the continued reliable hydro operations of four facilities, as well as the authority to spend up to $25 million to undertake engineering studies related to two additional hydro facilities.
•RFP for at least 1,100 MWs of utility scale and distributed generation renewable resources.
•Issuance of a capacity RFP to procure resources to meet capacity needs in 2032 and 2033.
•Strategic power delivery infrastructure plan necessary to help ensure adequate reliability and serve the projected future load growth expected in Georgia.
•Certification of approximately 187 MWs of wholesale capacity associated with Plant Scherer Unit 3 to be placed in retail rate base, some of which will be available beginning in 2026.
In addition, the 2025 IRP assumes Plant Bowen Units 1 and 2 will operate through at least the end of 2035.
Fuel Cost Recovery
On May 14, 2025, Georgia Power submitted an Interim Fuel Rider (IFR) notification and plan informing the Georgia PSC that Georgia Power's under recovered fuel balance accumulated since May 31, 2023 exceeded the IFR threshold of $200 million, established in a Georgia PSC stipulation approved in May 2023. Georgia Power proposed no fuel cost recovery rate change and is required to monitor and report to the Georgia PSC monthly as long as the under recovered fuel balance accumulated since May 31, 2023 is above $200 million. On September 15, 2025, Georgia Power filed its most recent IFR plan and notification which also proposed no fuel cost recovery rate change. At September 30, 2025, Georgia Power's under recovered fuel balance accumulated since May 31, 2023 did not exceed the IFR threshold of $200 million. Georgia Power is scheduled to file its next fuel case no later than February 28, 2026.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Nuclear Construction
Georgia Power placed Plant Vogtle Units 3 and 4 in service on July 31, 2023 and April 29, 2024, respectively. During the third quarter 2025, following the completion of site demobilization efforts, Southern Nuclear evaluated the remaining contractor obligations and reduced the remaining estimate to complete forecast by approximately $33 million. Accordingly, Georgia Power recorded a pre-tax credit to income of approximately $33 million ($25 million after tax) in the third quarter 2025 to recognize capital costs previously charged to income. Georgia Power's net investment in connection with Plant Vogtle Units 3 and 4 at September 30, 2025 is $10.690 billion, which excludes capitalized AFUDC of approximately $440 million accrued through Unit 4's in-service date.
Other Construction
At September 30, 2025, Georgia Power had recorded approximately $1.5 billion of combined capital costs, excluding AFUDC, for the projects reflected in the table below. The total certified amounts related to these projects are approximately $2.8 billion, excluding AFUDC. The ultimate outcome of these matters cannot be determined at this time.
Project(*)
Resource
Approximate Nameplate Capacity
(MW)
Projected COD
Regulatory Approval
Projects Under Construction at September 30, 2025
McGrau Ford
Battery energy storage
265
Fourth quarter 2026
2022 IRP
Plant Yates Units 8 through 10
Combustion turbine
1,326
Fourth quarter 2026 through third quarter 2027
2023 IRP Update
Various facilities
Battery energy storage
500
Second quarter 2026 through fourth quarter 2026
2023 IRP Update
(*)Excludes a 200-MW battery energy storage facility which has not incurred significant costs. See "Integrated Resource Plans" herein for additional information.
Mississippi Power
Performance Evaluation Plan
On June 17, 2025, the Mississippi PSC approved Mississippi Power's annual retail PEP filing for 2025, resulting in an annual increase in revenues of approximately 4.0%, or $41 million, primarily due to increases in investment and depreciation. In accordance with the PEP rate schedule, an increase of 2.0% of total retail revenues, or approximately $22 million, became effective with the first billing cycle of April 2025, and the remaining approximately $19 million became effective with the first billing cycle of July 2025.
Integrated Resource Plans
On July 8, 2025, Mississippi Power extended 50 MWs of an existing 750-MW affiliate PPA with Georgia Power for an additional year through December 31, 2029, subject to approval by the Georgia PSC. The ultimate outcome of this matter cannot be determined at this time. See "Georgia Power – Integrated Resource Plans" herein for additional information.
Environmental Compliance Overview Plan
On April 1, 2025, the Mississippi PSC approved Mississippi Power's annual ECO Plan filing for 2025, resulting in a $6 million annual increase in revenues effective with the first billing cycle of May 2025.
Ad Valorem Tax Adjustment
On August 5, 2025, the Mississippi PSC approved Mississippi Power's annual ad valorem tax adjustment filing for 2025, resulting in a $7 million annual increase in revenues effective with the first billing cycle of September 2025.
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(UNAUDITED)
This increase is not expected to have a significant effect on Mississippi Power's net income but will affect operating cash flows.
System Restoration Rider
On June 17, 2025, the Mississippi PSC approved Mississippi Power's annual SRR filing for 2025, with no change in retail rates. Mississippi Power's minimum annual SRR accrual increased from $12.6 million to $13.5 million and the target property damage reserve balance increased from $75 million to $125 million. Mississippi Power will continue to record a minimum annual accrual until a target property damage reserve balance of $125 million is met.
Reliability Reserve Accounting Order
On March 17, 2025, Mississippi Power notified the Mississippi PSC of its intent to use a portion of its $57 million reliability reserve balance during 2025, through the annual PEP filing. On June 17, 2025, the Mississippi PSC approved the annual PEP filing which allowed the use of $10.9 million of the reliability reserve balance, which Mississippi Power used for reliability-related generation, transmission, and distribution expenses in the second quarter 2025. See "Performance Evaluation Plan" herein for information regarding approval of the annual PEP filing.
Plant Daniel
On June 19, 2025, the Florida PSC issued a final order approving the transfer of FP&L's 50% ownership interest in Plant Daniel Units 1 and 2 to Mississippi Power. On July 30, 2025, Mississippi Power completed the acquisition of FP&L's 50% interest in Plant Daniel Units 1 and 2 and, as part of the acquisition, received approximately $36 million from FP&L, which was recorded as a regulatory liability and is being amortized to offset incremental costs as authorized by the Mississippi PSC.
Municipal and Rural Associations Tariff
On April 3, 2025, the FERC approved a settlement agreement filed by Mississippi Power and Cooperative Energy in December 2024. The settlement agreement provided for (i) a $1 million increase in annual wholesale base revenues and a refund to customers of approximately $4 million, (ii) a rate escalation of 2.5% on an annual basis in periods subsequent to December 31, 2024 and continuing through the end of the shared service agreement on December 31, 2035, and (iii) a waiver of rights by Mississippi Power and Cooperative Energy to file for any changes in non-fuel rates through the end of the term of the shared service agreement.
Southern Company Gas
Infrastructure Replacement Programs and Capital Projects
On March 26, 2025, the Illinois Supreme Court denied Nicor Gas' petition for leave to appeal $14 million of the 2019 Qualifying Infrastructure Plant disallowance. This matter is concluded and had no impact on the current period financial statements.
Rate Proceedings
On August 12, 2025, Virginia Natural Gas, the Virginia Commission staff, and certain intervenors entered into a stipulation related to Virginia Natural Gas' August 2024 general base rate case filing. The stipulation provides for a $40 million increase in annual base rate revenues, including the recovery of investments under the SAVE program, an ROE of 9.85%, and an equity ratio of 49.35%. Interim rates became effective January 1, 2025, subject to refund, based on Virginia Natural Gas' original requested increase of approximately $63 million. The Virginia Commission is expected to issue an order on the requested increase in the fourth quarter 2025. The ultimate outcome of this matter cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(C) CONTINGENCIES
See Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies.
General Litigation Matters
The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements.
The Registrants intend to dispute the allegations raised in and vigorously defend against the pending legal challenges discussed below; however, the ultimate outcome of each of these matters cannot be determined at this time.
Southern Company
On July 11, 2025, a purported class action complaint was filed in the U.S. District Court for the District of Maryland against two nuclear consulting companies and all U.S. commercial nuclear power operators, or affiliated entities, including Southern Company. The purported class of plaintiffs includes all persons employed in nuclear power generation by the defendants, including nuclear operators, nuclear engineers, and nuclear technicians, from May 1, 2003 to the present. The complaint alleges that, since at least May 2003, the nuclear power industry conspired to fix and suppress employee compensation for nuclear power generation employees in violation of federal antitrust law. Although not named as defendants, other entities are accused of having participated in the plaintiffs' alleged conspiracy, including Southern Nuclear. The plaintiffs seek to recover, among other relief, unspecified monetary damages, including treble damages and attorneys' fees, and injunctive relief. On October 15, 2025, Southern Company moved to dismiss the complaint. An adverse outcome could have a material impact on Southern Company's financial statements.
Southern Company and Mississippi Power
In 2010, the DOE, through a cooperative agreement with SCS, agreed to fund $270 million of the Kemper County energy facility through the grants awarded to the project by the DOE under the Clean Coal Power Initiative Round 2. In 2016, additional DOE grants in the amount of $137 million were awarded to the Kemper County energy facility. In 2018, Mississippi Power filed with the DOE its request for property closeout certification under the contract related to the $387 million of total grants received. In 2020, Mississippi Power and Southern Company executed an agreement with the DOE completing Mississippi Power's request, which enabled Mississippi Power to proceed with full dismantlement of the abandoned gasifier-related assets and site restoration activities. In connection with the DOE closeout discussions, in 2019, the Civil Division of the Department of Justice informed Southern Company and Mississippi Power of a civil investigation related to the DOE grants. In August 2023, the U.S. District Court for the Northern District of Georgia unsealed a civil action in which defendants Southern Company, SCS, and Mississippi Power are alleged to have violated certain provisions of the False Claims Act by fraudulently inducing the DOE to disburse funds pursuant to the grants. The federal government declined to intervene in the action. In October 2023, the plaintiff, a former SCS employee, filed an amended complaint, again alleging certain violations of the False Claims Act. The plaintiff seeks to recover all damages incurred personally and on behalf of the federal government caused by the defendants' alleged violations, as well as treble damages and attorneys' fees, among other relief. In February 2024, the defendants moved to dismiss the amended complaint. In August 2024, the court granted the defendants' motion in part and denied it in part, dismissing the plaintiff's False Claims Act count along with its accompanying treble damages and attorneys' fees but allowing the employment retaliation claim to proceed. In October 2024, the plaintiff requested interlocutory appeal of the court's decision, which was denied on February 25, 2025, and the defendants asserted counterclaims for conversion and misappropriation of trade secrets. In November 2024, the defendants filed a motion for judgment on the pleadings
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(UNAUDITED)
on the plaintiff's employment retaliation claim. In December 2024, the plaintiff filed a motion to dismiss the defendants' counterclaims. On July 15, 2025, the court denied the plaintiff's motion to dismiss the defendants' counterclaims and the defendants' motion for judgment on the pleadings. On August 6, 2025, the plaintiff asserted a counterclaim against the defendants. On September 8, 2025, the defendants renewed their motion for judgment on the pleadings. An adverse outcome could have a material impact on Southern Company's and Mississippi Power's financial statements.
Alabama Power
In September 2022, Mobile Baykeeper filed a citizen suit in the U.S. District Court for the Southern District of Alabama alleging that Alabama Power's plan to close the Plant Barry surface impoundment utilizing a closure-in-place methodology violates the Resource Conservation and Recovery Act (RCRA) and regulations governing CCR. Among other relief requested, Mobile Baykeeper sought a declaratory judgment that the RCRA and regulations governing CCR were being violated, preliminary and injunctive relief to prevent implementation of Alabama Power's closure plan, and the development of a closure plan that satisfies regulations governing CCR requirements. In December 2022, Alabama Power filed a motion to dismiss the case. In January 2024, the lawsuit was dismissed without prejudice by the U.S. District Court judge. In February 2024, the plaintiff filed a motion to reconsider, which was denied by the U.S. District Court judge in July 2024. In August 2024, the plaintiff filed a notice of appeal in the U.S. Court of Appeals for the Eleventh Circuit challenging the denial of the motion to reconsider the order of dismissal.
In 2023, the EPA issued a Notice of Potential Violations (NOPV) associated with Alabama Power's plan to close the Plant Barry surface impoundment. In September 2024, Alabama Power reached a settlement with the EPA resolving two of the three allegations in the NOPV related to the groundwater monitoring system and the emergency action plan at the Plant Barry surface impoundment. The settlement did not resolve the EPA's allegation relating to Alabama Power's plan to close the Plant Barry surface impoundment. Alabama Power has affirmed to the EPA its position that it is in compliance with CCR requirements.
On July 29, 2025, Coosa Riverkeeper filed a citizen suit in the U.S. District Court for the Northern District of Alabama alleging that Alabama Power's closure of the Plant Gadsden surface impoundment violates the RCRA and regulations governing CCR. Among other relief requested, Coosa Riverkeeper seeks declaratory judgment that Alabama Power is in violation of RCRA and regulations governing CCR, and preliminary and injunctive relief to require Alabama Power to close the CCR unit and operate a groundwater monitoring system in a different manner to satisfy RCRA and the regulations governing CCR requirements. On September 29, 2025, Alabama Power filed a motion to dismiss the citizen suit.
These matters could have a material impact on Alabama Power's and Southern Company's financial statements, including ARO estimates and cash flows. See Note 6 to the financial statements in Item 8 of the Form 10-K for a discussion of Alabama Power's ARO liabilities.
Environmental Remediation
The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their respective state PSCs or other applicable state regulatory agencies to recover approved environmental remediation costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies.
Georgia Power's environmental remediation liability was $13 million at both September 30, 2025 and December 31, 2024. Georgia Power has been designated or identified as a potentially responsible party at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act, and assessment and potential cleanup of such sites is expected.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company Gas' environmental remediation liability was $227 million and $222 million at September 30, 2025 and December 31, 2024, respectively, based on the estimated cost of environmental investigation and remediation at known former manufactured gas plant operating sites.
The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of the applicable Registrants.
Nuclear Fuel Disposal Costs
On September 5, 2025, Alabama Power and Georgia Power filed their fifth round of lawsuits against the U.S. government in the Court of Federal Claims, seeking damages for the costs of continuing to store spent nuclear fuel at Plants Farley, Hatch, and Vogtle Units 1 and 2 for the period from January 1, 2020 through December 31, 2024. Damages will continue to accumulate until the issue is resolved, the U.S. government disposes of Alabama Power's and Georgia Power's spent nuclear fuel pursuant to its contractual obligations, or alternative storage is otherwise provided. No amounts have been recognized in the financial statements as of September 30, 2025 for any potential recoveries from the pending lawsuits.
The final outcome of this matter cannot be determined at this time. However, Alabama Power and Georgia Power expect to credit any recoveries for the benefit of customers in accordance with direction from their respective PSC; therefore, no material impact on Southern Company's, Alabama Power's, or Georgia Power's net income is expected.
Other Matters
Mississippi Power
On March 31, 2025, the Mississippi Department of Revenue (Mississippi DOR) completed an audit of sales and use taxes paid by Mississippi Power from October 2019 to July 2024 and entered a final assessment, indicating a total amount due of $29 million, including associated penalties and interest. Mississippi Power does not agree with the audit findings and filed an administrative appeal with the Mississippi DOR on May 29, 2025. Mississippi Power's sales and use taxes are generally authorized for rate recovery. The ultimate outcome of this matter cannot be determined at this time.
(D) REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME
Revenue from Contracts with Customers
The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. Included in the wholesale electric revenues of the traditional electric operating companies and Southern Power are revenues associated with affiliate transactions. These revenues are generated through long-term PPAs or short-term energy sales made in accordance with the IIC, as approved by the FERC. Amounts related to these affiliate revenues are eliminated in consolidation for Southern Company. See Note 1 to the financial statements under "Affiliate Transactions" and "Revenues" in Item 8 of the Form 10-K for additional information. See "Lease Income" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The following table disaggregates revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Three Months Ended September 30, 2025
Operating revenues
Retail electric revenues
Residential$2,737 $982 $1,653 $102 $— $— 
Commercial2,074 614 1,358 102 — — 
Industrial1,195 481 620 94 — — 
Other32 3 27 2 — — 
Total retail electric revenues6,038 2,080 3,658 300 — — 
Natural gas distribution revenues
Residential236 — — — — 236 
Commercial65 — — — — 65 
Transportation316 — — — — 316 
Industrial 4 — — — — 4 
Other47 — — — — 47 
Total natural gas distribution revenues668 — — — — 668 
Wholesale electric revenues
PPA energy revenues373 81 58 3 246 — 
PPA capacity revenues180 32 40 16 109 — 
Non-PPA revenues106 42 23 150 59 — 
Total wholesale electric revenues659 155 121 169 414 — 
Other natural gas revenues
Gas marketing services56 — — — — 56 
Other
1 — — — — 1 
Total other natural gas revenues
57 — — — — 57 
Other revenues400 59 191 12 3 — 
Total revenue from contracts with customers7,822 2,294 3,970 481 417 725 
Other revenue sources(*)
1 24 (200)(1)196 9 
Total operating revenues$7,823 $2,318 $3,770 $480 $613 $734 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Nine Months Ended September 30, 2025
Operating revenues
Retail electric revenues
Residential$6,822 $2,512 $4,056 $254 $— $— 
Commercial5,400 1,599 3,539 262 — — 
Industrial3,127 1,304 1,560 263 — — 
Other94 8 79 7 — — 
Total retail electric revenues15,443 5,423 9,234 786 — — 
Natural gas distribution revenues
Residential1,475 — — — — 1,475 
Commercial357 — — — — 357 
Transportation1,053 — — — — 1,053 
Industrial 30 — — — — 30 
Other217 — — — — 217 
Total natural gas distribution revenues3,132 — — — — 3,132 
Wholesale electric revenues
PPA energy revenues1,097 193 192 8 739 — 
PPA capacity revenues478 89 113 50 276 — 
Non-PPA revenues235 139 43 384 180 — 
Total wholesale electric revenues1,810 421 348 442 1,195 — 
Other natural gas revenues
Gas marketing services394 — — — — 394 
Other
11 — — — — 11 
Total other natural gas revenues
405 — — — — 405 
Other revenues1,352 209 627 42 17 — 
Total revenue from contracts with customers22,142 6,053 10,209 1,270 1,212 3,537 
Other revenue sources(*)
430 245 (291)31 514 15 
Total operating revenues$22,572 $6,298 $9,918 $1,301 $1,726 $3,552 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Three Months Ended September 30, 2024
Operating revenues
Retail electric revenues
Residential$2,651 $975 $1,580 $96 $— $— 
Commercial1,991 607 1,288 96 — — 
Industrial1,184 483 606 95 — — 
Other33 3 28 2 — — 
Total retail electric revenues5,859 2,068 3,502 289 — — 
Natural gas distribution revenues
Residential212 — — — — 212 
Commercial55 — — — — 55 
Transportation294 — — — — 294 
Industrial 4 — — — — 4 
Other45 — — — — 45 
Total natural gas distribution revenues610 — — — — 610 
Wholesale electric revenues
PPA energy revenues300 58 26 1 222 — 
PPA capacity revenues190 24 42 15 125 — 
Non-PPA revenues67 34 — 106 67 — 
Total wholesale electric revenues557 116 68 122 414 — 
Other natural gas revenues
Gas marketing services51 — — — — 51 
Other
6 — — — — 6 
Total other natural gas revenues
57 — — — — 57 
Other revenues398 60 170 13 9 — 
Total revenue from contracts with customers7,481 2,244 3,740 424 423 667 
Other revenue sources(*)
(207)(106)(268)(12)177 15 
Total operating revenues$7,274 $2,138 $3,472 $412 $600 $682 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Nine Months Ended September 30, 2024
Operating revenues
Retail electric revenues
Residential$6,551 $2,477 $3,832 $242 $— $— 
Commercial5,075 1,583 3,243 249 — — 
Industrial3,019 1,338 1,424 257 — — 
Other94 9 78 7 — — 
Total retail electric revenues14,739 5,407 8,577 755 — — 
Natural gas distribution revenues
Residential1,244 — — — — 1,244 
Commercial300 — — — — 300 
Transportation959 — — — — 959 
Industrial 25 — — — — 25 
Other221 — — — — 221 
Total natural gas distribution revenues2,749 — — — — 2,749 
Wholesale electric revenues
PPA energy revenues838 171 66 3 616 — 
PPA capacity revenues495 71 106 47 320 — 
Non-PPA revenues179 103 3 292 176 — 
Total wholesale electric revenues1,512 345 175 342 1,112 — 
Other natural gas revenues
Gas marketing services352 — — — — 352 
Other
16 — — — — 16 
Total other natural gas revenues
368 — — — — 368 
Other revenues1,145 174 507 34 31 — 
Total revenue from contracts with customers20,513 5,926 9,259 1,131 1,143 3,117 
Other revenue sources(*)
(130)(123)(514)(13)454 103 
Total operating revenues$20,383 $5,803 $8,745 $1,118 $1,597 $3,220 
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs primarily at Southern Company Gas, and cost recovery mechanisms and revenues (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Contract Balances
The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at September 30, 2025 and December 31, 2024:
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Accounts Receivable
At September 30, 2025$2,942 $827 $1,390 $137 $106 $331 
At December 31, 20243,048 783 1,244 113 106 660 
Contract Assets
At September 30, 2025$443 $8 $283 $— $— $74 
At December 31, 2024323 3 184 — — 72 
Contract Liabilities
At September 30, 2025$185 $15 $72 $2 $2 $— 
At December 31, 2024140 11 34 — 2 3 
Contract assets for Georgia Power primarily relate to unregulated service agreements, where payment is contingent on project completion, and retail customer fixed bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over a one-year contract term. Contract liabilities for Georgia Power primarily relate to cash collections recognized in advance of revenue for unregulated service agreements. Southern Company Gas' contract assets relate to work performed on an energy efficiency enhancement and upgrade contract with the U.S. General Services Administration. Southern Company Gas received cash advances totaling approximately $68 million from a third-party financial institution to fund work performed. These advances have been accounted for as long-term debt on the balance sheets. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information regarding the construction contract. At September 30, 2025 and December 31, 2024, Southern Company's unregulated distributed generation business had contract assets of $77 million and $67 million, respectively, and contract liabilities of $96 million and $95 million, respectively, for outstanding performance obligations, all of which are expected to be satisfied within one year.
Revenues recognized in the three and nine months ended September 30, 2025, which were included in contract liabilities at December 31, 2024, were $20 million and $92 million, respectively, for Southern Company, $8 million and $24 million, respectively, for Georgia Power, and immaterial for the other Registrants. Contract liabilities are primarily classified as current on the balance sheets as the corresponding revenues are generally expected to be recognized within one year.
Remaining Performance Obligations
Southern Company's subsidiaries may enter into long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For the traditional electric operating companies and Southern Power, these contracts primarily relate to PPAs whereby electricity and generation capacity are provided to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at September 30, 2025 are expected to be recognized as follows:
2025 (remaining)2026202720282029Thereafter
(in millions)
Southern Company$296 $742 $470 $344 $309 $2,636 
Alabama Power46 6 5 2 — — 
Georgia Power19 48 22 15 2 27 
Mississippi Power(*)
16 66 69 73 12 — 
Southern Power(*)
75 331 340 316 312 2,609 
(*)Includes performance obligations related to affiliate PPAs with Georgia Power. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information.
Lease Income
Lease income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Southern
Company		Alabama PowerGeorgia PowerMississippi
Power		Southern PowerSouthern Company Gas
 (in millions)
Three Months Ended September 30, 2025
Lease income - interest income on sales-type leases$6 $— $— $4 $2 $— 
Lease income - operating leases38 2 7 1 37 9 
Variable lease income141 — — — 151 — 
Total lease income$185 $2 $7 $5 $190 $9 
Nine Months Ended September 30, 2025
Lease income - interest income on sales-type leases$18 $— $— $11 $7 $— 
Lease income - operating leases104 5 22 2 111 27 
Variable lease income347 1 — — 375 — 
Total lease income$469 $6 $22 $13 $493 $27 
Three Months Ended September 30, 2024
Lease income - interest income on sales-type leases$5 $— $— $3 $2 $— 
Lease income - operating leases38 2 13 — 20 9 
Variable lease income142 — — — 152 — 
Total lease income$185 $2 $13 $3 $174 $9 
Nine Months Ended September 30, 2024
Lease income - interest income on sales-type leases$18 $— $— $11 $7 $— 
Lease income - operating leases108 6 28 2 63 27 
Variable lease income343 — — — 370 — 
Total lease income$469 $6 $28 $13 $440 $27 
Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income related to PPAs is included in wholesale revenues for Alabama Power, Georgia Power, and Southern Power.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(E) CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS
See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Company
At September 30, 2025 and December 31, 2024, Southern Holdings had equity method investments totaling $116 million and $128 million, respectively, primarily related to investments in venture capital funds focused on energy and utility investments. The net loss from these investments totaled $20 million for the nine months ended September 30, 2025. Earnings/losses from these investments for the three months ended September 30, 2025 and the three and nine months ended September 30, 2024 were immaterial.
Southern Power
Variable Interest Entities
Southern Power has certain subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests.
SP Solar and SP Wind
At September 30, 2025 and December 31, 2024, SP Solar had total assets of $5.3 billion and $5.4 billion, respectively, total liabilities of $365 million and $372 million, respectively, and noncontrolling interests of $1.0 billion. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to the limited partner in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves.
At September 30, 2025 and December 31, 2024, SP Wind had total assets of $1.8 billion and $2.0 billion, respectively, total liabilities of $190 million and $177 million, respectively, and noncontrolling interests of $30 million and $35 million, respectively. Under the terms of the limited liability agreement, distributions without Class A member consent are limited to available cash and SP Wind is obligated to distribute all such available cash to its members each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves. Cash distributions from SP Wind are generally allocated 60% to Southern Power and 40% to the three financial investors in accordance with the limited liability agreement.
Southern Power consolidates both SP Solar and SP Wind, as the primary beneficiary, since it controls the most significant activities of each entity, including operating and maintaining their assets. Certain transfers and sales of the assets in the VIEs are subject to partner consent and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt.
In July 2025, Southern Power notified the Class A members of its intent to exercise the option to purchase all Class A membership interests in the SP Wind tax equity partnership on December 31, 2025 under the terms of the limited liability agreement.
Other Variable Interest Entities
Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights.
At September 30, 2025 and December 31, 2024, the other VIEs had total assets of $1.6 billion, total liabilities of $241 million and $224 million, respectively, and noncontrolling interests of $642 million and $691 million,
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent.
Southern Company Gas
The carrying amounts of Southern Company Gas' equity method investments at September 30, 2025 and December 31, 2024 were as follows:
Investment BalanceAt September 30, 2025At December 31, 2024
(in millions)
SNG$1,141 $1,245 
Other34 34 
Total$1,175 $1,279 
The earnings from Southern Company Gas' equity method investment in SNG were $31 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $93 million and $110 million for the nine months ended September 30, 2025 and 2024, respectively. The earnings from Southern Company Gas' other equity method investments were immaterial for all periods presented.
(F) FINANCING
Bank Credit Arrangements
See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information.
At September 30, 2025, committed credit arrangements with banks were as follows:
Expires
Company2026202720292030TotalUnusedExpires within
One Year
(in millions)
Southern Company parent(a)
$— $500 $— $2,500 $3,000 $2,999 $— 
Alabama Power(b)
15 — 650 700 1,365 1,365 — 
Georgia Power(c)
— — — 2,050 2,050 2,042 — 
Mississippi Power(a)
— 125 — 150 275 275 — 
Southern Power(a)(d)
— — — 600 600 600 — 
Southern Company Gas(e)
— — — 1,600 1,600 1,598 — 
SEGCO30 — — — 30 30 30 
Southern Company$45 $625 $650 $7,600 $8,920 $8,909 $30 
(a)Arrangement expiring in 2030 represents a $3.25 billion combined arrangement for Southern Company, Mississippi Power, and Southern Power allowing for flexible sublimits. Pursuant to the combined facility, the allocations among Southern Company, Southern Power, and Mississippi Power may be adjusted.
(b)Includes $15 million expiring in 2026 at Alabama Property Company, a wholly-owned subsidiary of Alabama Power, of which $15 million was unused at September 30, 2025. Alabama Power is not party to this arrangement.
(c)Georgia Power had $26 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2025.
(d)Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2027 and 2028, respectively, of which $17 million and $4 million, respectively, was unused at September 30, 2025. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2025. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(e)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2030. Southern Company Gas' committed credit arrangement expiring in 2030 also includes $800 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2030, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
As reflected in the table above, in March 2025, (i) Southern Company and Southern Power amended and restated their combined multi-year credit arrangement to include Mississippi Power, increase the total credit arrangement from $2.45 billion to $3.25 billion (currently allocated $2.50 billion for Southern Company, $600 million for Southern Power, and $150 million for Mississippi Power), and extend the maturity date from 2029 to 2030; (ii) Southern Company increased its $150 million credit arrangement to $500 million and extended the maturity date from 2025 to 2027; (iii) Georgia Power increased its $1.75 billion credit arrangement to $2.05 billion and extended the maturity date from 2029 to 2030; and (iv) Southern Company Gas Capital, along with Nicor Gas, increased its $1.5 billion credit arrangement to $1.6 billion (currently allocated $800 million for each of Southern Company Gas Capital and Nicor Gas). Also in March 2025, (i) Georgia Power terminated $300 million of credit arrangements expiring in 2025, (ii) Mississippi Power terminated $150 million of credit arrangements expiring in 2027, and (iii) Nicor Gas terminated a $100 million credit arrangement expiring in 2025. Alabama Power and Southern Company Gas Capital, along with Nicor Gas, entered into agreements in March 2025 to extend the maturity date of each of their respective multi-year credit agreements in May 2025 from 2029 to 2030. In May and June 2025, SEGCO amended its credit arrangements aggregating $30 million, which extended the maturity dates from 2025 to 2026. In August 2025, Alabama Power amended and restated its $650 million credit arrangement and extended the maturity date from 2026 to 2029.
Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder.
These bank credit arrangements, as well as the term loan arrangements of the Registrants, Nicor Gas, and SEGCO, contain covenants that limit debt levels and contain cross-acceleration provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. The cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At September 30, 2025, the Registrants, Nicor Gas, and SEGCO were in compliance with all such covenants. None of the bank credit arrangements contain material adverse change clauses at the time of borrowings.
A portion of the unused credit with banks is allocated to provide liquidity support to certain revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. At September 30, 2025, outstanding variable rate demand revenue bonds of the traditional electric operating companies with allocated liquidity support totaled approximately $1.5 billion (comprised of approximately $796 million at Alabama Power, $667 million at Georgia Power, and $58 million at Mississippi Power). In addition, at September 30, 2025, Alabama Power and Georgia Power had approximately $280 million and $384 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Alabama Power's $280 million of fixed rate revenue bonds are classified as securities due within one year on its balance sheets as they are not covered by long-term committed credit. All other variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit.
Convertible Senior Notes
In May 2025, Southern Company issued $1.65 billion aggregate principal amount of Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 (Series 2025A Convertible Senior Notes). Southern Company used a portion of the proceeds from the Series 2025A Convertible Senior Notes to repurchase approximately $781.6 million of the $1.725 billion aggregate principal amount outstanding of its Series 2023A 3.875% Convertible Senior Notes due December 15, 2025 and approximately $328.1 million of the $1.5 billion aggregate principal amount outstanding of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027, in each case, through privately negotiated transactions with a limited number of holders thereof. Southern Company evaluated these repurchases and determined that all of the repurchased notes were accounted for as extinguishment of debt. As a result of these transactions, Southern Company recognized a $129 million loss on extinguishment of debt in the second quarter 2025 within interest expense in the consolidated statements of income.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Interest on the Series 2025A Convertible Senior Notes is payable semiannually, beginning December 15, 2025. The Series 2025A Convertible Senior Notes will mature on June 15, 2028, unless earlier converted or repurchased, but are not redeemable at the option of Southern Company. The Series 2025A Convertible Senior Notes are direct, unsecured, and unsubordinated obligations of Southern Company, ranking equally with all of Southern Company's other unsecured and unsubordinated indebtedness from time to time outstanding, and are effectively subordinated to all secured indebtedness of Southern Company.
Holders may convert their Series 2025A Convertible Senior Notes at their option prior to the close of business on the business day preceding March 15, 2028, but only under the following circumstances:
•during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Southern Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day as determined by Southern Company;
•during the five business day period after any 10 consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of Series 2025A Convertible Senior Notes, as determined by Southern Company following a request by a holder of Series 2025A Convertible Senior Notes, for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or
•upon the occurrence of certain corporate events specified in the indenture governing the Series 2025A Convertible Senior Notes.
On or after March 15, 2028, a holder may convert all or any portion of its Series 2025A Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions.
Southern Company will settle conversions of the Series 2025A Convertible Senior Notes by paying cash up to the aggregate principal amount of the Series 2025A Convertible Senior Notes to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of the aggregate principal amount of the Series 2025A Convertible Senior Notes being converted. The Series 2025A Convertible Senior Notes are initially convertible at a rate of 8.8077 shares of common stock per $1,000 principal amount converted, which is approximately equal to $113.54 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Series 2025A Convertible Senior Notes), Southern Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for conversions in connection with the make-whole fundamental change.
Upon the occurrence of a fundamental change, other than an excluded fundamental change (each as defined in the indenture governing the Series 2025A Convertible Senior Notes), holders of the Series 2025A Convertible Senior Notes may require Southern Company to purchase all or a portion of their Series 2025A Convertible Senior Notes, in principal amounts equal to $1,000 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the Series 2025A Convertible Senior Notes to be purchased plus any accrued and unpaid interest.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Equity Distribution Agreement
See Note 8 to the financial statements under "Equity Distribution Agreement" in Item 8 of the Form 10-K for additional information.
The table below reflects shares of Southern Company common stock sold under separate forward sale contracts with forward purchasers during the nine months ended September 30, 2025.
Shares Sold
Initial Forward Price per Share
To be Settled On or Before
    292,694(a)
$83.3293December 31, 2025
563,386$87.9027December 31, 2025
1,000,000$88.7502June 30, 2026
1,000,000$88.7739June 30, 2026
1,000,000$91.2856June 30, 2026
1,000,000$89.1444June 30, 2026
1,000,000$88.8490June 30, 2026
1,000,000$88.8903June 30, 2026
1,000,000$90.9196June 30, 2026
1,255,000$91.0566June 30, 2026
1,324,942$88.7048December 31, 2026
2,277,113$88.3227December 31, 2026
3,130,641$88.2823December 31, 2026
3,255,866$89.4692December 31, 2026
3,850,000$90.6617December 31, 2026
2,470,306$94.5394June 30, 2027
2,314,487$92.7805June 30, 2027
1,590,200$93.4524June 30, 2027
4,000,000$90.8141June 30, 2027
2,346,903$91.1610June 30, 2027
2,876,034$92.2437June 30, 2027
    2,642,878(b)
    $93.4521(b)
June 30, 2027
(a)The total number of shares sold under this forward sale contract is 436,614, of which the first 143,920 shares were sold in December 2024.
(b)The total number of shares sold under this forward sale contract is 3,015,668, of which the remaining 372,790 shares were sold subsequent to September 30, 2025. The initial forward price was determined after the completion of sales by the forward seller in October 2025.
As of September 30, 2025, Southern Company had entered into separate forward sale contracts with forward purchasers for a total of 43,707,160 shares of common stock, of which 43,334,370 shares had been sold by the forward sellers, and no shares had been settled under the forward sale contracts.
In October 2025, Southern Company entered into another separate forward sale contract with a forward purchaser for the sale of 911,448 shares of common stock with an initial forward price of $94.2411 per share, to be settled on or before June 30, 2027.
Each initial forward price is subject to adjustment under certain circumstances as specified in the forward sales contract. Southern Company may settle these forward transactions in shares, cash, or net shares.
Earnings per Share
For Southern Company, the difference in computing basic and diluted earnings per share (EPS) is attributable to awards outstanding under stock-based compensation plans, forward sale contracts pursuant to the equity distribution
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
agreement, and convertible senior notes. EPS dilution resulting from stock-based compensation plans and the forward sale contracts is determined using the treasury stock method, and EPS dilution resulting from the convertible senior notes is determined using the net share settlement method. See "Convertible Senior Notes" and "Equity Distribution Agreement" herein and Note 8 to the financial statements under "Convertible Senior Notes" and "Equity Distribution Agreement" and Note 12 to the financial statements in Item 8 of the Form 10-K for additional information. Shares used to compute diluted EPS were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024

(in millions)
As reported shares1,102 1,097 1,101 1,096 
Effect of stock-based compensation6 6 6 6 
Effect of convertible senior notes
1 — 1 — 
Effect of forward sale contracts
1 — — — 
Diluted shares1,110 1,103 1,108 1,102 
For all periods presented, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive.
(G) INCOME TAXES
See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information.
Current and Deferred Income Taxes
Alabama Power, Georgia Power, and Southern Power have entered into agreements with non-affiliated parties to transfer ITCs and PTCs at a discount to the generated credit value in 2024, 2025, and 2026. During the first nine months of 2025, Alabama Power, Georgia Power, and Southern Power received cash of $80 million, $64 million, and $19 million, respectively, from credits transferred. The discount is recorded as a reduction in tax credits recognized in the financial statements and does not have a material impact on results of operations. The Southern Company system continues to explore the ability to efficiently monetize its tax credits through third-party transfer agreements.
During the first nine months of 2025, pursuant to certain joint ownership agreements, Georgia Power paid $121 million to the other Vogtle Owners for advanced nuclear PTCs for Plant Vogtle Units 3 and 4. The gain was recognized in 2025 as an income tax benefit and was immaterial.
Tax Credit and Net Operating Loss Carryforwards
Southern Company's federal PTC and ITC carryforwards are expected to be fully utilized by 2031. The utilization of each Registrant's estimated federal and state tax attributes and related valuation allowances could be impacted by numerous factors, including the acquisition of additional renewable energy and battery energy storage projects, changes in taxable income projections, and potential income tax rate changes. See Notes (B) and (K) under "Georgia Power" and "Southern Power," respectively, herein for information regarding current renewable energy and battery energy storage projects.
Effective Tax Rate
Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs.
Details of significant changes in the effective tax rate for the applicable Registrants are provided herein.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company
Southern Company's effective tax rate was 20.3% for the nine months ended September 30, 2025 compared to 19.0% for the corresponding period in 2024. The effective tax rate increase was primarily due to charges to a valuation allowance on certain state tax credit carryforwards at Georgia Power and the recognition of certain state tax positions from amended returns in the second quarter 2024 at Georgia Power, partially offset by a net increase in the flowback of excess deferred income taxes at the regulated utilities and an increase in the generation of advanced nuclear PTCs at Georgia Power.
Alabama Power
Alabama Power's effective tax rate was 23.0% for the nine months ended September 30, 2025 compared to 21.2% for the corresponding period in 2024. The effective tax rate increase was primarily due to a decrease in the flowback of certain excess deferred income taxes.
Georgia Power
Georgia Power's effective tax rate was 20.0% for the nine months ended September 30, 2025 compared to 18.7% for the corresponding period in 2024. The effective tax rate increase was primarily due to charges to a valuation allowance on certain state tax credit carryforwards and the recognition of certain state tax positions from amended returns in the second quarter 2024, partially offset by increases in the flowback of excess state deferred income taxes and in the generation of advanced nuclear PTCs.
Mississippi Power
Mississippi Power's effective tax rate was 22.5% for the nine months ended September 30, 2025 compared to 20.0% for the corresponding period in 2024. The effective tax rate increase was primarily due to a decrease in the flowback of certain excess deferred income taxes.
Southern Power
Southern Power's effective tax rate was 6.0% for the nine months ended September 30, 2025 compared to 14.4% for the corresponding period in 2024. The effective tax rate decrease was primarily due to a change in pre-tax earnings attributable to Southern Power, including the impact of accelerated depreciation related to wind repowering projects and changes in tax rates resulting from tax legislation enacted by the State of Georgia in the second quarters of 2024 and 2025. See Note (K) under "Southern Power – Wind Repowering Projects" herein for additional information.
Southern Company Gas
Southern Company Gas' effective tax rate was 23.5% for the nine months ended September 30, 2025 compared to 24.9% for the corresponding period in 2024. The effective tax rate decrease was primarily due to an increase in the flowback of excess state deferred income taxes.
Unrecognized Tax Benefits
Southern Company's, Alabama Power's, and Georgia Power's unrecognized tax positions balances at September 30, 2025 were $380 million, $144 million, and $188 million, respectively. At December 31, 2024, Southern Company's and Georgia Power's unrecognized tax positions balances were $82 million and $34 million, respectively, and Alabama Power had no unrecognized tax positions. The increases from prior periods are related to Alabama Power's and Georgia Power's ability to meet prevailing wage requirements related to existing zero-emission nuclear power PTCs and will not impact Southern Company's, Alabama Power's, and Georgia Power's effective tax rates if recognized. The ultimate outcome of this unrecognized tax benefit, which is expected to be resolved within the next 12 months, is dependent on acceptance by the IRS and cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(H) RETIREMENT BENEFITS
The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2025. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions.
See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information.
On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are included in other income (expense), net. Components of the net periodic benefit costs for the three and nine months ended September 30, 2025 and 2024 are presented in the following tables.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern PowerSouthern Company Gas
(in millions)
Three Months Ended September 30, 2025
Pension Plans
Service cost$66 $15 $16 $3 $1 $7 
Interest cost166 39 49 7 2 11 
Expected return on plan assets(320)(78)(100)(15)(4)(22)
Amortization:
Prior service costs— — — — — (1)
Regulatory asset— — — — — 4 
Net loss9 2 5 2 1 — 
Net periodic pension income$(79)$(22)$(30)$(3)$— $(1)
Postretirement Benefits
Service cost$4 $1 $1 $— $— $— 
Interest cost17 5 6 1 — 2 
Expected return on plan assets(23)(8)(9)(1)— (2)
Amortization:
Prior service costs1 — 1 — — — 
Regulatory asset— — — — — 1 
Net gain(4)(2)— — — (2)
Net periodic postretirement benefit income$(5)$(4)$(1)$— $— $(1)
Nine Months Ended September 30, 2025
Pension Plans
Service cost$198 $45 $47 $8 $4 $20 
Interest cost498 116 147 22 7 33 
Expected return on plan assets(960)(234)(298)(44)(12)(65)
Amortization:
Prior service costs— — 1 — — (2)
Regulatory asset— — — — — 11 
Net (gain) loss28 8 12 3 — (1)
Net periodic pension income$(236)$(65)$(91)$(11)$(1)$(4)
Postretirement Benefits
Service cost$10 $3 $3 $— $— $1 
Interest cost52 13 19 2 — 6 
Expected return on plan assets(68)(26)(25)(1)— (7)
Amortization:
Prior service costs2 — 1 — — — 
Regulatory asset— — — — — 5 
Net gain(11)(2)(2)— — (6)
Net periodic postretirement benefit cost (income)$(15)$(12)$(4)$1 $— $(1)
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern PowerSouthern Company Gas
(in millions)
Three Months Ended September 30, 2024
Pension Plans
Service cost$73 $17 $18 $3 $2 $7 
Interest cost159 37 47 7 2 11 
Expected return on plan assets(316)(77)(99)(14)(4)(21)
Amortization:
Prior service costs— — — — — (1)
Regulatory asset— — — — — 4 
Net (gain) loss14 4 6 — (1)— 
Net periodic pension income$(70)$(19)$(28)$(4)$(1)$— 
Postretirement Benefits
Service cost$4 $1 $1 $— $— $— 
Interest cost16 4 6 1 — 2 
Expected return on plan assets(22)(9)(8)(1)— (2)
Amortization:
Prior service costs1 — 1 — — — 
Regulatory asset— — — — — 2 
Net (gain) loss(4)— (3)1 — (1)
Net periodic postretirement benefit cost (income)$(5)$(4)$(3)$1 $— $1 
Nine Months Ended September 30, 2024
Pension Plans
Service cost$219 $51 $53 $9 $5 $21 
Interest cost476 111 143 21 6 32 
Expected return on plan assets(947)(230)(296)(43)(12)(64)
Amortization:
Prior service costs— — 1 — — (2)
Regulatory asset— — — — — 11 
Net loss41 12 15 2 — — 
Net periodic pension income$(211)$(56)$(84)$(11)$(1)$(2)
Postretirement Benefits
Service cost$11 $3 $3 $— $— $1 
Interest cost49 12 17 2 — 6 
Expected return on plan assets(66)(26)(24)(1)— (6)
Amortization:
Prior service costs2 — 1 — — — 
Regulatory asset— — — — — 5 
Net gain(12)(2)(4)— — (4)
Net periodic postretirement benefit cost (income)$(16)$(13)$(7)$1 $— $2 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(I) FAIR VALUE MEASUREMENTS
At September 30, 2025, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
At September 30, 2025Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value as a Practical Expedient (NAV)Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$15 $89 $— $— $104 
Interest rate derivatives— 7 — — 7 
Foreign currency derivatives— 31 — — 31 
Investments in trusts:(b)
Domestic equity934 288 — — 1,222 
Foreign equity174 216 — — 390 
U.S. Treasury and government agency securities— 367 — — 367 
Municipal bonds— 50 — — 50 
Pooled funds – fixed income— 6 — — 6 
Corporate bonds— 505 — — 505 
Mortgage- and asset-backed securities
— 120 — — 120 
Private equity— — — 186 186 
Cash and cash equivalents1 — — — 1 
Other40 4 — 9 53 
Investments, available-for-sale:
U.S. Treasury and government agency securities3 10 — — 13 
Corporate bonds— 2 — — 2 
Mortgage- and asset-backed securities
— 7 — — 7 
Cash equivalents and restricted cash
2,547 17 — — 2,564 
Other investments10 36 8 — 54 
Total$3,724 $1,755 $8 $195 $5,682 
Liabilities:
Energy-related derivatives(a)
$12 $77 $— $— $89 
Interest rate derivatives— 191 — — 191 
Foreign currency derivatives— 21 — — 21 
Contingent consideration3 — 14 — 17 
Other— 13 11 — 24 
Total$15 $302 $25 $— $342 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At September 30, 2025Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value as a Practical Expedient (NAV)Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives$— $31 $— $— $31 
Nuclear decommissioning trusts:(b)
Domestic equity499 278 — — 777 
Foreign equity174 — — — 174 
U.S. Treasury and government agency securities— 16 — — 16 
Municipal bonds— 1 — — 1 
Corporate bonds— 307 — — 307 
Mortgage- and asset-backed securities
— 33 — — 33 
Private equity— — — 186 186 
Other19 2 — 9 30 
Cash equivalents
264 17 — — 281 
Other investments— 36 — — 36 
Total$956 $721 $— $195 $1,872 
Liabilities:
Energy-related derivatives$— $25 $— $— $25 
Georgia Power
Assets:
Energy-related derivatives$— $27 $— $— $27 
Nuclear decommissioning trusts:(b)
Domestic equity435 1 — — 436 
Foreign equity— 215 — — 215 
U.S. Treasury and government agency securities— 351 — — 351 
Municipal bonds— 49 — — 49 
Corporate bonds— 198 — — 198 
Mortgage- and asset-backed securities
— 87 — — 87 
Other21 2 — — 23 
Cash equivalents844 — — — 844 
Total$1,300 $930 $— $— $2,230 
Liabilities:
Energy-related derivatives$— $24 $— $— $24 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At September 30, 2025Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value as a Practical Expedient (NAV)Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $20 $— $— $20 
Cash equivalents13 — — — 13 
Total$13 $20 $— $— $33 
Liabilities:
Energy-related derivatives$— $23 $— $— $23 
Southern Power
Assets:
Energy-related derivatives$— $4 $— $— $4 
Foreign currency derivatives— 20 — — 20 
Cash equivalents813 — — — 813 
Total$813 $24 $— $— $837 
Liabilities:
Energy-related derivatives$— $1 $— $— $1 
Contingent consideration3 — 14 — 17 
Other— 13 11 — 24 
Total$3 $14 $25 $— $42 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$15 $7 $— $— $22 
Non-qualified deferred compensation trusts:
Domestic equity— 9 — — 9 
Foreign equity— 1 — — 1 
Pooled funds – fixed income— 6 — — 6 
Cash and cash equivalents
1 — — — 1 
Cash equivalents
329 — — — 329 
Total$345 $23 $— $— $368 
Liabilities:
Energy-related derivatives(a)
$12 $4 $— $— $16 
Interest rate derivatives— 56 — — 56 
Total$12 $60 $— $— $72 
(a)Excludes cash collateral of $10 million.
(b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information.
Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
the three and nine months ended September 30, 2025 and 2024. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively.
Three Months Ended September 30,Nine Months Ended September 30,
Fair value increases (decreases)2025202420252024
(in millions)
Southern Company $132 $97 $290 $230 
Alabama Power 75 67 160 153 
Georgia Power57 30 130 77 
Valuation Methodologies
The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used.
For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available.
The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information.
Southern Company's investments, available for sale relate to a wholly-owned subsidiary that insures various risk exposures of Southern Company and its subsidiaries. Corporate and municipal bonds, government agency securities, and commercial paper are valued using pricing models maximizing the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issues with similar credit ratings. Mortgage- and asset-backed securities are valued through an analysis of the underlying assets and a review of the documentation, including financials, the manager's valuation methodology in valuing their underlying assets, the types of assets and risks involved, and the investor's exit and termination parameters.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Power has contingent payment obligations related to two of its acquisitions whereby it is primarily obligated to make generation-based payments to the seller, commencing at the commercial operation of each facility and continuing through 2026 and 2036, respectively. The obligations are primarily categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility's generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of the obligations reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial.
Southern Power also has payment obligations through 2040 whereby it must reimburse the transmission owners for interconnection facilities and network upgrades constructed to support connection of a Southern Power generating facility to the transmission system. The obligations are categorized as Level 2 under Fair Value Measurements as the fair value is determined using observable inputs for the contracted amounts and reimbursement period, as well as a discount rate. The fair value of the obligations reflects the net present value of expected payments.
"Other investments" primarily includes investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds.
At September 30, 2025, the fair value measurements of private market investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $195 million and unfunded commitments related to the private market investments totaled $107 million. Private market investments include high-quality private equity funds across several market sectors, funds that invest in real estate assets, and a private credit fund. Private market funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated.
At September 30, 2025, other financial instruments for which the carrying amount did not equal fair value were as follows:
Southern
   Company(*)
Alabama PowerGeorgia PowerMississippi PowerSouthern Power
Southern Company
   Gas(*)
(in billions)
Long-term debt, including securities due within one year:
Carrying amount$71.9 $12.0 $20.8 $1.8 $3.8 $9.3 
Fair value68.4 10.9 19.5 1.6 3.8 8.5 
(*)The carrying amount of Southern Company Gas' long-term debt includes fair value adjustments from the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043.
The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Registrants.
(J) DERIVATIVES
The Registrants are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information.
Energy-Related Derivatives
The Subsidiary Registrants enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities of Southern Company Gas manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations.
Southern Company Gas also enters into weather derivative contracts as economic hedges in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in natural gas revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in natural gas revenues.
Energy-related derivative contracts are accounted for under one of three methods:
•Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through an approved cost recovery mechanism.
•Cash Flow Hedges – Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions.
•Not Designated – Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred.
Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2025, the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows:
Net
Purchased
mmBtu		Longest
Hedge
Date		Longest
Non-Hedge
Date
(in millions)
Southern Company(*)
44320302028
Alabama Power1322028—
Georgia Power1232028—
Mississippi Power1012029—
Southern Power920302025
Southern Company Gas(*)
7820282028
(*)Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of 96 million mmBtu long natural gas positions and 18 million mmBtu short natural gas positions at September 30, 2025, which is also included in Southern Company's total volume.
In addition to the volumes discussed above, the traditional electric operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess natural gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 1.5 million mmBtu for Southern Company, which includes 0.4 million mmBtu for Alabama Power, 0.6 million mmBtu for Georgia Power, 0.2 million mmBtu for Mississippi Power, and 0.3 million mmBtu for Southern Power.
For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to earnings for the 12-month period ending September 30, 2026 is immaterial for Southern Company, Southern Power, and Southern Company Gas.
Interest Rate Derivatives
Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2025, the following interest rate derivatives were outstanding:
Notional
Amount		Weighted
Average Interest
Rate Paid		Interest
Rate
Received		Hedge
Maturity
Date
Fair Value Gain (Loss) at September 30, 2025
 (in millions)   (in millions)
Fair Value Hedges of Existing Debt
Southern Company parent$400 
1-day SOFR + 0.80%
1.75%March 2028$(23)
Southern Company parent1,000 
1-day SOFR + 2.48%
3.70%April 2030(108)
Southern Company parent565 
1-day SOFR + 1.56%
6.50%March 20453 
Southern Company Gas500 
1-day SOFR + 0.49%
1.75%January 2031(56)
Southern Company$2,465 $(184)
For cash flow hedges of interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending September 30, 2026 are immaterial for Southern Company, the traditional electric operating companies, and Southern Company Gas. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2054 for Southern Company, Georgia Power, and Mississippi Power, 2052 for Alabama Power, and 2046 for Southern Company Gas.
Foreign Currency Derivatives
Southern Company and certain subsidiaries, including Southern Power, may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI.
At September 30, 2025, the following foreign currency derivatives were outstanding:
Pay NotionalPay
Rate		Receive NotionalReceive
Rate		Hedge
Maturity Date
Fair Value Gain (Loss) at September 30, 2025
(in millions)(in millions)(in millions)
Cash Flow Hedges of Existing Debt
Southern Power$564 3.78%€500 1.85%June 2026$20 
Fair Value Hedges of Existing Debt
Southern Company parent1,476 3.39%1,250 1.88%September 2027(10)
Southern Company$2,040 €1,750 $10 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For cash flow hedges of foreign currency derivatives, the estimated pre-tax gains expected to be reclassified from accumulated OCI to earnings for the 12-month period ending September 30, 2026 are $20 million for Southern Power.
Derivative Financial Statement Presentation and Amounts
The Registrants enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. These agreements may contain provisions that permit netting across product lines and against cash collateral. The fair value amounts of derivative assets and liabilities on the balance sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected as either assets or liabilities in the balance sheets (included in "Other" or shown separately as "Risk Management Activities") as follows:
At September 30, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$34 $44 $33 $82 
Non-current
51 32 42 40 
Total derivatives designated as hedging instruments for regulatory purposes85 76 75 122 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current2 6 4 3 
Non-current4 — 4 — 
Interest rate derivatives:
Current7 53 — 61 
Non-current— 138 — 208 
Foreign currency derivatives:
Current20 21 — 36 
Non-current11 — — 182 
Total derivatives designated as hedging instruments in cash flow and fair value hedges44 218 8 490 
Energy-related derivatives not designated as hedging instruments
Current13 7 5 3 
Non-current— — 1 — 
Total derivatives not designated as hedging instruments13 7 6 3 
Gross amounts recognized142 301 89 615 
Gross amounts offset(a)
(54)(63)(44)(61)
Net amounts recognized in the Balance Sheets(b)
$88 $238 $45 $554 
Alabama Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$13 $13 $11 $30 
Non-current18 12 15 12 
Total derivatives designated as hedging instruments for regulatory purposes31 25 26 42 
Gross amounts offset(17)(17)(19)(19)
Net amounts recognized in the Balance Sheets$14 $8 $7 $23 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Georgia Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$8 $15 $6 $32 
Non-current17 9 13 9 
Total derivatives designated as hedging instruments for regulatory purposes25 24 19 41 
Energy-related derivatives not designated as hedging instruments
Current
2 — — 1 
Gross amounts recognized27 24 19 42 
Gross amounts offset(16)(16)(15)(15)
Net amounts recognized in the Balance Sheets$11 $8 $4 $27 
Mississippi Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$4 $12 $5 $15 
Non-current16 11 14 19 
Total derivatives designated as hedging instruments for regulatory purposes20 23 19 34 
Gross amounts offset(15)(15)(17)(17)
Net amounts recognized in the Balance Sheets$5 $8 $2 $17 
Southern Power
Derivatives designated as hedging instruments in cash flow hedges
Energy-related derivatives:
Current$1 $1 $1 $— 
Non-current3 — 3 — 
Foreign currency derivatives:
Current20 — — 11 
Non-current— — — 40 
Total derivatives designated as hedging instruments in cash flow hedges
24 1 4 51 
Net amounts recognized in the Balance Sheets$24 $1 $4 $51 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company Gas
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$9 $4 $11 $5 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current1 5 3 3 
Non-current1 — 1 — 
Interest rate derivatives:
Current— 13 — 17 
Non-current— 43 — 67 
Total derivatives designated as hedging instruments in cash flow and fair value hedges2 61 4 87 
Energy-related derivatives not designated as hedging instruments
Current11 7 5 2 
Non-current— — 1 — 
Total derivatives not designated as hedging instruments11 7 6 2 
Gross amounts recognized22 72 21 94 
Gross amounts offset(a)
(6)(15)7 (10)
Net amounts recognized in the Balance Sheets(b)
$16 $57 $28 $84 
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $10 million and $17 million at September 30, 2025 and December 31, 2024, respectively.
(b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives at September 30, 2025 and December 31, 2024.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2025 and December 31, 2024, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheet
Derivative Category and Balance Sheet
Location		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern Company Gas
 (in millions)
At September 30, 2025:
Energy-related derivatives:
Other regulatory assets, current$(24)$(7)$(8)$(8)$(1)
Other regulatory assets, deferred(1)(1)— — — 
Other regulatory liabilities, current13 7 1 — 5 
Other regulatory liabilities, deferred20 7 8 5 — 
Total energy-related derivative gains (losses)$8 $6 $1 $(3)$4 
At December 31, 2024:
Energy-related derivatives:
Other regulatory assets, current$(61)$(23)$(26)$(11)$(1)
Other regulatory assets, deferred(5)— — (5)— 
Other regulatory liabilities, current8 4 — — 4 
Other regulatory liabilities, deferred8 3 4 1 — 
Total energy-related derivative gains (losses)$(50)$(16)$(22)$(15)$3 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For the three and nine months ended September 30, 2025 and 2024, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows:
Gain (Loss) Recognized in OCI on DerivativesThree Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Southern Company
Cash flow hedges:
Energy-related derivatives$(12)$(7)$(6)$(11)
Interest rate derivatives(1)(8)6 16 
Foreign currency derivatives(6)15 60 (4)
Fair value hedges(*):
Foreign currency derivatives1 (2)(12)(8)
Total$(18)$(2)$48 $(7)
Georgia Power
Cash flow hedges:
Interest rate derivatives$— $1 $3 $17 
Mississippi Power
Cash flow hedges:
Interest rate derivatives$— $— $— $7 
Southern Power
Cash flow hedges:
Energy-related derivatives$(2)$(2)$— $(2)
Foreign currency derivatives(6)15 60 (4)
Total$(8)$13 $60 $(6)
Southern Company Gas
Cash flow hedges:
Energy-related derivatives$(10)$(4)$(6)$(9)
Interest rate derivatives(1)(6)3 (5)
Total$(11)$(10)$(3)$(14)
(*)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For the three and nine months ended September 30, 2025 and 2024, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows:
Gain (Loss)
Statements of Income Location
Derivative Category
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Southern Company
Fuel
Energy-related cash flow hedges
$— $(3)$1 $(5)
Cost of natural gas
Energy-related cash flow hedges
(1)(4)(1)(34)
Other operations and maintenance
Energy-related cash flow hedges
— — — (1)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
(4)(4)(10)(12)
Foreign currency cash flow hedges
(2)(3)(8)(9)
Interest rate fair value hedges
16 78 85 47 
Other income (expense), net
Foreign currency cash flow hedges
1 24 68 7 
Foreign currency fair value hedges
5 58 160 79 
Amount excluded from effectiveness testing recognized in earnings(1)3 12 8 
Southern Power
Fuel
Energy-related cash flow hedges
$— $(3)$1 $(5)
Interest expense, net of amounts capitalized
Foreign currency cash flow hedges
(2)(3)(8)(9)
Other income (expense), net
Foreign currency cash flow hedges
1 24 68 7 
Southern Company Gas
Cost of natural gas
Energy-related cash flow hedges
$(1)$(4)$(1)$(34)
Operations and maintenance
Energy-related cash flow hedges
— — — (1)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
— — (1)— 
Interest rate fair value hedges
7 28 28 18 
At September 30, 2025 and December 31, 2024, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
Carrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment included in Carrying Amount of the Hedged Item
Balance Sheet Location of Hedged ItemsAt September 30, 2025At December 31, 2024At September 30, 2025At December 31, 2024
(in millions)
Southern Company
Long-term debt$(3,733)$(2,936)$164 $242 
Southern Company Gas
Long-term debt$(445)$(422)$52 $75 
Pre-tax gains (losses) on energy-related derivatives not designated as hedging instruments were $(1) million and $6 million for the three months ended September 30, 2025 and 2024, respectively, and $(7) million and $69 million for the nine months ended September 30, 2025 and 2024, respectively, and reflected in cost of natural gas on the statements of income of Southern Company and Southern Company Gas.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Contingent Features
The Registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. At September 30, 2025, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements.
For Southern Company, the fair value of foreign currency derivative liabilities and interest rate derivative liabilities with contingent features, and the maximum potential collateral requirements arising from the credit-risk-related contingent features at a rating below BBB- and/or Baa3, was $20 million at September 30, 2025. For Southern Power, there were no foreign currency derivative liabilities with contingent features or associated collateral requirements arising from the credit-risk-related contingent features at a rating below BBB- and/or Baa3 at September 30, 2025. For the traditional electric operating companies and Southern Power, energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial at September 30, 2025. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade.
Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions and they may be required to post collateral based on the value of the positions in these accounts and the associated margin requirements. At September 30, 2025, cash collateral posted in these accounts was immaterial for Alabama Power and Southern Power. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts, which are netted with energy-related derivatives recognized in the balance sheets.
The Registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The Registrants generally enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's, S&P, or Fitch or with counterparties who have posted collateral to cover potential credit exposure. The Registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk.
Southern Company Gas uses established credit policies to determine and monitor the creditworthiness of counterparties, including requirements to post collateral or other credit security, as well as the quality of pledged collateral. Collateral or credit security is most often in the form of cash or letters of credit from an investment-grade financial institution, but may also include cash or U.S. government securities held by a trustee. Prior to entering a physical transaction, Southern Company Gas assigns its counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary.
Southern Company Gas utilizes netting agreements whenever possible to mitigate exposure to counterparty credit risk. Netting agreements enable Southern Company Gas to net certain assets and liabilities by counterparty across product lines and against cash collateral, provided the netting and cash collateral agreements include such provisions. While the amounts due from, or owed to, counterparties are settled net, they are recorded on a gross basis on the balance sheet as energy marketing receivables and energy marketing payables.
The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(K) ACQUISITIONS AND DISPOSITIONS
See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information.
Alabama Power
On September 30, 2025, Alabama Power completed its acquisition of Tenaska Alabama Partners, L.P., which owned and operated the Lindsay Hill Generating Station. The transaction was accounted for as a business combination. The total purchase price was $635 million, of which $622 million was related to net assets recorded within property, plant, and equipment and the remainder was included in inventory, current receivables, and accounts payable on the balance sheet. The transaction was recorded as a business acquisition within the investing section of the statement of cash flows. Alabama Power assumed an existing power sales agreement under which the full output of the generating facility remains committed to a non-affiliated third party through April 2027. See Note (B) under "Alabama Power – Petition for Certificate of Convenience and Necessity" for additional information.
Mississippi Power
On July 30, 2025, Mississippi Power completed the acquisition of FP&L's 50% interest in Plant Daniel Units 1 and 2 and, as part of the acquisition, received approximately $36 million from FP&L. See Note (B) under "Mississippi Power – Plant Daniel" for additional information.
Southern Power
Construction Projects
During the nine months ended September 30, 2025, Southern Power continued construction of the three phases of the 512-MW Millers Branch solar facility. At September 30, 2025, the total cost of construction incurred for the Millers Branch project was $661 million, which is primarily included in CWIP. The ultimate outcome of these matters cannot be determined at this time.
Project FacilityResource
Approximate Nameplate Capacity
(MW)
Location
Projected COD
PPA Contract Period
Projects Under Construction at September 30, 2025
Millers Branch
Phase I
Solar200Haskell County, TXFourth quarter 202520 years
Phase II
Solar180Haskell County, TXSecond quarter 202615 years
Phase III
Solar
132Haskell County, TX
Fourth quarter 2026
15 years
Wind Repowering Projects
During the nine months ended September 30, 2025, Southern Power continued the development project to repower the Kay Wind facility and began development projects to repower the Grant Plains, Grant Wind, and Wake Wind facilities. At September 30, 2025, the total cost of construction incurred related to the projects was $165 million and
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
is included in CWIP. The repowered output of the facilities is contracted under new and amended PPAs. The ultimate outcome of these matters cannot be determined at this time.
Project FacilityResource
Approximate Nameplate Capacity
(MW)
Location
Projected COD
Projects Under Construction at September 30, 2025
Kay Wind(*)
Wind
200
Kay County, OK
Third quarter 2026
Grant Plains
Wind
147
Grant County, OK
Fourth quarter 2026
Grant Wind
Wind
152
Grant County, OK
Fourth quarter 2026
Wake Wind
Wind
257
Crosby & Floyd Counties, TX
Second quarter 2027
(*)The facility has a total capacity of 299 MWs, of which 200 MWs is projected to be repowered and is contracted under a PPA.
(L) SEGMENT AND RELATED INFORMATION
See Note 16 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Company
The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including renewable energy and battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments and gas marketing services.
Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. While the traditional electric operating companies represent three separate operating segments, they are vertically integrated utilities providing electric service to retail customers, as well as wholesale customers, in the Southeast and have been aggregated into one reportable segment. Revenues from sales by Southern Power to the traditional electric operating companies were $112 million and $341 million for the three and nine months ended September 30, 2025, respectively, and $102 million and $280 million for the three and nine months ended September 30, 2024, respectively. Revenues from sales of natural gas from Southern Company Gas to the traditional electric operating companies and Southern Power were immaterial for all periods presented. The "All Other" column includes the Southern Company parent entity, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include providing distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications. All other inter-segment revenues are not material.
Southern Company's CODM utilizes segment net income, including variances to budget and forecasts, to assess performance and is not provided with segment expense information. To achieve the consolidated net income goal, Southern Company's CODM sets net income expectations for each operating segment, which is expected to monitor its expenses in order to achieve its assigned net income target. Therefore, Southern Company has no reportable significant segment expenses.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:
Electric Utilities
Traditional
Electric Operating
Companies		Southern
Power		EliminationsTotalSouthern Company Gas
Total Reportable Segments
All
Other		EliminationsConsolidated
(in millions)
Three Months Ended September 30, 2025
Operating revenues$6,438 $613 $(123)$6,928 $734 $7,662 $202 $(41)$7,823 
Other segment items(a)(b)
2,723 332 (123)2,932 464 3,396 209 (41)3,564 
Depreciation and amortization(c)
981 247 — 1,228 176 1,404 18 — 1,422 
Earnings from equity method investments2 — — 2 31 33 — — 33 
Interest expense
339 25 — 364 94 458 297 — 755 
Income taxes (benefit)477 6 — 483 6 489 (85)— 404 
Segment net income (loss)(b)(c)(d)
$1,920 $3 $— $1,923 $25 $1,948 $(237)$— $1,711 
Nine Months Ended September 30, 2025
Operating revenues$17,130 $1,726 $(368)$18,488 $3,552 $22,040 $656 $(124)$22,572 
Other segment items(a)(b)
8,191 930 (368)8,753 2,133 10,886 611 (120)11,377 
Depreciation and amortization(c)
2,885 576 — 3,461 517 3,978 52 — 4,030 
Earnings from equity method investments4 — — 4 93 97 (21)— 76 
Interest expense(e)
990 76 — 1,066 277 1,343 1,000 — 2,343 
Income taxes (benefit)1,074 3 — 1,077 169 1,246 (273)— 973 
Segment net income (loss)(b)(c)(d)(e)
$3,994 $141 $— $4,135 $549 $4,684 $(755)$(4)$3,925 
At September 30, 2025
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets111,734 13,595 (943)124,386 26,926 151,312 2,397 (461)153,248 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Electric Utilities
Traditional
Electric Operating
Companies		Southern
Power		EliminationsTotalSouthern Company Gas
Total Reportable Segments
All
Other		EliminationsConsolidated
(in millions)
Three Months Ended September 30, 2024
Operating revenues$5,927 $600 $(105)$6,422 $682 $7,104 $215 $(45)$7,274 
Other segment items(a)(f)
2,691 322 (105)2,908 421 3,329 203 (41)3,491 
Depreciation and amortization898 133 — 1,031 162 1,193 17 — 1,210 
Earnings from equity method investments2 — — 2 34 36 (5)— 31 
Interest expense319 30 — 349 84 433 261 (2)692 
Income taxes (benefit)403 33 — 436 11 447 (70)— 377 
Segment net income (loss)(d)(f)
$1,618 $82 $— $1,700 $38 $1,738 $(201)$(2)$1,535 
Nine Months Ended September 30, 2024
Operating revenues$15,389 $1,597 $(293)$16,693 $3,220 $19,913 $598 $(128)$20,383 
Other segment items(a)(b)(f)
7,293 834 (293)7,834 1,866 9,700 548 (102)10,146 
Depreciation and amortization2,631 378 — 3,009 475 3,484 53 — 3,537 
Earnings from equity method investments4 — — 4 110 114 (8)1 107 
Interest expense954 89 — 1,043 250 1,293 769 (12)2,050 
Income taxes (benefit)885 32 — 917 184 1,101 (211)— 890 
Segment net income (loss)(b)(d)(f)
$3,630 $264 $— $3,894 $555 $4,449 $(569)$(13)$3,867 
At December 31, 2024
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets105,577 12,653 (1,025)117,205 26,177 143,382 2,371 (573)145,180 
(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance, taxes other than income taxes, AFUDC equity, non-service cost-related retirement benefits income, and net income (loss) attributable to noncontrolling interests.
(b)For the traditional electric operating companies, includes pre-tax credits to income at Georgia Power related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain at Georgia Power of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.
(c)For Southern Power, includes accelerated depreciation related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts) for the three and nine months ended September 30, 2025, respectively. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.
(d)Attributable to Southern Company.
(e)For All Other, includes a pre-tax loss of $129 million ($97 million after tax) associated with the extinguishment of debt at the parent company. See Note (F) under "Convertible Senior Notes" herein for additional information.
(f)For the traditional electric operating companies, includes a pre-tax impairment loss at Alabama Power of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Traditional Electric Operating Companies
Each of the traditional electric operating companies' single reportable business segment is the sale of electricity.
Alabama Power and Georgia Power have identified utility operations and maintenance expenses as significant segment expenses provided to their CODMs. Utility operations and maintenance expenses is calculated as other operations and maintenance, as reflected on the statements of income, less expenses from unregulated products and services, losses (gains) on asset dispositions, impairment charges, amortization of cloud software, and, for Georgia Power, charges (credits) for estimated loss on Plant Vogtle Units 3 and 4. Alabama Power's utility operations and maintenance expenses are disaggregated into expenses related to Rate RSE and Rate CNP Compliance. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
During the third quarter 2025, Mississippi Power updated the information provided to its CODM. As a result, Mississippi Power has identified certain operational and environmental compliance expenses as significant segment expenses and has recast prior period information to conform to the current period presentation.
Financial data for significant segment expenses and other segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Alabama Power
Operating revenues$2,318 $2,138 $6,298 $5,803 
Utility operations and maintenance
Rate RSE expenses346 365 1,085 1,028 
Rate CNP Compliance expenses69 72 211 202 
Total utility operations and maintenance415 437 1,296 1,230 
Other segment items(a)(b)
641 594 1,794 1,628 
Depreciation and amortization380 366 1,121 1,091 
Interest expense119 113 343 337 
Income taxes175 135 401 322 
Segment net income(b)
$588 $493 $1,343 $1,195 
Capital expenditures$537 $483 $1,696 $1,404 
Georgia Power
Operating revenues$3,770 $3,472 $9,918 $8,745 
Utility operations and maintenance576 549 1,680 1,510 
Other segment items(a)(c)
942 981 3,048 2,593 
Depreciation and amortization526 462 1,541 1,334 
Interest expense200 184 585 543 
Income taxes278 246 612 516 
Segment net income(c)
$1,248 $1,050 $2,452 $2,249 
Capital expenditures$1,961 $1,557 $5,273 $3,910 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Mississippi Power
Operating revenues$480 $412 $1,301 $1,118 
Operational expenses(d)
46 45 134 127 
Environmental compliance expenses(e)
3 3 9 9 
Other segment items(a)
251 200 686 550 
Depreciation and amortization53 48 157 141 
Interest expense19 19 59 58 
Income taxes24 22 58 47 
Segment net income
$84 $75 $198 $186 
Capital expenditures$86 $133 $225 $259 
(a)Primarily consists of fuel, purchased power, expenses from unregulated products and services, losses (gains) on asset dispositions, amortization of cloud software, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income. For Alabama Power, includes impairment charges. For Georgia Power, includes credits for estimated loss on Plant Vogtle Units 3 and 4. For Mississippi Power, includes employee benefit expenses and affiliate billings. Also includes earnings from equity method investments, which were immaterial for all periods presented.
(b)For the three and nine months ended September 30, 2024, includes a pre-tax impairment loss of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information.
(c)Includes pre-tax credits to income related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.
(d)Consists of certain operations and maintenance expenses related to PEP and the MRA tariff, including labor costs, materials, contract services, and other normal operational costs. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding PEP and the MRA tariff.
(e)Consists of environmental compliance expenses related to ECO Plan and the MRA tariff. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding ECO Plan and the MRA tariff.
Southern Power
Southern Power's single reportable business segment is the sale of electricity in the competitive wholesale market. Southern Power's CODM utilizes segment expense information in the form of variances to budget to assess performance; therefore, Southern Power has no reportable significant segment expenses.
Financial data for segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Operating revenues
$613 $600 $1,726 $1,597 
Other segment items(a)
332 322 930 834 
Depreciation and amortization(b)
247 133 576 378 
Interest expense25 30 76 89 
Income taxes6 33 3 32 
Segment net income(b)(c)
$3 $82 $141 $264 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(a)Primarily consists of fuel, purchased power, other operations and maintenance, taxes other than income taxes, and net income (loss) attributable to noncontrolling interests.
(b)For the three and nine months ended September 30, 2025, includes accelerated depreciation of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts), respectively, related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.
(c)Southern Power had no earnings from equity method investments for any period presented.
Southern Company Gas
Southern Company Gas manages its business through three reportable segments – gas distribution operations, gas pipeline investments, and gas marketing services. The non-reportable segments are combined and presented as all other.
The gas distribution operations segment is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states.
The gas pipeline investments segment consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.
The gas marketing services segment provides natural gas marketing to end-use customers primarily in Georgia through SouthStar.
The "All Other" column includes segments and subsidiaries that fall below the quantitative threshold for separate disclosure.
Southern Company Gas' CODM utilizes segment expense information in the form of variances to budget to assess performance; therefore, Southern Company Gas has no reportable significant segment expenses.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:
Gas Distribution OperationsGas
Pipeline Investments		Gas Marketing Services
Total Reportable Segments
All
Other
EliminationsConsolidated
(in millions)
Three Months Ended September 30, 2025
Operating revenues$668 $8 $58 $734 $1 $(1)$734 
Other segment items(*)
409 1 50 460 5 (1)464 
Depreciation and amortization171 1 3 175 1 — 176 
Earnings from equity method investments— 31 — 31 — — 31 
Interest expense89 10 1 100 (6)— 94 
Income taxes(13)7 1 (5)11 — 6 
Segment net income$12 $20 $3 $35 $(10)$— $25 
Nine Months Ended September 30, 2025
Operating revenues$3,122 $24 $403 $3,549 $11 $(8)$3,552 
Other segment items(*)
1,842 3 284 2,129 12 (8)2,133 
Depreciation and amortization502 4 10 516 1 — 517 
Earnings from equity method investments— 93 — 93 — — 93 
Interest expense252 28 2 282 (5)— 277 
Income taxes (benefit)
109 20 30 159 10 — 169 
Segment net income
$417 $62 $77 $556 $(7)$— $549 
Total assets at September 30, 2025
$25,200 $1,468 $1,667 $28,335 $10,845 $(12,254)$26,926 
Three Months Ended September 30, 2024
Operating revenues$616 $8 $53 $677 $6 $(1)$682 
Other segment items(*)
366 1 50 417 5 (1)421 
Depreciation and amortization156 1 4 161 1 — 162 
Earnings from equity method investments— 34 — 34 — — 34 
Interest expense75 8 1 84 — — 84 
Income taxes(2)8 — 6 5 — 11 
Segment net income (loss)$21 $24 $(2)$43 $(5)$— $38 
Nine Months Ended September 30, 2024
Operating revenues$2,828 $24 $358 $3,210 $19 $(9)$3,220 
Other segment items(*)
1,612 3 244 1,859 16 (9)1,866 
Depreciation and amortization459 4 11 474 1 — 475 
Earnings from equity method investments— 110 — 110 — — 110 
Interest expense229 26 2 257 (7)— 250 
Income taxes (benefit)
125 24 29 178 6 — 184 
Segment net income$403 $77 $72 $552 $3 $— $555 
Total assets at December 31, 2024
$24,067 $1,573 $1,696 $27,336 $10,047 $(11,206)$26,177 
(*)Primarily consists of cost of natural gas, other operations and maintenance, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Page
Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
Overview
98
Results of Operations
101
Southern Company
101
Alabama Power
109
Georgia Power
113
Mississippi Power
119
Southern Power
123
Southern Company Gas
127
Future Earnings Potential
133
Accounting Policies
139
Financial Condition and Liquidity
139
The following Management's Discussion and Analysis of Financial Condition and Results of Operations is a combined presentation; however, information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf and each Registrant makes no representation as to information related to the other Registrants.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
Southern Company is a holding company that owns all of the common stock of three traditional electric operating companies (Alabama Power, Georgia Power, and Mississippi Power), Southern Power, and Southern Company Gas and owns other direct and indirect subsidiaries. The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. Southern Company's reportable segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the sale of natural gas and other complementary products and services by Southern Company Gas. Alabama Power, Georgia Power, and Mississippi Power each operate with one reportable business segment, since substantially all of their business is providing electric service to customers. Southern Power also operates its business with one reportable business segment, the sale of electricity in the competitive wholesale market. Southern Company Gas' reportable segments are gas distribution operations, gas pipeline investments, and gas marketing services. See Note (L) to the Condensed Financial Statements herein for additional information on segment reporting. For additional information on the Registrants' primary business activities, see BUSINESS – "The Southern Company System" in Item 1 of the Form 10-K.
The Registrants continue to focus on several key performance indicators. For the traditional electric operating companies and Southern Company Gas, these indicators include, but are not limited to, customer satisfaction, plant availability, electric and natural gas system reliability, and execution of major construction projects. Southern Company Gas also continues to focus on several operating metrics, including Heating Degree Days, customer count, and volumes of natural gas sold. For Southern Power, key performance indicators include, but are not limited to, the equivalent forced outage rate and contract availability to evaluate operating results and help ensure its ability to meet its contractual commitments to customers. In addition, Southern Company and the Subsidiary Registrants focus on earnings per share and net income, respectively, as a key performance indicator.
Recent Developments
Alabama Power
On June 5, 2025, the Alabama PSC approved an order authorizing Alabama Power to implement changes related to the Jurisdictional Separation Study (JSS) under Rate RSE, which allocates costs between retail and other electric services. For 2026, a revised JSS allocation factor will account for system capacity previously allocated to wholesale electric services that will be used for retail electric service starting January 1, 2026. In addition, Alabama Power is authorized to establish a regulatory asset to defer certain costs associated with this capacity for 2026, and those costs are estimated to be approximately $100 million. Beginning in 2027, Alabama Power will amortize the regulatory asset on a levelized basis over a period not exceeding 10 years.
On August 13, 2025, the Alabama PSC approved Alabama Power's petition for a certificate of convenience and necessity authorizing Alabama Power to complete the acquisition of Tenaska Alabama Partners, L.P., which had been approved by the FERC on June 6, 2025. The transaction closed on September 30, 2025. See Notes (B) and (K) to the Condensed Financial Statements under "Alabama Power – Petition for Certificate of Convenience and Necessity" and "Alabama Power," respectively, herein for additional information.
On October 7, 2025, the Alabama PSC issued an order authorizing Alabama Power to establish a regulatory liability for nuclear PTCs received through its nuclear generating facilities pursuant to Internal Revenue Code §45U for tax years 2024 through 2032. For the 2024 tax year, Alabama Power claimed §45U PTCs on Southern Company's consolidated tax return. The base credit amount of $36 million is included in a regulatory liability. Additionally, Alabama Power claimed the prevailing wage multiplier on its 2024 federal income tax return for a total credit claimed of $180 million. The §45U PTCs will be deferred as a regulatory liability until the Alabama PSC provides direction on how to apply them for the benefit of customers. The ultimate outcome of this matter cannot be determined at this time. See Note (B) to the Condensed Financial Statements under "Alabama Power – Nuclear Production Tax Credits Order" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Georgia Power
2022 ARP
On July 1, 2025, the Georgia PSC approved a settlement agreement among Georgia Power, the staff of the Georgia PSC, and certain intervenors to extend the 2022 ARP for an additional three-year term through December 31, 2028 (ARP Extension). Under the ARP Extension, base rates will not be adjusted in 2026, 2027, or 2028 except for reasonable and prudent storm damage costs incurred through December 31, 2025, which will be determined in a separate regulatory proceeding.
Under the ARP Extension, Georgia Power's retail ROE set point will continue at 10.50% and its equity ratio will continue at 56%. Additionally, the retail ROE range approved by the Georgia PSC in the 2022 ARP, of 9.50% to 11.90%, will continue.
See Note (B) to the Condensed Financial Statements under "Georgia Power – 2022 ARP" herein for additional information.
Integrated Resource Plans
On September 4, 2025, the Georgia PSC approved Georgia Power's June 2025 request to certify a Georgia Power-owned battery energy storage facility with a capacity of 200 MWs and a projected COD in 2027.
On July 30, 2025, Georgia Power requested certification from the Georgia PSC, for which a final decision is expected to be rendered in December 2025, for the following resources:
•As included in the 2022 IRP final order, Georgia Power initiated a request for proposals (RFP) of up to 8,500 MWs of capacity from a variety of resources with projected CODs or delivery commencement dates between 2028 and 2030. The RFP resulted in 18 resources, totaling 7,999 MWs, being selected.
•In July 2025, Georgia Power extended 50 MWs of an existing 750-MW affiliate PPA with Mississippi Power for an additional year through December 31, 2029.
•Additionally, in July 2025, Georgia Power executed a 20-year non-affiliate PPA for 930 MWs commencing in 2030 and five 25-year non-affiliate PPAs totaling 646 MWs commencing in 2027.
•Georgia Power entered into agreements to initiate acquisition of property and construction of a 260-MW Georgia Power-owned battery energy storage facility with a projected COD in 2027 to be paired with an existing non-affiliate solar PPA.
The certification requests in June and July 2025 associated with these Georgia Power-owned projects and related transmission investments total approximately $16.7 billion, excluding AFUDC.
The ultimate outcome of these matters cannot be determined at this time. See Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" and FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" herein for additional information.
2025 IRP
On July 15, 2025, the Georgia PSC approved Georgia Power's 2025 IRP, as modified by a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors. In the 2025 IRP decision, the Georgia PSC approved several requests, including the following:
•Extended operation of Plant Scherer Unit 3 (614 MWs based on 75% ownership) through at least December 31, 2035 and Plant Gaston Units 1 through 4 (500 MWs based on 50% ownership through SEGCO) through December 31, 2034.
•Installation of environmental controls and natural gas co-firing at Plant Bowen Units 1 through 4 (3,160 MWs), Plant Scherer Units 1 and 2 (137 MWs based on 8.4% ownership), and Plant Scherer Unit 3 for compliance with both ELG supplemental rules and GHG rules.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
•Upgrades to Plant McIntosh Units 10 and 11 (1,319 MWs) for a projected 194 MWs of incremental capacity by 2028 and Plant McIntosh Units 1 through 8 (640 MWs) for a projected 74 MWs of incremental capacity by 2033.
•Upgrades to Plant Vogtle Units 1 and 2 (1,060 MWs based on 45.7% ownership) for a projected 54 MWs of incremental capacity, some of which could be available as early as 2028.
•Investments related to the continued reliable hydro operations of four facilities, as well as the authority to spend up to $25 million to undertake engineering studies related to two additional hydro facilities.
•RFP for at least 1,100 MWs of utility scale and distributed generation renewable resources.
See Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" herein for additional information.
Mississippi Power
On April 3, 2025, the FERC approved a settlement agreement filed by Mississippi Power and Cooperative Energy in December 2024, as part of the MRA tariff.
On June 17, 2025, the Mississippi PSC approved Mississippi Power's annual retail PEP filing for 2025, resulting in an annual increase in revenues of approximately 4.0%, or $41 million. In accordance with the PEP rate schedule, an increase of 2.0% of total retail revenues, or approximately $22 million, became effective with the first billing cycle of April 2025, and the remaining approximately $19 million became effective with the first billing cycle of July 2025.
On June 19, 2025, the Florida PSC issued a final order approving the transfer of FP&L's 50% ownership interest in Plant Daniel Units 1 and 2 to Mississippi Power. On July 30, 2025, Mississippi Power completed the acquisition of FP&L's 50% interest in Plant Daniel Units 1 and 2 and, as part of the acquisition, received approximately $36 million from FP&L, which was recorded as a regulatory liability and is being amortized to offset incremental costs as authorized by the Mississippi PSC.
See Note (B) to the Condensed Financial Statements under "Mississippi Power" herein for additional information.
Southern Power
During the nine months ended September 30, 2025, Southern Power continued the development project to repower 200 MWs of the 299-MW Kay Wind facility and began development projects to repower the full capacity of the 147-MW Grant Plains, the 152-MW Grant Wind, and the 257-MW Wake Wind facilities. The output of the development projects is contracted under new and amended PPAs, with commercial operations projected to occur between the third quarter 2026 and the second quarter 2027. The ultimate outcome of these matters cannot be determined at this time. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein for additional information.
In July 2025, Southern Power notified the Class A members of its intent to exercise the option to purchase all Class A membership interests in the SP Wind tax equity partnership on December 31, 2025 under the terms of the limited liability agreement. See Note (E) to the Condensed Financial Statements under "Southern Power" herein for additional information.
At September 30, 2025, Southern Power's average investment coverage ratio for its generating assets, including those owned with various partners, based on the ratio of investment under contract to total investment using the respective facilities' net book value (or expected in-service value for facilities under construction) as the investment amount was 96% through 2029 and 89% through 2034, with an average remaining contract duration of approximately 12 years.
Southern Company Gas
On August 12, 2025, Virginia Natural Gas, the Virginia Commission staff, and certain intervenors entered into a stipulation related to Virginia Natural Gas' August 2024 general base rate case filing. The stipulation provides for a
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
$40 million increase in annual base rate revenues, including the recovery of investments under the SAVE program, an ROE of 9.85%, and an equity ratio of 49.35%. Interim rates became effective January 1, 2025, subject to refund, based on Virginia Natural Gas' original requested increase of approximately $63 million. The Virginia Commission is expected to issue an order on the requested increase in the fourth quarter 2025. The ultimate outcome of this matter cannot be determined at this time.
RESULTS OF OPERATIONS
Southern Company
Net Income
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$17611.5$581.5
Consolidated net income attributable to Southern Company was $1.7 billion ($1.55 per share) in the third quarter 2025 compared to $1.5 billion ($1.40 per share) for the corresponding period in 2024. The increase was primarily due to an increase in retail electric revenues associated with rates and pricing and sales growth, as well as a decrease in taxes other than income taxes, partially offset by an increase in depreciation and amortization.
For year-to-date 2025, consolidated net income attributable to Southern Company was $3.93 billion ($3.56 per share) compared to $3.87 billion ($3.53 per share) for the corresponding period in 2024. The increase was primarily due to an increase in retail electric revenues associated with rates and pricing and sales growth and increases in other revenues, allowance for equity funds used during construction, and natural gas revenues associated with base rate increases, partially offset by increases in depreciation and amortization, non-fuel operations and maintenance expenses, and interest expense.
Retail Electric Revenues
In the third quarter 2025, retail electric revenues were $5.7 billion compared to $5.4 billion for the corresponding period in 2024. For year-to-date 2025, retail electric revenues were $15.1 billion compared to $13.8 billion for the corresponding period in 2024. Details of the changes in retail electric revenues were as follows:
 
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
 Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$218 4.1 %$772 5.6 %
Sales growth97 1.8 172 1.2 
Weather(68)(1.3)(52)(0.4)
Fuel and other cost recovery94 1.8 381 2.8 
Retail electric revenues$341 6.4 %$1,272 9.2 %
Changes in rates and pricing resulted in an increase in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 primarily due to base tariff increases and increased ECCR tariff revenues at Georgia Power in accordance with the 2022 ARP and an increase in Rate RSE at Alabama Power. Also contributing to the year-to-date 2025 increase were the inclusion of Plant Vogtle Unit 4 in retail rates net of elimination of the NCCR tariff and higher contributions from commercial and industrial customers with variable demand-driven pricing, both at Georgia Power. See Note 2 to the financial statements under "Alabama Power" and "Georgia Power" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in an increase in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024. Weather-adjusted residential KWH sales increased 2.7% in the third quarter 2025 primarily due to increased customer usage and customer growth. Weather-adjusted residential KWH sales increased
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
1.2% for year-to-date 2025 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 3.5% and 2.6% in the third quarter and year-to-date 2025, respectively, primarily due to increased customer usage, largely driven by data centers at Georgia Power. Industrial KWH sales increased 1.5% in the third quarter 2025 primarily due to increases in the primary metals and electronics sectors. Industrial KWH sales increased 1.6% for year-to-date 2025 primarily due to increases in the primary metals, paper, and electronics sectors, partially offset by decreases in the pipeline and textiles sectors.
Fuel and other cost recovery revenues increased $94 million and $381 million in the third quarter and year-to-date 2025, respectively, compared to the corresponding periods in 2024 primarily due to higher recoverable fuel costs. Electric rates for the traditional electric operating companies include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these provisions, fuel revenues generally equal fuel expenses, including the energy component of PPA costs, and do not affect net income. The traditional electric operating companies each have one or more regulatory mechanisms to recover other costs such as environmental and other compliance costs, storm damage, new plants, and PPA capacity costs. See Note 2 to the financial statements in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements herein for additional information.
Wholesale Electric Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$11115.4$33817.6
In the third quarter 2025, wholesale electric revenues were $832 million compared to $721 million for the corresponding period in 2024. For year-to-date 2025, wholesale electric revenues were $2.3 billion compared to $1.9 billion for the corresponding period in 2024. The increases in the third quarter and year-to-date 2025 were primarily due to increases in energy revenues of $118 million and $357 million, respectively, largely driven by an increase in the volume of KWHs sold resulting from higher demand, as well as increases in fuel and purchased power prices.
Wholesale electric revenues consist of revenues from PPAs and short-term opportunity sales. Wholesale electric revenues from PPAs (other than solar and wind PPAs) have both capacity and energy components. Capacity revenues generally represent the greatest contribution to net income and are designed to provide recovery of fixed costs plus a return on investment. Energy revenues will vary depending on fuel prices, the market prices of wholesale energy compared to the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. Energy sales from solar and wind PPAs do not have a capacity charge and customers either purchase the energy output of a dedicated renewable facility through an energy charge or through a fixed price related to the energy. As a result, the ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors. Wholesale electric revenues at Mississippi Power include FERC-regulated municipal and rural association sales under cost-based tariffs as well as market-based sales. Short-term opportunity sales are made at market-based rates that generally provide a margin above the Southern Company system's variable cost to produce the energy.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Electric Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$4018.0$9314.7
In the third quarter 2025, other electric revenues were $262 million compared to $222 million for the corresponding period in 2024. The increase was primarily due to increases of $29 million in solar application fees and $24 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs, both at Georgia Power, partially offset by a decrease of $15 million in pole attachment revenues at Alabama Power and Georgia Power.
For year-to-date 2025, other electric revenues were $724 million compared to $631 million for the corresponding period in 2024. The increase was primarily due to increases of $30 million in solar application fees at Georgia Power, $24 million in regulated energy services revenues at Alabama Power and Georgia Power, $20 million in regulated outdoor lighting sales at Georgia Power, and $16 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs at Georgia Power, partially offset by a decrease of $25 million in pole attachment revenues at Alabama Power and Georgia Power.
Natural Gas Revenues
In the third quarter 2025, natural gas revenues were $734 million compared to $682 million for the corresponding period in 2024. For year-to-date 2025, natural gas revenues were $3.6 billion compared to $3.2 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Rates
$27 3.9 %$98 3.0 %
Gas costs and other cost recovery23 3.4 189 5.9 
Gas marketing services5 0.7 40 1.2 
Other(3)(0.4)5 0.2 
Natural gas revenues$52 7.6 %$332 10.3 %
Changes in rates resulted in an increase in revenues in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to base rate increases at Atlanta Gas Light and Virginia Natural Gas. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.
Revenues from gas costs and other cost recovery increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher natural gas prices and gas volumes. Natural gas distribution rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from the natural gas distribution utilities.
Revenues from gas marketing services increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher commodity prices.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$51.8$15418.8
In the third quarter 2025, other revenues were $288 million compared to $283 million for the corresponding period in 2024. The increase included an increase of $12 million in unregulated sales primarily associated with power delivery construction and maintenance projects at Georgia Power, offset by a decrease of $12 million in revenues at PowerSecure primarily related to distributed infrastructure projects.
For year-to-date 2025, other revenues were $974 million compared to $820 million for the corresponding period in 2024. The increase was primarily due to increases of $88 million in unregulated sales primarily associated with power delivery construction and maintenance, resiliency, and renewables projects at Georgia Power and $69 million in revenues at PowerSecure primarily related to distributed infrastructure projects.
Fuel and Purchased Power Expenses
 
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
 (change in millions)(% change)(change in millions)(% change)
Fuel$199 17.4 %$579 18.2 %
Purchased power10 4.0 100 14.9 
Total fuel and purchased power expenses$209 $679 
In the third quarter 2025, total fuel and purchased power expenses were $1.6 billion compared to $1.4 billion for the corresponding period in 2024. The increase was due to a $122 million increase related to the average cost of fuel and purchased power and a $27 million increase related to the volume of KWHs generated and purchased. Also contributing to the increase was $60 million related to credits recorded at Georgia Power in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs.
For year-to-date 2025, total fuel and purchased power expenses were $4.5 billion compared to $3.8 billion for the corresponding period in 2024. The increase was due to a $464 million net increase related to the average cost of fuel and purchased power and a $155 million increase related to the volume of KWHs generated and purchased. Also contributing to the increase was $60 million related to credits recorded at Georgia Power in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs.
See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
Fuel and purchased power energy transactions at the traditional electric operating companies are generally offset by fuel revenues and do not have a significant impact on net income. See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information. Fuel expenses incurred under Southern Power's PPAs are generally the responsibility of the counterparties and do not significantly impact net income.
Energy purchases will vary depending on demand for energy within the Southern Company system's electric service territory, the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, and the availability of the Southern Company system's generation.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Details of the Southern Company system's generation and purchased power and the related costs were as follows:
Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
Total generation (in billions of KWHs)(a)
5353144145
Total purchased power (in billions of KWHs)
651613
Sources of generation (percent) —
Gas53555152
Coal21192018
Nuclear(a)
19181919
Hydro1133
Wind, Solar, and Other6778
Cost of fuel, generated (in cents per net KWH)—
Gas
3.132.473.402.62
Coal3.684.183.814.00
Nuclear(a)(b)
0.840.910.850.87
Average cost of fuel, generated (in cents per net KWH)(a)(b)
2.782.512.942.53
Average cost of purchased power (in cents per net KWH)(c)
4.944.875.035.19
(a)Excludes KWHs generated from test period energy at Plant Vogtle Unit 4 prior to being placed in service in April 2024. The related fuel costs were charged to CWIP in accordance with FERC guidance.
(b)Excludes $60 million of credits recorded to nuclear fuel expense in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
(c)Average cost of purchased power includes fuel purchased by the Southern Company system for tolling agreements where power is generated by the provider.
Cost of Natural Gas
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$1818.4$19422.8
Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, the natural gas distribution utilities' rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from the natural gas distribution utilities. See Note 2 to the financial statements under "Southern Company Gas – Natural Gas Cost Recovery" in Item 8 of the Form 10-K for additional information. Cost of natural gas at the natural gas distribution utilities represented 81.9% and 81.5% of the total cost of natural gas in the third quarter and year-to-date 2025, respectively.
In the third quarter 2025, cost of natural gas was $116 million compared to $98 million for the corresponding period in 2024. For year-to-date 2025, cost of natural gas was $1.0 billion compared to $0.9 billion for the corresponding period in 2024. The increases reflect higher gas cost recovery as a result of increases of 42.4% and 61.6% in natural gas prices in the third quarter and year-to-date 2025, respectively.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Cost of Other Sales
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(10)(6.0)$5812.5
In the third quarter 2025, cost of other sales was $156 million compared to $166 million for the corresponding period in 2024. The decrease was primarily due to a decrease of $23 million in expenses at PowerSecure primarily related to distributed infrastructure projects, partially offset by an increase of $15 million in expenses associated with unregulated power delivery construction and maintenance projects at Georgia Power.
For year-to-date 2025, cost of other sales was $522 million compared to $464 million for the corresponding period in 2024. The increase was primarily related to expenses associated with unregulated power delivery construction and maintenance projects at Georgia Power.
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(19)(1.1)$4269.4
In the third quarter 2025, other operations and maintenance expenses were $1.6 billion compared to $1.7 billion for the corresponding period in 2024. The decrease was primarily due to a $36 million impairment loss in 2024 associated with Alabama Power discontinuing the development of a multi-use commercial facility, a $33 million credit to income related to the estimated probable loss on Plant Vogtle Units 3 and 4 at Georgia Power, a $30 million decrease in reliability-related transmission, distribution, and generation expenses at Alabama Power, and a $17 million decrease in transmission and distribution expenses primarily due to billing adjustments with integrated transmission system owners at Georgia Power, partially offset by increases of $18 million in certain employee compensation and benefit expenses at the traditional electric operating companies, $17 million in certain technology infrastructure and application production costs, $14 million in expenses at PowerSecure primarily related to distributed infrastructure projects, $11 million in employee compensation and benefit expenses at Southern Company Gas, $11 million related to the injuries and damages reserves, and $10 million in generation expenses primarily due to non-outage maintenance expenses at Georgia Power.
For year-to-date 2025, other operations and maintenance expenses were $4.9 billion compared to $4.5 billion for the corresponding period in 2024. The increase was primarily due to a $144 million increase in generation expenses primarily due to non-outage maintenance expenses largely resulting from Plant Vogtle Unit 4 being placed in service in April 2024 at Georgia Power, as well as planned outages at Alabama Power and Southern Power, a $114 million gain from the sale of integrated transmission system assets at Georgia Power recorded in the second quarter 2024, and increases of $58 million in certain employee compensation and benefit expenses at the traditional electric operating companies, $48 million in certain technology infrastructure and application production costs, $35 million in expenses passed through to customers primarily related to bad debt and energy efficiency programs at Southern Company Gas, $34 million in compensation and benefit expenses at Southern Company Gas, and $34 million in expenses at PowerSecure primarily related to distributed infrastructure projects, partially offset by decreases of $36 million related to an impairment loss in 2024 associated with Alabama Power discontinuing the development of a multi-use commercial facility and $30 million in reliability-related transmission, distribution, and generation expenses at Alabama Power.
See Note (B) to the Condensed Financial Statements under "Alabama Power – Reliability Reserve Accounting Order" and "Georgia Power – Nuclear Construction" herein and Notes 1 and 2 to the financial statements under "Impairment of Long-Lived Assets" and "Georgia Power," respectively, in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$21217.5$49313.9
In the third quarter 2025, depreciation and amortization was $1.4 billion compared to $1.2 billion for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $4.0 billion compared to $3.5 billion for the corresponding period in 2024. The increases in the third quarter and year-to-date 2025 were primarily due to increases of $66 million and $207 million, respectively, associated with additional plant in service, $112 million and $181 million, respectively, in accelerated depreciation related to wind repowering projects at Southern Power, and $31 million and $93 million, respectively, in amortization of regulatory assets related to CCR AROs at Georgia Power as approved in the 2025 compliance filing under the terms of the 2022 ARP. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 2 and 15 to the financial statements under "Georgia Power" and "Southern Power – Development Projects," respectively, in Item 8 of the Form 10-K for additional information.
Taxes Other Than Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(87)(23.2)$(19)(1.6)
In the third quarter 2025, taxes other than income taxes were $288 million compared to $375 million for the corresponding period in 2024. For year-to-date 2025, taxes other than income taxes were $1.14 billion compared to $1.16 billion for the corresponding period in 2024. The decreases in the third quarter and year-to-date 2025 were primarily due to decreases of $103 million and $80 million, respectively, in property taxes primarily resulting from the actualization of prior-year tax assessments at Georgia Power, partially offset by increases of $4 million and $19 million, respectively, in municipal franchise fees resulting from higher retail revenues at Georgia Power and $4 million and $13 million, respectively, in utility license taxes resulting from an increase in the tax base at Alabama Power. Also partially offsetting the year-to-date 2025 decrease were increases of $14 million in revenue taxes resulting from higher natural gas revenues at Nicor Gas and $8 million in payroll taxes.
Allowance for Equity Funds Used During Construction
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$3255.2$7645.5
In the third quarter 2025, allowance for equity funds used during construction was $90 million compared to $58 million for the corresponding period in 2024. For year-to-date 2025, allowance for equity funds used during construction was $243 million compared to $167 million for the corresponding period in 2024. The increases were primarily associated with increases in capital expenditures subject to AFUDC at Georgia Power and Alabama Power. Partially offsetting the year-to-date 2025 increase was the impact of Plant Vogtle Unit 4 being placed in service in April 2024 at Georgia Power. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information on Plant Vogtle Unit 4.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Earnings from Equity Method Investments
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$26.5$(31)(29.0)
For year-to-date 2025, earnings from equity method investments were $76 million compared to $107 million for the corresponding period in 2024. The decrease was primarily due to a decrease of $17 million at Southern Company Gas related to lower rates at SNG and a decrease of $16 million at Southern Holdings related to investment losses. See Note 7 to the financial statements in Item 8 of the Form 10-K and Note (E) to the Condensed Financial Statements under "Southern Company" and "Southern Company Gas" herein for additional information.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$639.1$29314.3
In the third quarter 2025, interest expense, net of amounts capitalized was $755 million compared to $692 million for the corresponding period in 2024. The increase was primarily due to increases of approximately $67 million related to higher average outstanding borrowings and $9 million related to higher interest rates, partially offset by an increase of $12 million in capitalized interest and AFUDC debt associated with increased capital expenditures.
For year-to-date 2025, interest expense, net of amounts capitalized was $2.34 billion compared to $2.05 billion for the corresponding period in 2024. The increase was primarily due to an increase of approximately $169 million related to higher average outstanding borrowings, a $129 million loss associated with the extinguishment of debt at the parent company, and an increase of $17 million related to higher interest rates, partially offset by an increase of $21 million in capitalized interest and AFUDC debt associated with increased capital expenditures. See Note (F) to the Condensed Financial Statements under "Convertible Senior Notes" herein for additional information.
See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$277.2$839.3
In the third quarter 2025, income taxes were $404 million compared to $377 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings, partially offset by a $15 million increase in the flowback of certain excess deferred income taxes at the traditional electric operating companies.
For year-to-date 2025, income taxes were $973 million compared to $890 million for the corresponding period in 2024. The increase was primarily due to a $78 million increase in charges to a valuation allowance on certain state tax credit carryforwards and $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, both at Georgia Power, and higher pre-tax earnings, partially offset by increases of $26 million in the flowback of certain excess deferred income taxes at the traditional electric operating companies, $19 million in the generation of advanced nuclear PTCs at Georgia Power, and $10 million in the flowback of excess state deferred income taxes at Southern Company Gas.
See Note (G) to the Condensed Financial Statements herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Net Loss Attributable to Noncontrolling Interests
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(4)N/M$(22)(30.1)
Substantially all noncontrolling interests relate to renewable projects at Southern Power. For year-to-date 2025, net loss attributable to noncontrolling interests was $95 million compared to $73 million for the corresponding period in 2024. The increase was primarily due to $14 million in higher HLBV loss allocations to Southern Power's tax equity partners and $11 million in lower income allocations to Southern Power's equity partners.
Alabama Power
Net Income
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$9519.3$14812.4
Alabama Power's net income in the third quarter 2025 was $588 million compared to $493 million for the corresponding period in 2024. The increase was primarily due to higher retail electric revenues resulting from changes in rates and pricing and a decrease in non-fuel operations and maintenance expenses, partially offset by weather impacts on retail revenues.
For year-to-date 2025, net income was $1.3 billion compared to $1.2 billion for the corresponding period in 2024. The increase was primarily due to higher retail electric revenues resulting from changes in rates and pricing, as well as an increase in other revenues, partially offset by increases in non-fuel operations and maintenance expenses and depreciation and amortization.
Retail Revenues
In the third quarter 2025, retail revenues were $2.0 billion compared to $1.9 billion for the corresponding period in 2024. For year-to-date 2025, retail revenues were $5.5 billion compared to $5.1 billion for the corresponding period in 2024. Details of the changes in retail revenues were as follows:
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$91 4.8 %$246 4.8 %
Sales growth6 0.3 10 0.2 
Weather(16)(0.8)(12)(0.2)
Fuel and other cost recovery61 3.2 126 2.4 
Retail revenues$142 7.5 %$370 7.2 %
Changes in rates and pricing resulted in increases in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 primarily due to an increase in Rate RSE. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024. Weather-adjusted residential KWH sales increased 1.6% in the third quarter 2025 primarily due to customer growth and increased customer usage. Weather-adjusted residential KWH sales increased 0.7% for year-to-date 2025 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 0.5% in the third quarter 2025 primarily due to customer growth and increased customer usage. Weather-adjusted commercial KWH sales increased 0.4% for year-to-date 2025 primarily due to customer growth. Industrial KWH
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
sales increased 2.2% and 1.5% in the third quarter and year-to-date 2025, respectively, primarily due to increases in the primary metals sector.
Fuel and other cost recovery revenues increased in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 primarily as a result of higher recoverable fuel costs.
Electric rates include provisions to recognize the recovery of fuel costs, purchased power costs, PPAs certificated by the Alabama PSC, and costs associated with the NDR. Under these provisions, fuel and other cost recovery revenues generally equal fuel and other cost recovery expenses and do not affect net income. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Wholesale Revenues – Non-Affiliates
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$4853.9$6725.9
In the third quarter 2025, wholesale revenues from sales to non-affiliates were $137 million compared to $89 million for the corresponding period in 2024. For year-to-date 2025, wholesale revenues from sales to non-affiliates were $326 million compared to $259 million for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were primarily due to increases of 36.3% and 8.8%, respectively, in the volume of KWH sales due to higher demand from power sales agreements and 12.0% and 15.6%, respectively, in the price of energy due to an increase in natural gas prices.
Wholesale Revenues – Affiliates
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(6)(17.6)$2928.2
In the third quarter 2025, wholesale revenues from sales to affiliates were $28 million compared to $34 million for the corresponding period in 2024. The decrease was primarily due to a 27.8% decrease in the volume of KWH sales as a result of the availability of other Southern Company system generation, partially offset by an increase of 12.2% in the price of energy due to an increase in natural gas prices.
For year-to-date 2025, wholesale revenues from sales to affiliates were $132 million compared to $103 million for the corresponding period in 2024. The increase was primarily due to an increase of 44.0% in the price of energy due to an increase in natural gas prices, partially offset by a 10.4% decrease in the volume of KWH sales as a result of the availability of other Southern Company system generation.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost and energy purchases are generally offset by energy revenues through Alabama Power's energy cost recovery clause.
Other Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(4)(3.6)$299.0
For year-to-date 2025, other revenues were $353 million compared to $324 million for the corresponding period in 2024. The increase was primarily due to a $12 million increase in transmission revenue primarily associated with open access transmission tariff sales, an $11 million increase in regulated energy services revenues, $7 million
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
related to undistributed customer bill credits associated with nuclear fuel disposal costs litigation, which was offset by an additional NDR accrual within other operations and maintenance expenses, and a $4 million increase in cogeneration revenues primarily related to higher fuel prices. These increases were partially offset by a $14 million decrease in pole attachment revenues. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
Fuel and Purchased Power Expenses
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Fuel$32 8.3 %$89 8.5 %
Purchased power – non-affiliates7 14.3 32 21.6 
Purchased power – affiliates49 102.1 84 62.7 
Total fuel and purchased power expenses$88 $205 
In the third quarter 2025, total fuel and purchased power expenses were $569 million compared to $481 million for the corresponding period in 2024. The increase was primarily due to a $51 million increase related to the average cost of fuel and purchased power and a $37 million net increase related to the volume of KWHs generated and purchased.
For year-to-date 2025, total fuel and purchased power expenses were $1.5 billion compared to $1.3 billion for the corresponding period in 2024. The increase was due to a $107 million increase related to the average cost of fuel and purchased power and a $98 million net increase related to the volume of KWHs generated and purchased.
Fuel and purchased power energy transactions do not have a significant impact on earnings since energy expenses are generally offset by energy revenues through Alabama Power's energy cost recovery clause. See Note 2 to the financial statements under "Alabama Power – Rate ECR" in Item 8 of the Form 10-K for additional information.
Energy purchases from non-affiliates will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation.
Energy purchases from affiliates will vary depending on demand for energy and the availability and cost of generating resources at each company within the Southern Company system. These purchases are made in accordance with the IIC or other contractual agreements, as approved by the FERC.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Details of Alabama Power's generation and purchased power and the related costs were as follows:
Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
Total generation (in billions of KWHs)
16164446
Total purchased power (in billions of KWHs)
3275
Sources of generation (percent) —
Coal
37323633
Gas
36413537
Nuclear24242224
Hydro3376
Cost of fuel, generated (in cents per net KWH) —
Coal
3.343.363.293.24
Gas
3.192.593.292.71
Nuclear0.720.740.730.72
Average cost of fuel, generated (in cents per net KWH)
2.632.392.692.39
Average cost of purchased power (in cents per net KWH)(*)
5.524.885.965.88
(*)Average cost of purchased power includes fuel, energy, and transmission purchased by Alabama Power for tolling agreements where power is generated by the provider.
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(59)(12.0)$352.6
In the third quarter 2025, other operations and maintenance expenses were $434 million compared to $493 million for the corresponding period in 2024. The decrease was primarily due to a $36 million impairment loss in the third quarter 2024 associated with Alabama Power discontinuing the development of a multi-use commercial facility and a $30 million decrease in reliability-related transmission, distribution, and generation expenses.
For year-to-date 2025, other operations and maintenance expenses were $1.37 billion compared to $1.34 billion for the corresponding period in 2024. The increase was primarily due to increases of $47 million in generation expenses primarily associated with planned outages, $21 million in certain employee compensation and benefit expenses, $10 million in certain technology infrastructure and application production costs, $7 million associated with an additional NDR accrual, which is offset within other revenues, and $7 million in vegetation management expenses, partially offset by a $36 million impairment loss in the third quarter 2024 associated with Alabama Power discontinuing the development of a multi-use commercial facility and a $30 million decrease in reliability-related transmission, distribution, and generation expenses.
See Note (B) to the Condensed Financial Statements under "Alabama Power – Reliability Reserve Accounting Order" herein and Notes 1 and 3 to the financial statements under "Impairment of Long-Lived Assets" and "Nuclear Fuel Disposal Costs," respectively, in Item 8 of the Form 10-K for additional information.
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$143.8$302.7
In the third quarter 2025, depreciation and amortization was $380 million compared to $366 million for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $1.12 billion compared to
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
$1.09 billion for the corresponding period in 2024. The increases were primarily due to additional plant in service related to transmission and distribution systems.
Taxes Other Than Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$76.5$185.2
For year-to-date 2025, taxes other than income taxes were $365 million compared to $347 million for the corresponding period in 2024. The increase was primarily due to an increase in utility license taxes resulting from an increase in the tax base.
Allowance for Equity Funds Used During Construction
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$320.0$1435.0
For year-to-date 2025, allowance for equity funds used during construction was $54 million compared to $40 million for the corresponding period in 2024. The increase was primarily due to an increase in capital expenditures subject to AFUDC.
Other Income (Expense), Net
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$822.2$1210.3
For year-to-date 2025, other income (expense), net was $128 million compared to $116 million for the corresponding period in 2024. The increase was primarily due to the receipt of liquidated damages associated with the termination of two solar projects and an increase in interest income.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$4029.6$7924.5
In the third quarter 2025, income taxes were $175 million compared to $135 million for the corresponding period in 2024. For year-to-date 2025, income taxes were $401 million compared to $322 million for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were primarily due to higher pre-tax earnings and decreases of $10 million and $29 million, respectively, in the flowback of certain excess deferred income taxes. See Note (G) to the Condensed Financial Statements herein for additional information.
Georgia Power
Net Income
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$19818.9$2039.0
Georgia Power's net income in the third quarter 2025 was $1.2 billion compared to $1.1 billion for the corresponding period in 2024. The increase was primarily due to higher retail revenues associated with rates and
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
pricing and sales growth, a decrease in taxes other than income taxes, and an increase in other revenues, partially offset by an increase in depreciation and amortization and weather impacts on retail revenues.
For year-to-date 2025, net income was $2.5 billion compared to $2.2 billion for the corresponding period in 2024. The increase was primarily due to higher retail revenues associated with rates and pricing and sales growth and other revenues, partially offset by an increase in non-fuel operations and maintenance expenses, depreciation and amortization, and income taxes.
Retail Revenues
In the third quarter 2025, retail revenues were $3.4 billion compared to $3.2 billion for the corresponding period in 2024. For year-to-date 2025, retail revenues were $8.8 billion compared to $7.9 billion for the corresponding period in 2024. Details of the changes in retail revenues were as follows:
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$111 3.5 %$501 6.3 %
Sales growth89 2.8 154 1.9 
Weather(50)(1.6)(41)(0.5)
Fuel cost recovery24 0.8 203 2.6 
Retail revenues$174 5.5 %$817 10.3 %
Changes in rates and pricing resulted in an increase in revenues in the third quarter 2025 when compared to the corresponding period in 2024 primarily due to base tariff increases and increased ECCR tariff revenues in accordance with the 2022 ARP. Changes in rates and pricing resulted in an increase in revenues for year-to-date 2025 when compared to the corresponding period in 2024 primarily due to base tariff increases and increased ECCR tariff revenues in accordance with the 2022 ARP, the inclusion of Plant Vogtle Unit 4 in retail rates net of elimination of the NCCR tariff, and higher contributions from commercial and industrial customers with variable demand-driven pricing. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in an increase in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024. Weather-adjusted residential KWH sales increased 3.3% in the third quarter 2025 primarily due to increased customer usage and customer growth. Weather-adjusted residential KWH sales increased 1.4% for year-to-date 2025 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 5.1% and 3.7% in the third quarter and year-to-date 2025, respectively, primarily due to increased customer usage, primarily driven by data centers. Weather-adjusted industrial KWH sales increased 2.6% in the third quarter 2025 primarily due to increases in the electronics and primary metals sectors, partially offset by a decrease in the chemicals sector. Weather-adjusted industrial KWH sales increased 2.1% for year-to-date 2025 primarily due to increases in the electronics, paper, and transportation sectors, partially offset by decreases in the pipeline and textiles sectors.
Fuel revenues and costs are allocated between retail and wholesale jurisdictions. Retail fuel cost recovery revenues increased in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 due to higher recoverable fuel costs. Electric rates include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these fuel cost recovery provisions, fuel revenues generally equal fuel expenses and do not affect net income. See Note (B) to the Condensed Financial Statements herein and Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$6279.5$19297.0
In the third quarter 2025, wholesale revenues were $140 million compared to $78 million for the corresponding period in 2024. For year-to-date 2025, wholesale revenues were $390 million compared to $198 million for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were due to increases of $23 million and $86 million, respectively, related to the volume of KWH sales associated with higher market demand, $23 million and $59 million, respectively, related to the average cost per KWH sold due to higher Southern Company system fuel and purchased power prices, and $16 million and $47 million, respectively, related to additional non-fuel revenues from wholesale capacity contracts.
Wholesale revenues from sales to non-affiliates consist of PPAs and short-term opportunity sales. Wholesale revenues from PPAs have both capacity and energy components. Wholesale capacity revenues from PPAs are recognized in amounts billable under the contract terms and provide for recovery of fixed costs and a return on investment. Wholesale revenues from sales to non-affiliates will vary depending on fuel prices, the market prices of wholesale energy compared to the cost of Georgia Power's and the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. Short-term opportunity sales are made at market-based rates that generally provide a margin above Georgia Power's variable cost of energy.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost.
Other Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$6229.7$16426.9
In the third quarter 2025, other revenues were $271 million compared to $209 million for the corresponding period in 2024. The increase was primarily due to increases of $29 million in solar application fees, $24 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs, $12 million in unregulated sales primarily associated with power delivery construction and maintenance projects, and $6 million in outdoor lighting sales, partially offset by a decrease of $11 million in pole attachment revenues.
For year-to-date 2025, other revenues were $774 million compared to $610 million for the corresponding period in 2024. The increase was primarily due to increases of $88 million in unregulated sales primarily associated with power delivery construction and maintenance, resiliency, and renewables projects, $30 million in solar application fees, $16 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs, $15 million in outdoor lighting sales, $13 million in regulated sales associated with power delivery construction and maintenance projects, and $9 million in open access transmission tariff sales, partially offset by a decrease of $11 million in pole attachment revenues.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Fuel and Purchased Power Expenses
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Fuel$116 25.7 %$286 22.3 %
Purchased power – non-affiliates2 1.1 50 10.7 
Purchased power – affiliates(2)(1.0)97 17.1 
Total fuel and purchased power expenses$116 $433 
In the third quarter 2025, total fuel and purchased power expenses were $945 million compared to $829 million for the corresponding period in 2024. The increase was due to a $47 million increase related to the volume of KWHs generated and purchased, a net increase of $9 million related to the average cost of fuel and purchased power, and an increase of $60 million related to credits recorded in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs.
For year-to-date 2025, total fuel and purchased power expenses were $2.7 billion compared to $2.3 billion for the corresponding period in 2024. The increase was due to a $228 million net increase related to the volume of KWHs generated and purchased, an increase of $145 million related to the average cost of fuel and purchased power, and an increase of $60 million related to credits recorded in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs.
See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
Fuel and purchased power energy transactions do not have a significant impact on earnings since these fuel expenses are generally offset by fuel revenues through Georgia Power's fuel cost recovery mechanism. See Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
Energy purchases from non-affiliates will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation.
Energy purchases from affiliates will vary depending on the demand and the availability and cost of generating resources at each company within the Southern Company system. These purchases are made in accordance with the IIC or other contractual agreements, all as approved by the FERC. See Note 2 to the financial statements under "Georgia Power – Integrated Resource Plans" in Item 8 of the Form 10-K for information regarding two new PPAs with Southern Power.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Details of Georgia Power's generation and purchased power and the related costs were as follows:
Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
Total generation (in billions of KWHs)(a)
19185050
Total purchased power (in billions of KWHs)
1092823
Sources of generation (percent) —
Gas41434043
Nuclear(a)
33313533
Coal24242221
Hydro and other2233
Cost of fuel, generated (in cents per net KWH) —
Gas3.222.763.542.91
Nuclear(a)(b)
0.911.020.920.97
Coal4.025.014.404.90
Average cost of fuel, generated (in cents per net KWH)(a)(b)
2.642.752.782.67
Average cost of purchased power (in cents per net KWH)(c)
4.874.625.034.73
(a)Excludes KWHs generated from test period energy at Plant Vogtle Unit 4 prior to being placed in service in April 2024. The related fuel costs were charged to CWIP in accordance with FERC guidance.
(b)Excludes $60 million of credits recorded to nuclear fuel expense in the third quarter 2024 resulting from litigation related to nuclear fuel disposal costs. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
(c)Average cost of purchased power includes fuel purchased by Georgia Power for tolling agreements where power is generated by the provider.
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$30.5$33221.2
In the third quarter 2025, other operations and maintenance expenses were $616 million compared to $613 million for the corresponding period in 2024. The increase was primarily due to increases of $12 million in generation expenses primarily due to non-outage maintenance expenses, $10 million in expenses associated with unregulated power delivery construction and maintenance, energy conservation, and renewables projects, $10 million in certain technology infrastructure and application production costs, $10 million in certain employee compensation and benefit expenses, $7 million in customer service expenses, and $5 million related to the injuries and damages reserve, largely offset by a $33 million credit to income related to the estimated probable loss on Plant Vogtle Units 3 and 4 and a decrease of $19 million in transmission and distribution expenses primarily due to billing adjustments with integrated transmission system owners.
For year-to-date 2025, other operations and maintenance expenses were $1.9 billion compared to $1.6 billion for the corresponding period in 2024. The increase was primarily due to a $114 million gain from the sale of integrated transmission system assets in the second quarter 2024 and increases of $68 million in generation expenses primarily due to non-outage maintenance expenses largely resulting from Plant Vogtle Unit 4 being placed in service in April 2024, $62 million in expenses associated with unregulated power delivery construction and maintenance, energy conservation, and renewables projects, $37 million in certain employee compensation and benefit expenses, and $34 million in certain technology infrastructure and application production costs.
See Note (B) to the Condensed Financial Statements under "Georgia Power – Nuclear Construction" herein and Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$6413.9$20715.5
In the third quarter 2025, depreciation and amortization was $526 million compared to $462 million for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $1.5 billion compared to $1.3 billion for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were primarily due to increases of $35 million and $121 million, respectively, associated with additional plant in service and $31 million and $93 million, respectively, in amortization of regulatory assets related to CCR AROs as approved in the 2025 compliance filing under the terms of the 2022 ARP. See Note 2 to the financial statements under "Georgia Power – Rate Plans" in Item 8 of the Form 10-K for additional information.
Taxes Other Than Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(102)(57.6)$(71)(14.5)
In the third quarter 2025, taxes other than income taxes were $75 million compared to $177 million for the corresponding period in 2024. For year-to-date 2025, taxes other than income taxes were $417 million compared to $488 million for the corresponding period in 2024. The decreases for the third quarter and year-to-date 2025 were primarily due to decreases of $108 million and $93 million, respectively, in property taxes primarily resulting from the actualization of prior-year tax assessments, partially offset by increases of $4 million and $19 million, respectively, in municipal franchise fees resulting from higher retail revenues.
Allowance for Equity Funds Used During Construction
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$3081.1$6358.3
In the third quarter 2025, allowance for equity funds used during construction was $67 million compared to $37 million for the corresponding period in 2024. For year-to-date 2025, allowance for equity funds used during construction was $171 million compared to $108 million for the corresponding period in 2024. The increases were primarily due to an increase in capital expenditures subject to AFUDC. Partially offsetting the increase for year-to-date 2025 was the impact of Plant Vogtle Unit 4 being placed in service in April 2024. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information on Plant Vogtle Unit 4.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$168.7$427.7
In the third quarter 2025, interest expense, net of amounts capitalized was $200 million compared to $184 million for the corresponding period in 2024. For year-to-date 2025, interest expense, net of amounts capitalized was $585 million compared to $543 million for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were primarily associated with increases of approximately $20 million and $43 million, respectively, related to higher average outstanding borrowings, partially offset by increases of $8 million and $10 million, respectively, in AFUDC debt related to increased capital expenditures. Also contributing to the increase for year-to-
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
date 2025 was a decrease of $12 million in net deferred financing costs related to Plant Vogtle Unit 3. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction – Regulatory Matters" in Item 8 of the Form 10-K and FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$3213.0$9618.6
In the third quarter 2025, income taxes were $278 million compared to $246 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings, partially offset by an increase of $26 million in the flowback of excess state deferred income taxes.
For year-to-date 2025, income taxes were $612 million compared to $516 million for the corresponding period in 2024. The increase was primarily due to a $78 million increase in charges to a valuation allowance on certain state tax credit carryforwards, higher pre-tax earnings, and $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, partially offset by increases of $60 million in the flowback of excess state deferred income taxes and $19 million in the generation of advanced nuclear PTCs.
See Note (G) to the Condensed Financial Statements herein for additional information.
Mississippi Power
Net Income
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$912.0$126.5
Mississippi Power's net income in the third quarter 2025 was $84 million compared to $75 million for the corresponding period in 2024. For year-to-date 2025, net income was $198 million compared to $186 million for the corresponding period in 2024. The increases were primarily due to higher retail revenues primarily resulting from changes in rates and pricing, partially offset by an increase in depreciation and amortization.
Retail Revenues
In the third quarter 2025, retail revenues were $302 million compared to $276 million for the corresponding period in 2024. For year-to-date 2025, retail revenues were $824 million compared to $739 million for the corresponding period in 2024. Details of the changes in retail revenues were as follows:
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
 (change in millions)(% change)(change in millions)(% change)
Rates and pricing$16 5.8 %$25 3.4 %
Sales growth2 0.7 7 1.0 
Weather(1)(0.4)1 0.1 
Fuel and other cost recovery9 3.3 52 7.0 
Retail revenues$26 9.4 %$85 11.5 %
Changes in rates and pricing resulted in increases in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 primarily due to new PEP rates that became effective for the first
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
billing cycle of April 2025. See Note (B) to the Condensed Financial Statements "Mississippi Power – Performance Evaluation Plan" for additional information.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024. Weather-adjusted residential KWH sales increased 5.5% and 2.1% in the third quarter and year-to-date 2025, respectively, primarily due to increased customer usage. Weather-adjusted commercial KWH sales decreased 1.2% and 0.6% in the third quarter and year-to-date 2025, respectively, primarily due to decreased customer usage. Industrial KWH sales decreased 2.5% in the third quarter 2025 primarily due to decreases in the chemicals, petroleum, and oil and gas extraction sectors. Industrial KWH sales increased 1.8% for year-to-date 2025 primarily due to increases in the petroleum and chemicals sectors.
Fuel and other cost recovery revenues increased in the third quarter and year-to-date 2025 when compared to the corresponding periods in 2024 primarily as a result of higher recoverable fuel costs. Recoverable fuel costs include fuel and purchased power expenses reduced by the fuel and emissions portion of wholesale revenues from energy sold to customers outside Mississippi Power's service territory. Electric rates include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these provisions, fuel revenues generally equal fuel expenses, including the energy component of purchased power costs, and do not affect net income. See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information.
Wholesale Revenues – Non-Affiliates
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$69.1$2614.5
In the third quarter 2025, wholesale revenues from sales to non-affiliates were $72 million compared to $66 million for the corresponding period in 2024. The increase was primarily due to a $3 million increase in opportunity sales and a $3 million increase associated with changes in power supply agreements.
For year-to-date 2025, wholesale revenues from sales to non-affiliates were $205 million compared to $179 million for the corresponding period in 2024. The increase was primarily due to a $15 million increase associated with MRA customers largely due to higher recoverable fuel costs and an $8 million increase associated with changes in power supply agreements.
Wholesale revenues from sales to non-affiliates will vary depending on fuel prices, the market prices of wholesale energy compared to the cost of Mississippi Power's and the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. In addition, Mississippi Power provides service under long-term contracts with rural electric cooperative associations and municipalities located in southeastern Mississippi under cost-based electric tariffs which are subject to regulation by the FERC. Short-term opportunity energy sales are also included in sales for resale to non-affiliates. These opportunity sales are made at market-based rates that generally provide a margin above Mississippi Power's variable cost to produce the energy. See Note 2 to the financial statements under "Mississippi Power – Municipal and Rural Associations Tariff" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Revenues – Affiliates
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$3764.9$6438.6
In the third quarter 2025, wholesale revenues from sales to affiliates were $94 million compared to $57 million for the corresponding period in 2024. The increase was primarily due to increases of $24 million related to the volume of KWH sales and $12 million related to the price of energy driven by natural gas prices.
For year-to-date 2025, wholesale revenues from sales to affiliates were $230 million compared to $166 million for the corresponding period in 2024. The increase was primarily due to increases of $37 million related to the price of energy driven by natural gas prices and $25 million related to the volume of KWH sales.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC or other contractual agreements, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost.
Other Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(1)(7.7)$823.5
For year-to-date 2025, other revenues were $42 million compared to $34 million for the corresponding period in 2024. The increase was primarily due to customer charges related to contributions in aid of construction included in rates.
Fuel and Purchased Power Expenses
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Fuel$44 35.8 %$116 34.7 %
Purchased power1 9.1 9 31.0 
Total fuel and purchased power expenses$45 $125 
In the third quarter 2025, total fuel and purchased power expenses were $179 million compared to $134 million for the corresponding period in 2024. The increase was primarily due to a $24 million net increase related to the average cost of fuel and purchased power and a $21 million increase related to the volume of KWHs generated and purchased.
For year-to-date 2025, total fuel and purchased power expenses were $488 million compared to $363 million for the corresponding period in 2024. The increase was due to an $89 million net increase related to the average cost of fuel and purchased power and a $36 million increase related to the volume of KWHs generated and purchased.
Fuel and purchased power energy transactions do not have a significant impact on earnings since energy expenses are generally offset by energy revenues through Mississippi Power's fuel cost recovery clause.
Energy purchases will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. These purchases are made in accordance with the IIC or other contractual agreements, as approved by the FERC.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Details of Mississippi Power's generation and purchased power and the related costs were as follows:
Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
Total generation (in millions of KWHs)
5,6274,90514,11013,313
Total purchased power (in millions of KWHs)
264232855633
Sources of generation (percent) –
Gas88898991
Coal1211119
Cost of fuel, generated (in cents per net KWH) –
Gas2.952.253.212.37
Coal4.355.394.705.31
Average cost of fuel, generated (in cents per net KWH)
3.132.623.392.66
Average cost of purchased power (in cents per net KWH)
4.454.714.474.49
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$44.4$——
For year-to-date 2025, other operations and maintenance expenses were flat compared to the corresponding period in 2024. Year-to-date 2025 included $10.9 million of reliability-related expenses that were offset by utilization of the reliability reserve. See Note (B) to the Condensed Financial Statements "Mississippi Power – Reliability Reserve Accounting Order" for additional information.
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$510.4$1611.3
In the third quarter 2025, depreciation and amortization was $53 million compared to $48 million for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $157 million compared to $141 million for the corresponding period in 2024. The increases were primarily due to an increase in depreciation rates and additional plant in service. See Note (A) to the Condensed Financial Statements under "Depreciation and Amortization" herein for additional information.
Taxes Other Than Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$412.1$1111.6
In the third quarter 2025, taxes other than income taxes were $37 million compared to $33 million for the corresponding period in 2024. For year-to-date 2025, taxes other than income taxes were $106 million compared to $95 million for the corresponding period in 2024. The increases were primarily due to increases in property taxes primarily resulting from an increase in the assessed value of property.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Income (Expense), Net
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$111.1$(7)(21.2)
For year-to-date 2025, other income (expense), net was $26 million compared to $33 million for the corresponding period in 2024. The decrease was primarily due to lower customer charges related to contributions in aid of construction.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$29.1$1123.4
For year-to-date 2025, income taxes were $58 million compared to $47 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings and a decrease of $5 million primarily due to the flowback of certain excess deferred income taxes that ended in 2024.
See Note (G) to the Condensed Financial Statements herein for additional information.
Southern Power
Net Income Attributable to Southern Power
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(79)(96.3)$(123)(46.6)
Net income attributable to Southern Power in the third quarter 2025 was $3 million compared to $82 million for the corresponding period in 2024. The decrease was primarily due to accelerated depreciation related to wind repowering projects.
Net income attributable to Southern Power for year-to-date 2025 was $141 million compared to $264 million for the corresponding period in 2024. The decrease was primarily due to accelerated depreciation related to wind repowering projects and an increase in other operations and maintenance expenses due to increases in scheduled outage expenses and generation maintenance, partially offset by higher revenues driven by higher market prices of energy and higher HLBV income associated with tax equity partnerships.
See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.
Operating Revenues
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$132.2$1298.1
Total operating revenues include PPA capacity revenues, which are derived primarily from long-term contracts associated with natural gas facilities, and PPA energy revenues derived from long-term contracts associated with Southern Power's generation facilities. To the extent Southern Power has capacity not contracted under a PPA, it may sell power into an accessible wholesale market, or, to the extent those generation assets are part of the FERC-approved IIC, it may sell power into the Southern Company power pool.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Natural Gas Capacity and Energy Revenue
Capacity revenues generally represent the greatest contribution to operating income and are designed to provide recovery of fixed costs plus a return on investment.
Energy is generally sold at variable cost or is indexed to published natural gas indices. Energy revenues will vary depending on the energy demand of Southern Power's customers and their generation capacity, as well as the market prices of wholesale energy compared to the cost of Southern Power's energy. Energy revenues also include fees for support services, fuel storage, and unit start charges. Increases and decreases in energy revenues under PPAs that are driven by fuel or purchased power prices are accompanied by an increase or decrease in fuel and purchased power costs and do not have a significant impact on net income.
Solar and Wind Energy Revenue
Southern Power's energy sales from solar and wind generating facilities are predominantly through long-term PPAs that do not have capacity revenue. Customers either purchase the energy output of a dedicated renewable facility through an energy charge or pay a fixed price related to the energy generated from the respective facility and sold to the grid. As a result, Southern Power's ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors.
See FUTURE EARNINGS POTENTIAL – "Southern Power's Power Sales Agreements" in Item 7 of the Form 10-K for additional information regarding Southern Power's PPAs.
Operating Revenues Details
Details of Southern Power's operating revenues were as follows:
Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
(in millions)
PPA capacity revenues $148 $147 $394 $390 
PPA energy revenues 397 373 1,114 985 
Total PPA revenues545 520 1,508 1,375 
Non-PPA revenues 65 71 201 191 
Other revenues3 9 17 31 
Total operating revenues$613 $600 $1,726 $1,597 
In the third quarter 2025, total operating revenues were $613 million, reflecting a $13 million, or 2.2%, increase from the corresponding period in 2024. The change in operating revenues was primarily due to the following:
•PPA energy revenues increased $24 million, or 6.4%, due to an increase of $18 million related to the volume of KWHs sold under natural gas PPAs and an increase of $6 million driven by fuel and purchased power prices.
•Non-PPA revenues decreased $6 million, or 8.5%, due to a decrease of of $24 million related to the volume of KWHs sold through short-term sales, largely offset by an increase of $18 million driven by the market price of energy.
For year-to-date 2025, total operating revenues were $1.7 billion, reflecting a $129 million, or 8.1%, increase from the corresponding period in 2024. The change in operating revenues was primarily due to the following:
•PPA energy revenues increased $129 million, or 13.1%, primarily due to an increase of $72 million related to the volume of KWHs sold under natural gas PPAs and an increase of $59 million largely driven by fuel and purchased power prices.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
•Non-PPA revenues increased $10 million, or 5.2%, due to an increase of $54 million driven by the market price of energy, largely offset by a decrease of $44 million related to the volume of KWHs sold through short-term sales.
•Other revenues decreased $14 million, or 45.2%, due to a $22 million decrease associated with transmission revenues, partially offset by an $8 million increase in receipts associated with liquidated damages related to generation facility production guarantees, warranty settlements, and insurance claims.
Fuel and Purchased Power Expenses
Details of Southern Power's generation and purchased power were as follows:
 Third Quarter 2025Third Quarter 2024Year-to-Date 2025Year-to-Date 2024
(in billions of KWHs)
Generation12.512.835.034.2
Purchased power0.70.51.91.7
Total generation and purchased power13.213.336.935.9
Total generation and purchased power
(excluding solar, wind, fuel cells, and tolling agreements)
8.28.322.721.5
Southern Power's PPAs for natural gas generation generally provide that the purchasers are responsible for either procuring the fuel (tolling agreements) or reimbursing Southern Power for substantially all of the cost of fuel relating to the energy delivered under such PPAs. Consequently, changes in such fuel costs are generally accompanied by a corresponding change in related fuel revenues and do not have a significant impact on net income. Southern Power is responsible for the cost of fuel for generating units that are not covered under PPAs. Power from these generating units is sold into the wholesale market or into the Southern Company power pool for capacity owned directly by Southern Power.
Purchased power expenses will vary depending on demand, availability, and the cost of generating resources throughout the Southern Company system and other contract resources. Load requirements are submitted to the Southern Company power pool on an hourly basis and are fulfilled with the lowest cost alternative, whether that is generation owned by Southern Power, an affiliate company, or external parties. Such purchased power costs are generally recovered through PPA revenues.
Details of Southern Power's fuel and purchased power expenses were as follows:
 
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
Year-to-Date 2024
 (change in millions)(% change)(change in millions)(% change)
Fuel$2 1.2 %$69 15.2 %
Purchased power12 60.0 31 51.7 
Total fuel and purchased power expenses$14 $100 
In the third quarter 2025, total fuel and purchased power expenses increased $14 million, or 7.5%, compared to the corresponding period in 2024. Fuel expense increased $2 million due to a $7 million increase associated with the average cost of fuel, largely offset by a $5 million decrease related to the volume of KWHs generated. Purchased power expense increased $12 million due to a $6 million increase associated with the average cost of purchased power and a $6 million increase related to the volume of KWHs purchased.
For year-to-date 2025, total fuel and purchased power expenses increased $100 million, or 19.5%, compared to the corresponding period in 2024. Fuel expense increased $69 million due to a $45 million increase associated with the average cost of fuel and a $24 million increase related to the volume of KWHs generated. Purchased power expense increased $31 million primarily due to a $24 million increase associated with the average cost of purchased power.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$21.6$174.6
For year-to-date 2025, other operations and maintenance expenses were $384 million compared to $367 million for the corresponding period in 2024. The increase was primarily due to an increase in scheduled outage and generation maintenance expenses, partially offset by lower transmission costs.
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$11485.7$19852.4
In the third quarter 2025, depreciation and amortization was $247 million compared to $133 million for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $576 million compared to $378 million for the corresponding period in 2024. The increases for the third quarter and year-to-date 2025 were primarily due to accelerated depreciation of $112 million and $181 million, respectively, related to wind repowering projects. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.
Interest Expense, Net of Amount Capitalized
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(5)(16.7)$(13)(14.6)
For year-to-date 2025, interest expense, net of amount capitalized was $76 million compared to $89 million for the corresponding period in 2024. The decrease was primarily due to an increase in capitalized interest associated with construction and wind repowering projects.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(27)(81.8)$(29)(90.6)
In the third quarter 2025, income taxes were $6 million compared to $33 million for the corresponding period in 2024. For year-to-date 2025, income taxes were $3 million compared to $32 million for the corresponding period in 2024. The decreases were primarily due to a change in pre-tax earnings attributable to Southern Power, including the impact of accelerated depreciation related to wind repowering projects. See Note (G) to the Condensed Financial Statements and Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Net Loss Attributable to Noncontrolling Interests
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(4)N/M$(22)(30.1)
For year-to-date 2025, net loss attributable to noncontrolling interests was $95 million compared to $73 million for the corresponding period in 2024. The increase was primarily due to $14 million in higher HLBV loss allocations to tax equity partners and $11 million in lower income allocations to equity partners.
Southern Company Gas
Southern Company Gas uses Heating Degree Days to measure weather and the operational effects on its business. Generally, increased Heating Degree Days results in higher demand for natural gas on Southern Company Gas' distribution system. However, Southern Company Gas has various regulatory mechanisms, such as weather and revenue normalization and straight-fixed-variable rate design, which limits positive or negative impacts to income from exposure to weather changes within typical ranges in each of its utility's respective service territory. Southern Company Gas also utilizes weather hedges to limit the negative income impacts in the event of warmer-than-normal weather in Illinois for gas distribution operations and in Illinois and Georgia for gas marketing services. Therefore, weather typically does not have a significant net income impact.
During the Heating Season, more customers are connected to the gas distribution systems and natural gas usage is higher in periods of colder weather. Southern Company Gas' base operating expenses, excluding cost of natural gas and bad debt expense, are incurred relatively evenly throughout the year. Seasonality also affects the comparison of certain balance sheet items across quarters, including receivables, unbilled revenues, natural gas for sale, and notes payable. However, these items are comparable when reviewing Southern Company Gas' annual results. Thus, Southern Company Gas' operating results for the interim periods presented are not necessarily indicative of annual results and can vary significantly from quarter to quarter as a result of seasonality.
Net Income
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(13)(34.2)$(6)(1.1)
Southern Company Gas' net income in the third quarter 2025 was $25 million compared to $38 million for the corresponding period in 2024. The decrease was primarily due to a $9 million decrease in net income at gas distribution operations, a $5 million increase in net loss at all other, and a $4 million decrease in net income at gas pipeline investments, partially offset by a $5 million increase in net income at gas marketing services.
For year-to-date 2025, net income was $549 million compared to $555 million for the corresponding period in 2024. The decrease was primarily due to a $15 million decrease in net income at gas pipeline investments and a $10 million decrease in net income at all other, partially offset by a $14 million increase in net income at gas distribution operations and a $5 million increase in net income at gas marketing services.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Natural Gas Revenues
In the third quarter 2025, natural gas revenues were $734 million compared to $682 million for the corresponding period in 2024. For year-to-date 2025, natural gas revenues were $3.6 billion compared to $3.2 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:
Third Quarter 2025 vs.
Third Quarter 2024
Year-to-Date 2025 vs.
 Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
Rates
$27 3.9 %$98 3.0 %
Gas costs and other cost recovery23 3.4 189 5.9 
Gas marketing services5 0.7 40 1.2 
Other(3)(0.4)5 0.2 
Natural gas revenues$52 7.6 %$332 10.3 %
Changes in rates resulted in an increase in revenues in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to base rate increases at Atlanta Gas Light and Virginia Natural Gas. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.
Revenues from gas costs and other cost recovery increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher natural gas prices and gas volumes. See "Cost of Natural Gas" herein for additional information.
Revenues from gas marketing services increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher commodity prices.
Cost of Natural Gas
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$1818.4$19422.8
Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, natural gas distribution rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from gas distribution operations. Cost of natural gas at gas distribution operations represented 81.9% and 81.5% of the total cost of natural gas in the third quarter and year-to-date 2025, respectively. See MANAGEMENT'S DISCUSSION AND ANALYSIS – RESULTS OF OPERATIONS – "Southern Company Gas – Cost of Natural Gas" in Item 7 of the Form 10-K and "Natural Gas Revenues" herein for additional information.
In the third quarter 2025, cost of natural gas was $116 million compared to $98 million for the corresponding period in 2024. For year-to-date 2025, cost of natural gas was $1.0 billion compared to $0.9 billion for the corresponding period in 2024. The increases reflect higher gas cost recovery as a result of increases of 42.4% and 61.6% in natural gas prices in the third quarter and year-to-date 2025, respectively.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
The following table details the volumes of natural gas sold during all periods presented:
Third QuarterYear-to-Date
20252024
2025 vs. 2024
20252024
2025 vs. 2024
Gas distribution operations (mmBtu in millions)
Firm71 71 — %475 432 10.0 %
Interruptible21 22 (4.5)64 69 (7.2)
Total92 93 (1.1)%539 501 7.6 %
Gas marketing services (mmBtu in millions)
Firm:
Georgia3 3 — %25 25 — %
Illinois— — — 4 4 — 
Other2 2 — 14 11 27.3 
Interruptible large commercial and industrial3 3 — 10 11 (9.1)
Total8 8 — %53 51 3.9 %
Other Operations and Maintenance Expenses
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$196.4$525.9
In the third quarter 2025, other operations and maintenance expenses were $314 million compared to $295 million for the corresponding period in 2024. The increase was primarily due to increases of $11 million in employee compensation and benefit expenses, $6 million in expenses passed through to customers primarily related to bad debt and energy efficiency programs at gas distribution operations, and $5 million in legal expenses, partially offset by a decrease of $8 million related to certain deferred expenses.
For year-to-date 2025, other operations and maintenance expenses were $929 million compared to $877 million for the corresponding period in 2024. The increase was primarily due to increases of $35 million in expenses passed through to customers primarily related to bad debt and energy efficiency programs at gas distribution operations and $34 million in employee compensation and benefit expenses, partially offset by a decrease of $20 million related to certain deferred expenses.
Depreciation and Amortization
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$148.6$428.8
In the third quarter 2025, depreciation and amortization was $176 million compared to $162 million for the corresponding period in 2024. For year-to-date 2025, depreciation and amortization was $517 million compared to $475 million for the corresponding period in 2024. The increases were primarily due to additional plant in service related to continued investments at the natural gas distribution utilities.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Taxes Other Than Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$49.1$2010.8
For year-to-date 2025, taxes other than income taxes were $206 million compared to $186 million for the corresponding period in 2024. The increase was primarily due to an increase of $14 million in revenue taxes as a result of higher natural gas revenues at Nicor Gas. Revenue taxes imposed on Nicor Gas are recoverable from its customers.
Earnings from Equity Method Investments
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(3)(8.8)$(17)(15.5)
In the third quarter 2025, earnings from equity method investments were $31 million compared to $34 million for the corresponding period in 2024. For year-to-date 2025, earnings from equity method investments were $93 million compared to $110 million for the corresponding period in 2024. The decreases were primarily due to lower rates at SNG. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K and Note (E) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$1011.9$2710.8
In the third quarter 2025, interest expense, net of amounts capitalized was $94 million compared to $84 million for the corresponding period in 2024. For year-to-date 2025, interest expense, net of amounts capitalized was $277 million compared to $250 million for the corresponding period in 2024. The increases were primarily associated with higher average outstanding borrowings. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information on borrowings.
Income Taxes
Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024
(change in millions)(% change)(change in millions)(% change)
$(5)(45.5)$(15)(8.2)
In the third quarter 2025, income taxes were $6 million compared to $11 million for the corresponding period in 2024. The decrease was primarily due to lower pre-tax earnings.
For year-to-date 2025, income taxes were $169 million compared to $184 million for the corresponding period in 2024. The decrease was primarily due to an increase of $10 million in the flowback of excess state deferred income taxes and lower pre-tax earnings.
See Note (G) to the Condensed Financial Statements herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Segment Information
Operating revenues, operating expenses, and net income for each segment are provided in the table below. See Note (L) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
 20252024
 Operating RevenuesOperating ExpensesNet Income (Loss) Operating RevenuesOperating ExpensesNet Income (Loss)
(in millions)
Third Quarter
Gas distribution operations$668 $589 $12 $616 $533 $21 
Gas pipeline investments8 2 20 8 2 24 
Gas marketing services58 52 3 53 55 (2)
All other1 7 (10)6 7 (5)
Intercompany eliminations(1)4 — (1)2 — 
Consolidated$734 $654 $25 $682 $599 $38 
Year-to-Date
Gas distribution operations$3,122 $2,379 $417 $2,828 $2,104 $403 
Gas pipeline investments24 7 62 24 7 77 
Gas marketing services403 293 77 358 260 72 
All other11 16 (7)19 18 3 
Intercompany eliminations(8)3 — (9)1 — 
Consolidated$3,552 $2,698 $549 $3,220 $2,390 $555 
Gas Distribution Operations
The gas distribution operations segment is the largest component of Southern Company Gas' business and is subject to regulation and oversight by regulatory agencies in each of the states it serves. These agencies approve natural gas rates designed to provide Southern Company Gas with the opportunity to generate revenues to recover the cost of natural gas delivered to its customers and its fixed and variable costs, including depreciation, interest expense, operations and maintenance, taxes, and overhead costs, and to earn a reasonable return on its investments.
With the exception of Atlanta Gas Light, Southern Company Gas' second largest utility that operates in a deregulated natural gas market and has a straight-fixed-variable rate design that minimizes the variability of its revenues based on consumption, the earnings of the natural gas distribution utilities can be affected by customer consumption patterns that are a function of price levels for natural gas and general economic conditions that may impact customers' ability to pay for natural gas consumed. Southern Company Gas has various regulatory and other mechanisms, such as weather and revenue normalization mechanisms and weather derivative instruments, that limit its exposure to changes in customer consumption, including weather changes within typical ranges in its natural gas distribution utilities' service territories. See Note 2 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.
In the third quarter 2025, net income decreased $9 million, or 42.9%, when compared to the corresponding period in 2024, as described further below:
•Operating revenues increased $52 million primarily due to higher gas cost recovery and base rate increases. Gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
•Operating expenses increased $56 million primarily due to a $21 million increase in cost of natural gas as a result of higher gas prices and higher volumes sold compared to 2024, a $15 million increase in depreciation primarily due to additional plant in service related to continued investments at the natural gas distribution utilities, a $7 million increase related to employee compensation and benefit expenses, a $6 million increase related to expenses passed through to customers, and a $5 million increase in legal expenses, partially offset by a decrease of $8 million related to certain deferred expenses.
•Interest expense, net of amounts capitalized increased $14 million primarily due to higher average outstanding borrowings.
•Income taxes decreased $11 million primarily as a result of lower pre-tax earnings and the flowback of excess state deferred income taxes.
For year-to-date 2025, net income increased $14 million, or 3.5%, when compared to the corresponding period in 2024, as described further below:
•Operating revenues increased $294 million primarily due to higher gas cost recovery and base rate increases. Gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas.
•Operating expenses increased $275 million primarily due to a $166 million increase in cost of natural gas as a result of higher gas prices and higher volumes sold compared to 2024, a $49 million increase related to expenses passed through to customers, a $43 million increase in depreciation primarily due to additional plant in service related to continued investments at the natural gas distribution utilities, and a $22 million increase related to employee compensation and benefit expenses, partially offset by a decrease of $20 million related to certain deferred expenses.
•Interest expense, net of amounts capitalized increased $23 million primarily due to higher average outstanding borrowings.
•Income taxes decreased $16 million primarily as a result of the flowback of excess state deferred income taxes and lower pre-tax earnings.
Gas Pipeline Investments
The gas pipeline investments segment consists primarily of joint ventures in natural gas pipeline investments including SNG and Dalton Pipeline. See Note (E) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
In the third quarter and year-to-date 2025, net income decreased $4 million and $15 million, respectively, when compared to the corresponding periods in 2024. The decreases were primarily due to lower rates at SNG.
Gas Marketing Services
The gas marketing services segment provides energy-related products and services to natural gas markets and participants in customer choice programs that were approved in various states to increase competition. These programs allow customers to choose their natural gas supplier while the local distribution utility continues to provide distribution and transportation services. Gas marketing services is weather sensitive and uses a variety of hedging strategies, such as weather derivative instruments and other risk management tools, to partially mitigate potential weather impacts.
In the third quarter 2025, net income was $3 million compared to a net loss of $2 million for the corresponding period in 2024. The change was primarily due to higher retail margins, partially offset by higher income taxes.
For year-to-date 2025, net income increased $5 million, or 6.9%, when compared to the corresponding period in 2024 primarily due to higher retail margins, partially offset by an increase in employee compensation and benefits and proceeds from a legal settlement received in 2024.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
All Other
All other includes a renewable natural gas business, AGL Services Company, and Southern Company Gas Capital, as well as various corporate operating expenses that are not allocated to the reportable segments and interest income (expense) associated with affiliate financing arrangements. See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information.
In the third quarter 2025, net loss increased $5 million when compared to the corresponding period in 2024. The change was primarily due to higher interest expense as a result of higher average outstanding borrowings.
For year-to-date 2025, net loss was $7 million compared to net income of $3 million for the corresponding period in 2024. The change was primarily due to lower revenue at the renewable natural gas business.
FUTURE EARNINGS POTENTIAL
Each Registrant's results of operations are not necessarily indicative of its future earnings potential. The level of the Registrants' future earnings depends on numerous factors that affect the opportunities, challenges, and risks of the Registrants' primary businesses of selling electricity and/or distributing natural gas, as described further herein. The Registrants are unable to predict changes in law, regulations, regulatory guidance, legal interpretations, policy positions, and implementation actions that may result from the presidential administration.
For the traditional electric operating companies, these factors include the ability to maintain constructive regulatory environments that allow for the timely recovery of prudently-incurred costs during a time of increasing costs, including those related to projected long-term demand growth, stringent environmental standards, including CCR rules, safety, system reliability and resiliency, fuel, restoration following major storms, and capital expenditures, including constructing new electric generating plants, extending the retirement dates of certain fossil fuel plants, and expanding and improving the transmission and distribution systems; continued customer growth; and the trends of an uncertain inflationary environment and reduced electricity usage per customer, especially in residential and commercial markets.
Earnings in the electricity business will also depend upon maintaining and growing sales and pricing of large customers such that incremental costs are met with adequate incremental revenues, considering, among other things, recent trends driving projected growth in electricity consumption including the increasing digitization of the economy and growth in data centers, an increase in industrial activity in the Southern Company system's electric service territory, and continued electrification of transportation. Historically, the traditional electric operating companies have entered into large contracts that support economic development and benefit existing customers; since 2023, the traditional electric operating companies have contracts with new customers covering approximately eight gigawatts of such electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs, that have been signed and/or reviewed by the state regulatory commissions. These new contracts fully ramp up over several years after commencement of service. Some of these contracts are already in effect. Service under the contracts is expected to begin through 2028. The contracts contain various terms and conditions, such as minimum duration, minimum bill provisions, contribution by the customer to local construction costs, termination payment requirements, and financial security, to help ensure adequate incremental revenues associated with incremental cost to serve these customers. These growth opportunities may be affected by a variety of factors, such as energy efficiency, reliability and operational factors, customer demand, and government policies, which could increase or decrease the pace of growth associated with these opportunities. See Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" for additional information regarding Georgia Power's related regulatory proceedings.
Economic uncertainty and policy uncertainty have increased the volatility of future economic outlooks above historical norms. Significant changes in fiscal, monetary, or trade policies could disrupt anticipated economic outlooks. This uncertainty in economic growth, interest rates, tariffs, and inflation could impact customer demand for energy, access to capital markets, and the cost of doing business. The shifting economic policy variables and weakening of historic relationships among economic activity, prices, and employment have increased the uncertainty of future levels of economic activity, which will directly impact future energy demand and operating
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
costs. Weakening economic activity increases the risk of slowing or declining energy sales. See RESULTS OF OPERATIONS herein for information on energy sales in the Southern Company system's service territory during the first nine months of 2025.
The level of future earnings for Southern Power's competitive wholesale electric business depends on numerous factors including the parameters of the wholesale market and the efficient operation of its wholesale generating assets; Southern Power's ability to execute its growth strategy through the development, construction, or acquisition of generating facilities and other energy projects while containing costs; regulatory matters; customer creditworthiness; total electric generating capacity available in Southern Power's market areas; Southern Power's ability to successfully remarket capacity as current contracts expire; renewable portfolio standards; continued availability of federal and state ITCs and PTCs under current and future tax legislation and U.S. Treasury guidance; transmission constraints; cost of generation from units within the Southern Company power pool; and operational limitations. See MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Income Tax Matters" in Item 7 of the Form 10-K for information regarding the Inflation Reduction Act's expansion of the availability of federal ITCs and PTCs and "Income Tax Matters – Federal Tax Legislation" herein for information regarding the One Big Beautiful Bill Act's (OBBB) restrictions on federal ITCs and PTCs. Also see Note (K) to the Condensed Financial Statements under "Southern Power" herein for information regarding construction projects.
The level of future earnings for Southern Company Gas' primary business of distributing natural gas and its complementary businesses in the gas pipeline investments and gas marketing services sectors depends on numerous factors. These factors include the natural gas distribution utilities' ability to maintain constructive regulatory environments that allow for the timely recovery of prudently-incurred costs, including those related to projected long-term demand growth, safety, system reliability and resiliency, natural gas, and capital expenditures, including expanding and improving the natural gas distribution systems; the completion and subsequent operation of ongoing infrastructure and other construction projects; customer creditworthiness; and certain policies to limit the use of natural gas, such as the potential in Illinois and across certain other parts of the United States for state or municipal bans on the use of natural gas or policies designed to promote electrification. The volatility of natural gas prices has an impact on Southern Company Gas' customer rates, its long-term competitive position against other energy sources, and the ability of Southern Company Gas' gas marketing services business to capture value from locational and seasonal spreads. Additionally, changes in commodity prices, primarily driven by tight gas supplies, geopolitical events, and diminished gas production, subject a portion of Southern Company Gas' operations to earnings variability and may result in higher natural gas prices. Additional economic factors may contribute to this environment. The demand for natural gas may increase, including from large customers, which may cause natural gas prices to rise and drive higher volatility in the natural gas markets on a longer-term basis. Alternatively, a significant drop in oil and natural gas prices could lead to a consolidation of natural gas producers or reduced levels of natural gas production.
Earnings for both the electricity and natural gas businesses are subject to a variety of other factors. These factors include weather; competition; developing new and maintaining existing energy contracts and associated load requirements with wholesale customers; demand growth in data centers; customer energy conservation practices; the use of alternative energy sources by customers; government incentives to reduce overall energy usage; fuel, labor, and material prices in an environment of heightened inflation and material and labor supply chain disruptions; and the price elasticity of demand. Demand for electricity and natural gas in the Registrants' service territories is primarily driven by the pace of economic growth or decline that may be affected by changes in regional and global economic conditions, which may impact future earnings.
As part of its ongoing effort to adapt to changing market conditions, Southern Company continues to evaluate and consider a wide array of potential business strategies. These strategies may include business combinations, partnerships, joint ventures, and acquisitions involving other utility or non-utility businesses or properties, disposition of, or the sale of interests in, certain assets or businesses, internal restructuring, or some combination thereof. Furthermore, Southern Company may engage in new business ventures that arise from competitive and regulatory changes in the utility industry. Pursuit of any of the above strategies, or any combination thereof, may
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
significantly affect the business operations, risks, and financial condition of Southern Company. In addition, Southern Power and Southern Company Gas regularly consider and evaluate joint development arrangements as well as acquisitions and/or dispositions of businesses and assets as part of their business strategies. See Note 15 to the financial statements in Item 8 of the Form 10-K, Note (K) to the Condensed Financial Statements herein, and "Construction Programs" herein for additional information.
For additional information relating to these issues, see RISK FACTORS in Item 1A and MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL in Item 7 of the Form 10-K.
Environmental Matters
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Environmental Matters" and – FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" in Item 7 and Note 3 to the financial statements under "Environmental Remediation" and Note 6 to the financial statements in Item 8 of the Form 10-K, as well as Note (C) to the Condensed Financial Statements under "General Litigation Matters" and "Environmental Remediation" herein, for additional information.
Environmental Laws and Regulations
Air Quality
On March 12, 2025, the EPA announced its intent to reconsider the 2015 Ozone National Ambient Air Quality Standards (NAAQS) Good Neighbor federal implementation plan (FIP) and to work with states on state implementation plans (SIPs).
On March 25, 2025, the U.S. Court of Appeals for the Fifth Circuit vacated and remanded the EPA's disapproval of the Mississippi SIP. The decision protects the State of Mississippi from the requirements of the FIP unless or until the EPA properly disapproves Mississippi's SIP.
On April 14, 2025, the U.S. Court of Appeals for the D.C. Circuit granted the EPA's motion to hold in abeyance the FIP litigation.
On June 18, 2025, the U.S. Supreme Court issued an opinion holding that the proper venue for reviewing SIP disapprovals are regional appellate courts instead of the U.S. Court of Appeals for the D.C. Circuit.
The ultimate impact of the FIP and associated legal matters cannot be determined at this time; however, implementation of the stayed FIP would likely result in increased compliance costs for the traditional electric operating companies.
Water Quality
On March 12, 2025, the EPA announced its intent to reconsider the standards finalized in the 2024 ELG Rule, including the new technology-based ELGs for leachate. On August 28, 2025, the U.S. Court of Appeals for the Eighth Circuit granted the EPA's most recent request to continue to hold the 2024 ELG Rule litigation in abeyance pending rulemaking. The EPA stated in its motion that it anticipates issuing a final rule extending certain 2024 ELG Rule compliance deadlines by the end of 2025 and also that it will issue a second more substantive rulemaking at which time it anticipates that some or all of the petitioners may decide not to continue with this litigation. On October 2, 2025, the EPA published a proposed rule and companion direct final rule to extend certain 2024 ELG Rule compliance deadlines. The ultimate impact of the 2024 ELG Rule and associated legal matters cannot be determined at this time; however, it may result in significant compliance costs.
Alabama Power has indicated plans to retire Plant Barry Unit 5 (700 MWs) by December 31, 2028. Alabama Power continues with plans to comply with the 2020 ELG rule by permanently ceasing coal combustion at Plant Barry Unit 5 by December 31, 2028. However, the need to operate Plant Barry Unit 5 on natural gas beyond that date remains under consideration. The ultimate outcome of this matter cannot be determined at this time.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Alabama Power, as agent for SEGCO, initially indicated plans to retire Plant Gaston Units 1 through 4 (1,000 MWs) by December 31, 2028. However, upon further analysis, Alabama Power, in conjunction with Georgia Power, now expects to operate Plant Gaston Units 1 through 4 through December 31, 2034. On September 17, 2025, Alabama Power submitted an Automatic Transfer Notice of Planned Participation (NOPP) authorizing compliance with the 2020 ELG rule generally applicable limits for bottom ash transport water for Plant Gaston Units 1 through 4 by December 31, 2025.
On July 15, 2025, the Georgia PSC approved Georgia Power's request in the 2025 IRP to extend the operation of Plant Scherer Unit 3 (614 MWs based on 75% ownership) through at least December 31, 2035 and Plant Gaston Units 1 through 4 (500 MWs based on 50% ownership through SEGCO) through December 31, 2034. In addition, the approved 2025 IRP assumes operation of Plant Bowen Units 1 and 2 (1,400 MWs) through at least December 31, 2035 and does not impact the scrubber wastewater compliance strategy for Plant Bowen as the scrubber wastewater system is a common environmental control for all four generating units. Georgia Power expects to submit a NOPP indicating plans to pursue compliance with the 2020 ELG rule for Plant Scherer Unit 3 through the voluntary incentive program by December 31, 2028.
Coal Combustion Residuals
On March 12, 2025, the EPA announced its intent to undertake several regulatory actions related to the CCR Rule, including reviewing the 2024 Legacy Rule and evaluating whether to grant short- and long-term relief, such as extending compliance deadlines. On August 14, 2025, the U.S. Court of Appeals for the D.C. Circuit granted the EPA's most recent motion regarding litigation over the 2024 Legacy Rule, requesting further abeyance until December 15, 2025.
On July 22, 2025, the EPA published a direct final rule and companion proposed rule extending certain deadlines for compliance for owners and operators of CCR management units. On September 4, 2025, the EPA withdrew the direct final rule. The ultimate impact of any final rule and associated legal matters cannot be determined at this time; however, it may result in significant compliance costs.
Based on compliance requirements for closure and monitoring of CCR units pursuant to state and federal CCR rules, the traditional electric operating companies have periodically updated, and expect to continue periodically updating, their related cost estimates and ARO liabilities for each CCR unit as additional information related to compliance monitoring, closure methodologies and strategies, schedules, and/or costs becomes available. Some of these updates have been, and future updates may be, material. The cost estimates for Alabama Power are based on closure-in-place for all surface impoundments. The cost estimates for Georgia Power and Mississippi Power are based on a combination of closure-in-place for some surface impoundments and closure by removal for others. Additionally, the closure designs and plans in the States of Alabama and Georgia are subject to approval by environmental regulatory agencies. Absent continued recovery of ARO costs through regulated rates, results of operations, cash flows, and financial condition for Southern Company and the traditional electric operating companies could be materially impacted.
Greenhouse Gases
On April 25, 2025, the U.S. Court of Appeals for the D.C. Circuit granted the EPA's most recent motion requesting a continuing abeyance of the litigation over the 2024 GHG Rules. The EPA states in its motion that the agency will issue a proposed reconsideration rule in spring 2025 and a final reconsideration rule by December 2025. On June 17, 2025, the EPA published a proposed rule that, if finalized, would repeal all or a portion of the 2024 GHG Rules. The proposed rule includes a primary proposal and an alternative proposal. Under the primary proposal, the EPA would repeal all emissions standards promulgated under Section 111 of the Clean Air Act based on a finding that fossil fuel-fired power plants do not contribute significantly to dangerous air pollution. Under the alternative proposal, the EPA would repeal all of the emissions guidelines for existing fossil fuel-fired steam generating units as well as the carbon capture and storage requirement for new base load stationary combustion turbines. The ultimate impact of the final rules and associated legal matters cannot be determined at this time; however, it may result in significant compliance costs.
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AND RESULTS OF OPERATIONS (Continued)
In 2009, the EPA finalized its determination that concentration of certain GHGs in the atmosphere represent a danger to public health and welfare, and such endangerment finding is a prerequisite for regulation of GHG emissions from electric generating units. On March 21, 2025, the EPA announced its intent to ask for public comment on its reconsideration of this endangerment finding. On July 29, 2025, the EPA released a proposed rule to repeal the 2009 endangerment finding with regard to motor vehicles. In the proposal, the EPA acknowledged that other Clean Air Act rulemakings, including those for electric generating units, have partially relied on the 2009 endangerment finding, and the EPA said it would address any overlapping issues in separate rulemakings. The ultimate impact of this proposal cannot be determined at this time.
Regulatory Matters
See Note 2 to the financial statements in Item 8 of the Form 10-K, OVERVIEW – "Recent Developments" herein, and Note (B) to the Condensed Financial Statements herein for a discussion of regulatory matters related to Alabama Power, Georgia Power, Mississippi Power, and Southern Company Gas, including items that could impact the applicable Registrants' future earnings, cash flows, and/or financial condition.
Construction Programs
The Southern Company system strategy continues to include developing and constructing new electric generating and battery energy storage facilities, expanding and improving the electric transmission and electric and natural gas distribution systems, and undertaking projects to comply with environmental laws and regulations.
The traditional electric operating companies are engaged in continuous construction programs to accommodate existing and estimated future loads on their respective systems. Major generation construction projects are subject to state PSC approval in order to be included in retail rates, through which the traditional electric operating companies recover their investment and a return. See Note 2 to the financial statements under "Georgia Power – Integrated Resource Plans" in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" and " – Other Construction" herein for information regarding Georgia Power's future and current construction projects.
Alabama Power executed an agreement to build a battery energy storage facility at the former Plant Gorgas site in Walker County, Alabama. The new Gorgas battery facility is designed to have the capacity to store up to 150 MWs of electricity generated by other Alabama Power resources. Construction is expected to begin in the fourth quarter 2025, with estimated completion by 2027.
Southern Power's construction program includes the Millers Branch solar project and the Kay Wind, Grant Plains, Grant Wind, and Wake Wind repowering projects. The repowering projects result in accelerated depreciation related to the equipment being replaced that will continue until the commercial operation dates of the projects, which are projected to occur between the third quarter 2026 and the second quarter 2027. At September 30, 2025, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025, $320 million in 2026, and $25 million in 2027. The ultimate outcome of this matter cannot be determined at this time. See Note (K) to the Condensed Financial Statements under "Southern Power" herein for information relating to Southern Power's construction of renewable energy facilities.
Southern Company Gas is engaged in various infrastructure improvement programs designed to update or expand the natural gas distribution systems of the natural gas distribution utilities to improve reliability and resiliency, reduce emissions, and meet operational flexibility and growth. The natural gas distribution utilities recover their investment and a return associated with these infrastructure programs through their regulated rates, as approved by their applicable state regulatory agency. See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information on Southern Company Gas' construction program.
See FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" herein for additional information regarding the Registrants' capital requirements for their construction programs.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Income Tax Matters
See Note (G) to the Condensed Financial Statements herein and MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Income Tax Matters" in Item 7 of the Form 10-K for additional information.
Federal Tax Legislation
The OBBB was signed into law on July 4, 2025. It extends many of the Tax Cuts and Jobs Act's provisions that were set to expire and makes some of them permanent. The OBBB includes major changes to tax incentives for renewable energy projects. The legislation restricts the ITCs and PTCs for solar and wind power projects, which were originally set to run through 2032. Such projects must now either begin construction by July 2026 or be fully operational by the end of 2027 in order to claim the applicable tax credits. Nuclear, hydropower, and geothermal energy projects maintain tax credits under the new law. Battery energy storage projects retain their full tax credit through 2033, with a gradual phase-out by 2036. The OBBB adds new restrictions for tax credits for renewable facilities that are owned or influenced by a prohibited foreign entity or receive material assistance from a prohibited foreign entity. Pursuant to an executive order, the U.S. Treasury issued a notice on August 15, 2025, making changes to the start-of-construction guidance for wind and solar projects that begin construction after September 1, 2025. The Southern Company system is implementing the guidance in its plans for future renewable projects. Additionally, the IRS is expected to issue significant guidance on the tax provisions in the OBBB. The Southern Company system is still assessing and will continue to monitor the impacts of the OBBB. The ultimate outcome of this legislation cannot be determined at this time.
Corporate Alternative Minimum Tax
On June 2, 2025 and September 30, 2025, the U.S. Treasury and the IRS issued guidance on the application of the CAMT. Southern Company has filed its consolidated 2024 federal income tax return and determined it was not subject to CAMT. Southern Company is still assessing the issued guidance and is not expecting to be subject to CAMT for the 2025 tax year. The ultimate outcome of this legislation cannot be determined at this time.
Natural Gas Safe Harbor Method
In April 2023, the IRS issued Revenue Procedure 2023-15, which provides a safe harbor tax method of accounting that taxpayers may use to determine whether certain expenditures to maintain, repair, replace, or improve natural gas transmission and distribution property must be capitalized or allowed as repair deductions. The revenue procedure allows multiple alternatives for implementation. In April 2024, the IRS issued Revenue Procedure 2024-23, which gives additional implementation guidance on the natural gas safe harbor tax method of accounting for qualifying repair deductions. Southern Company and Southern Company Gas submitted a tax accounting method change for qualifying expenditures with the filing of its consolidated 2024 federal income tax return. The new tax method of accounting resulted in a material net positive cash flow for Southern Company Gas. This method change did not have an impact on the net income of Southern Company or Southern Company Gas.
Zero-Emission Nuclear Power Production Tax Credit
Alabama Power and Georgia Power have nuclear generating facilities that qualify for Internal Revenue Code §45U PTCs for the 2024 tax year. The base credit amounts are $75 million, $36 million, and $39 million for Southern Company, Alabama Power, and Georgia Power, respectively, which have been recorded as a regulatory liability. Additionally, each company claimed the prevailing wage multiplier on its consolidated 2024 federal income tax return, for a total credit claimed of $373 million, $180 million, and $193 million for Southern Company, Alabama Power, and Georgia Power, respectively. Southern Company has not received a full acceptance letter from the IRS. The §45U PTC is available for tax years 2024 to 2032 and is subject to a phase-out. As such, Southern Company, Alabama Power, and Georgia Power will each evaluate annually whether it qualifies for the credit. The ultimate outcome of this matter cannot be determined at this time. See Note (B) to the Condensed Financial Statements under "Alabama Power – Nuclear Production Tax Credits Order" and "Georgia Power – 2022 ARP" and Note (G) to the Condensed Financial Statements under "Unrecognized Tax Benefits" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Georgia State Tax Legislation
On April 15, 2025, the State of Georgia enacted tax legislation that reduced the corporate income tax rate from 5.39% to 5.19% effective for the 2025 tax year. This legislation reduced the amount of Southern Company's and certain subsidiaries' income tax expense in the State of Georgia and existing state net accumulated deferred tax liabilities, increased regulatory liabilities at Georgia Power and Southern Company Gas, and reduces Georgia Power's ability to utilize certain state tax credits in the State of Georgia. The legislation did not have a material impact on the net income of the applicable Registrants in 2025.
General Litigation and Other Matters
The Registrants are involved in various matters being litigated and/or regulatory and other matters that could affect future earnings, cash flows, and/or financial condition. The ultimate outcome of such pending or potential litigation against each Registrant and any subsidiaries or regulatory and other matters cannot be determined at this time; however, for current proceedings and/or matters not specifically reported herein or in Notes (B) and (C) to the Condensed Financial Statements herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings and/or matters would have a material effect on such Registrant's financial statements. See Notes (B) and (C) to the Condensed Financial Statements for a discussion of various contingencies, including matters being litigated, regulatory matters, and other matters which may affect future earnings potential.
ACCOUNTING POLICIES
See MANAGEMENT'S DISCUSSION AND ANALYSIS – ACCOUNTING POLICIES in Item 7 of the Form 10-K for a complete discussion of the Registrants' critical accounting policies and estimates, as well as recently issued accounting standards.
Application of Critical Accounting Policies and Estimates
The Registrants prepare their financial statements in accordance with GAAP. Significant accounting policies are described in the notes to the financial statements in Item 8 of the Form 10-K. In the application of these policies, certain estimates are made that may have a material impact on the Registrants' results of operations and related disclosures. Different assumptions and measurements could produce estimates that are significantly different from those recorded in the financial statements.
Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires entities to enhance consistency in income tax disclosures by improving transparency and comparability for stakeholders. Among other changes, ASU 2023-09 requires additional information in the effective tax rate reconciliation, including disaggregation of certain categories, and greater detail about income taxes paid, including disaggregation by jurisdiction. The new standard is effective for annual periods beginning after December 15, 2024. Southern Company will apply the guidance on a retrospective basis. The Registrants are currently evaluating the impact ASU 2023-09 will have on their financial statement disclosures.
FINANCIAL CONDITION AND LIQUIDITY
Overview
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Overview" in Item 7 of the Form 10-K for additional information. The financial condition of each Registrant remained stable at September 30, 2025. The Registrants intend to continue to monitor their access to short-term and long-term capital markets as well as their bank credit arrangements to meet future capital and liquidity needs. See "Cash Requirements," "Sources of Capital," and "Financing Activities" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
At the end of the third quarter 2025, the market price of Southern Company's common stock was $94.77 per share (based on the closing price as reported on the NYSE) and the book value was $31.79 per share, representing a market-to-book ratio of 298%, compared to $82.32, $30.28, and 272%, respectively, at the end of 2024. Southern Company's common stock dividend for the third quarter 2025 was $0.74 per share compared to $0.72 per share in the third quarter 2024.
Cash Requirements
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" in Item 7 of the Form 10-K for a description of the Registrants' significant cash requirements.
The Registrants' significant cash requirements include estimated capital expenditures associated with their construction programs. The construction programs are subject to periodic review and revision, and actual construction costs may vary from these estimates because of numerous factors. These factors include: changes in business conditions; changes in load projections; changes in environmental laws and regulations; the outcome of any legal challenges to environmental rules; changes in electric generating plants, including unit retirements and replacements and adding or changing fuel sources at existing electric generating units or extending the retirement dates of certain generating plants, to meet regulatory requirements; changes in FERC rules and regulations; state regulatory agency approvals; changes in the expected environmental compliance program; changes in legislation, regulation, and/or tariff policy; the cost, availability, and efficiency of construction labor, equipment, and materials; project scope and design changes; abnormal weather; delays in construction due to judicial or regulatory action; storm impacts; and the cost of capital. In addition, with respect to the traditional electric operating companies and the natural gas distribution utilities, there can be no assurance that any costs related to capital expenditures and AROs will be fully recovered. Additionally, expenditures associated with Southern Power's planned acquisitions may vary due to market opportunities and the execution of its growth strategy.
In June and July 2025, Georgia Power requested certification from the Georgia PSC for several Georgia Power-owned projects through various RFPs. Estimated capital expenditures associated with these projects and related transmission investments through 2029 total approximately $14.3 billion, excluding previously committed expenditures and AFUDC. See Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" for additional information.
During the second quarter 2025, Southern Power committed to development projects to repower the Grant Plains, Grant Wind, and Wake Wind facilities. At September 30, 2025, the remaining aggregate construction costs for these projects are expected to be between $685 million and $775 million. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein for additional information.
Long-term debt maturities and the interest payable on long-term debt each represent a significant cash requirement for the Registrants. See "Financing Activities" herein for information on changes in the Registrants' long-term debt balances since December 31, 2024.
Sources of Capital
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" in Item 7 of the Form 10-K for additional information. Southern Company intends to meet its future capital needs through operating cash flows, borrowings from financial institutions, and debt, hybrid, and/or equity issuances. Equity capital can be provided from any combination of Southern Company's stock plans, private placements, or public offerings.
The Subsidiary Registrants plan to obtain the funds to meet their future capital needs from sources similar to those they used in the past, which were primarily from operating cash flows, external securities issuances, borrowings from financial institutions, and equity contributions from Southern Company. Operating cash flows provide a substantial portion of the Registrants' cash needs.
The amount, type, and timing of any financings in 2025, as well as in subsequent years, will be contingent on investment opportunities and the Registrants' capital requirements and will depend upon prevailing market
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
conditions, regulatory approvals (for certain of the Subsidiary Registrants), and other factors. See "Cash Requirements" and "Financing Activities" herein for additional information.
By regulation, Nicor Gas is restricted, up to its retained earnings balance, in the amount it can dividend or loan to affiliates and is not permitted to make money pool loans to affiliates. At September 30, 2025, the amount of subsidiary retained earnings restricted to dividend totaled $1.8 billion. This restriction did not impact Southern Company Gas' ability to meet its cash obligations, nor does management expect such restriction to materially impact Southern Company Gas' ability to meet its currently anticipated cash obligations.
Certain Registrants' current liabilities frequently exceed their current assets because of long-term debt maturities and the periodic use of short-term debt as a funding source, as well as significant seasonal fluctuations in cash needs. The Registrants generally plan to refinance long-term debt as it matures. The following table shows the amount by which current liabilities exceeded current assets at September 30, 2025 for the applicable Registrants:
At September 30, 2025Southern CompanyGeorgia
Power		Mississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Current liabilities in excess of current assets$4,099 $696 $46 $447 $628 
The Registrants believe the need for working capital can be adequately met by utilizing operating cash flows, as well as commercial paper, lines of credit, and short-term bank notes, as market conditions permit. In addition, under certain circumstances, the Subsidiary Registrants may utilize equity contributions and/or loans from Southern Company.
Bank Credit Arrangements
At September 30, 2025, unused committed credit arrangements with banks were as follows:
At September 30, 2025Southern
Company
parent
Alabama
   Power(a)
Georgia
   Power(b)
Mississippi Power
Southern
   Power(c)
Southern Company
   Gas(d)
SEGCOSouthern
Company
(in millions)
Unused committed credit$2,999 $1,365 $2,042 $275 $600 $1,598 $30 $8,909 
(a)Includes $15 million at Alabama Property Company, a wholly-owned subsidiary of Alabama Power. Alabama Power is not party to this arrangement.
(b)Georgia Power had $26 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2025.
(c)At September 30, 2025, Southern Power also had two continuing letters of credit facilities for standby letters of credit, of which $21 million was unused. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2025. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(d)Includes $798 million and $800 million at Southern Company Gas Capital and Nicor Gas, respectively.
Subject to applicable market conditions, the Registrants, Nicor Gas, and SEGCO expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, the Registrants, Nicor Gas, and SEGCO may extend the maturity dates and/or increase or decrease the lending commitments thereunder.
A portion of the unused credit with banks is allocated to provide liquidity support to certain revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. At September 30, 2025, outstanding variable rate demand revenue bonds of the traditional electric operating companies with allocated liquidity support totaled approximately $1.5 billion (comprised of approximately $796 million at Alabama Power, $667 million at Georgia Power, and $58 million at Mississippi Power). In addition, at September 30, 2025, Alabama Power and Georgia Power had approximately $280 million and $384 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Alabama Power's $280 million of fixed rate revenue bonds are classified as securities due within
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AND RESULTS OF OPERATIONS (Continued)
one year on its balance sheets as they are not covered by long-term committed credit. All other variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit.
See Note 8 to the financial statements in Item 8 of the Form 10-K and Note (F) to the Condensed Financial Statements under "Bank Credit Arrangements" herein for additional information.
Short-term Borrowings
The Registrants, Nicor Gas, and SEGCO make short-term borrowings primarily through commercial paper programs that have the liquidity support of the committed bank credit arrangements described above. Southern Power's subsidiaries are not issuers or obligors under its commercial paper program. Commercial paper and short-term bank term loans are included in notes payable in the balance sheets. Details of the Registrants' short-term borrowings were as follows:
 
Short-term Debt at
September 30, 2025
Short-term Debt During the Period(*)
 Amount
Outstanding		Weighted
Average
Interest
Rate		Average
Amount
Outstanding		Weighted
Average
Interest
Rate		Maximum
Amount
Outstanding
 (in millions)(in millions)(in millions)
Southern Company$144 4.2 %$853 4.5 %$1,201 
Alabama Power— — 3 4.4 75 
Georgia Power— — 390 4.5 730 
Mississippi Power— — 12 4.6 55 
Southern Power— — 120 4.5 285 
Southern Company Gas:
Southern Company Gas Capital$— — %$311 4.6 %$540 
Nicor Gas144 4.2 15 4.3 144 
Southern Company Gas Total$144 4.2 %$326 4.6 %
(*)Average and maximum amounts are based upon daily balances during the three-month period ended September 30, 2025.
Analysis of Cash Flows
Net cash flows provided from (used for) operating, investing, and financing activities for the nine months ended September 30, 2025 and 2024 are presented in the following table:
Net cash provided from
(used for):		Southern CompanyAlabama PowerGeorgia
Power		Mississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Nine Months Ended September 30, 2025
Operating activities$7,205 $1,800 $3,484 $299 $521 $1,378 
Investing activities(9,599)(2,361)(5,189)(263)(584)(1,119)
Financing activities4,635 519 2,524 (15)942 43 
Nine Months Ended September 30, 2024
Operating activities$7,615 $1,983 $3,681 $265 $607 $1,407 
Investing activities(6,678)(1,460)(3,487)(272)(199)(1,196)
Financing activities(803)(456)(205)17 (357)(201)
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AND RESULTS OF OPERATIONS (Continued)
Fluctuations in cash flows from financing activities vary from year to year based on capital needs and the maturity or redemption of securities.
Southern Company
Net cash provided from operating activities decreased $410 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to the timing of vendor payments, decreased retail fuel cost recovery, and the timing of payments for storm restoration costs at Georgia Power, partially offset by the timing of customer receivable collections and materials and supplies purchases. See Note 2 to the financial statements under "Georgia Power – Storm Damage Recovery" in Item 8 of the Form 10-K for additional information.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to the Subsidiary Registrants' construction programs.
The net cash provided from financing activities for the nine months ended September 30, 2025 was primarily related to net issuances of long-term debt, partially offset by common stock dividend payments and a reduction in commercial paper borrowings.
Alabama Power
Net cash provided from operating activities decreased $183 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to a decrease in fuel cost recovery and customer refunds associated with the nuclear fuel disposal cost award. See Note 3 to the financial statements under "Nuclear Fuel Disposal Cost" in Item 8 of the Form 10-K for additional information.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to gross property additions and the acquisition of the Lindsay Hill Generating Station.
The net cash provided from financing activities for the nine months ended September 30, 2025 was primarily related to net issuances of senior notes and capital contributions from Southern Company, partially offset by common stock dividend payments.
Georgia Power
Net cash provided from operating activities decreased $197 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to the timing of vendor payments and storm restoration costs, partially offset by the timing of customer receivable collections. See Note 2 to the financial statements under "Georgia Power – Storm Damage Recovery" in Item 8 of the Form 10-K for additional information relating to storm restoration costs.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to gross property additions.
The net cash provided from financing activities for the nine months ended September 30, 2025 was primarily related to net issuances of senior notes and capital contributions from Southern Company, partially offset by common stock dividend payments.
Mississippi Power
Net cash provided from operating activities increased $34 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to funds received as part of the Plant Daniel acquisition and the timing of fossil fuel stock purchases, partially offset by decreased fuel cost recovery. See Note (B) to the Condensed Financial Statements "Mississippi Power – Plant Daniel" for additional information.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to gross property additions, partially offset by contributions in aid of construction.
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AND RESULTS OF OPERATIONS (Continued)
The net cash used for financing activities for the nine months ended September 30, 2025 was primarily related to common stock dividend payments and a reduction in commercial paper borrowings, partially offset by issuances of senior notes and capital contributions from Southern Company.
Southern Power
Net cash provided from operating activities decreased $86 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to a change in the utilization of federal tax credit carryforwards, partially offset by the timing of customer receivable collections.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to ongoing construction activities. See Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.
The net cash provided from financing activities for the nine months ended September 30, 2025 was primarily related to issuances of senior notes and capital contributions from Southern Company, partially offset by common stock dividend payments and net distributions to noncontrolling interests.
Southern Company Gas
Net cash provided from operating activities decreased $29 million for the nine months ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to increased income tax payments, the timing of customer receivable collections, and a reduction in natural gas cost recovery, partially offset by the timing of recovery on certain regulatory clauses.
The net cash used for investing activities for the nine months ended September 30, 2025 was primarily related to construction of transportation and distribution assets recovered through base rates.
The net cash provided from financing activities for the nine months ended September 30, 2025 was primarily related to issuances of senior notes, partially offset by common stock dividend payments, a reduction in commercial paper borrowings, and the maturity of first mortgage bonds.
Significant Balance Sheet Changes
Southern Company
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $8.7 billion in long-term debt (including securities due within one year) primarily due to issuances of senior notes and junior subordinated notes, partially offset by repayment of senior notes;
•an increase of $6.2 billion in total property, plant, and equipment primarily related to the Subsidiary Registrants' construction programs;
•an increase of $2.3 billion in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Company" herein;
•an increase of $1.6 billion in total stockholders' equity primarily related to net income, partially offset by common stock dividend payments;
•a decrease of $1.2 billion in notes payable primarily due to a reduction in commercial paper borrowings and repayment of short-term bank debt;
•a decrease of $684 million in accounts payable primarily related to the timing of vendor payments;
•an increase of $520 million in accumulated deferred income taxes primarily related to property-related timing differences;
•a decrease of $484 million in under recovered fuel clause revenues primarily due to increased fuel cost recovery at Georgia Power; and
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AND RESULTS OF OPERATIONS (Continued)
•decreases of $480 million and $411 million in AROs and regulatory assets associated with AROs, respectively, primarily related to cost estimate updates at Alabama Power.
See "Financing Activities" and Note (A) to the Condensed Financial Statements under "Asset Retirement Obligations" herein and Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
Alabama Power
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $1.2 billion in total property, plant, and equipment primarily related to the construction of transmission and distribution facilities and acquisition of the Lindsay Hill Generating Station;
•an increase of $1.0 billion in common stockholder's equity primarily due to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•an increase of $851 million in long-term debt (including securities due within one year) primarily due to net issuances of senior notes;
•decreases of $348 million and $265 million in AROs and regulatory assets associated with AROs, respectively, primarily related to cost estimate updates;
•a decrease of $258 million in other accounts payable primarily due to the timing of vendor payments; and
•an increase of $211 million in accrued taxes primarily due to property tax accruals.
See "Financing Activities – Alabama Power" and Notes (A) and (K) to the Condensed Financial Statements under "Asset Retirement Obligations" and "Alabama Power," respectively, herein for additional information.
Georgia Power
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $3.9 billion in total property, plant, and equipment primarily related to the construction of generation, transmission, and distribution facilities, including costs associated with Plant Yates Units 8, 9, and 10;
•an increase of $2.7 billion in long-term debt (including securities due within one year) primarily due to net issuances of senior notes;
•an increase of $2.5 billion in common stockholder's equity primarily due to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•an increase of $840 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Georgia Power" herein;
•a decrease of $482 million in under recovered retail fuel clause revenues primarily resulting from increased recovery of deferred fuel expense as ordered in Georgia Power's 2023 fuel cost recovery case;
•a decrease of $460 million in accounts payable primarily related to timing of vendor payments; and
•an increase of $397 million in accumulated deferred income taxes primarily related to an increase in property-related timing differences.
See "Financing Activities – Georgia Power" and Notes (B) and (G) to the Condensed Financial Statements under "Georgia Power – Other Construction" and "Georgia Power," respectively, herein and Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
Mississippi Power
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $118 million in total property, plant, and equipment primarily related to the construction of transmission and distribution facilities;
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AND RESULTS OF OPERATIONS (Continued)
•an increase of $111 million in common stockholder's equity related to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•an increase of $88 million in long-term debt (including securities due within one year) primarily due to issuances of senior notes;
•a decrease of $46 million in other cost of removal obligations primarily due to an increase in expenditures related to transmission and other production assets; and
•an increase of $45 million in other deferred credits and liabilities primarily due to contributions in aid of construction.
See "Financing Activities – Mississippi Power" herein for additional information.
Southern Power
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $1.2 billion in long-term debt (including securities due within one year) primarily due to issuances of senior notes;
•an increase of $888 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Power" herein;
•an increase of $143 million in total property, plant, and equipment due to an increase in CWIP primarily related to the continued construction of the Millers Branch solar facility and the wind repowering projects, partially offset by the continued depreciation of assets;
•a decrease of $122 million in accumulated deferred income taxes primarily related to a change in the utilization of ITCs; and
•a decrease of $105 million in total stockholders' equity primarily due to dividends paid to Southern Company and net distributions to noncontrolling interests, partially offset by capital contributions from Southern Company and net income.
See "Financing Activities – Southern Power" herein and Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.
Southern Company Gas
Significant balance sheet changes for the nine months ended September 30, 2025 included:
•an increase of $821 million in total property, plant, and equipment primarily related to the construction of transportation and distribution assets;
•an increase of $799 million in long-term debt (including securities due within one year) primarily due to issuances of senior notes;
•a decrease of $328 million in total accounts receivable primarily related to seasonality;
•a decrease of $311 million in notes payable due to a reduction in commercial paper borrowings;
•an increase of $303 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Company Gas" herein; and
•an increase of $196 million in accumulated deferred income taxes primarily due to reversal of CAMT and additional fixed asset tax deductions.
See "Financing Activities – Southern Company Gas" and FUTURE EARNINGS POTENTIAL – "Income Tax Matters" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Financing Activities
The following table outlines long-term debt financing activities for the first nine months of 2025:
Issuances and Reofferings
Maturities and Redemptions
CompanySenior
Notes		Other Long-
Term Debt		Senior
Notes		Revenue
Bonds
Other Long-
   Term Debt(a)
(in millions)
Southern Company parent$1,650 $2,365 $1,110 $— $— 
Alabama Power1,100 4 250 — 1 
Georgia Power3,100 — 700 45 91 
Mississippi Power100 — — 11 1 
Southern Power1,100 — — — — 
Southern Company Gas850 — — — 50 
Other(b)
— — — — 12 
Elimination(c)
— — — — (13)
Southern Company$7,900 $2,369 $2,060 $56 $142 
(a)Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments totaling $64 million for FFB borrowings. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for additional information.
(b)Includes repayment by SEGCO of $10 million of its $100 million principal amount long-term bank loan due November 15, 2025, which is guaranteed by Alabama Power. At September 30, 2025, $70 million of the long-term bank loan remains outstanding. See Note 3 to the financial statements under "Guarantees" in Item 8 of the Form 10-K for additional information.
(c)Represents reductions in affiliate finance lease obligations at Georgia Power, which are eliminated in Southern Company's consolidated financial statements.
Except as otherwise described herein, the Registrants used the proceeds of debt issuances for their redemptions and maturities shown in the table above, to repay short-term indebtedness, and for general corporate purposes, including working capital. The Subsidiary Registrants also used the proceeds for their construction programs.
In addition to any financings that may be necessary to meet capital requirements and contractual obligations, the Registrants plan to continue, when economically feasible, a program to retire higher-cost securities and replace these obligations with lower-cost capital if market conditions permit.
Southern Company
During the first nine months of 2025, Southern Company issued approximately 4.3 million shares of common stock primarily through dividend reinvestment and employee equity compensation and savings plans. Also during the first nine months of 2025, Southern Company entered into forward sale contracts for the issuance of shares of common stock that may be settled through June 2027. See Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" herein for additional information.
In January 2025, Southern Company issued $565 million aggregate principal amount of Series 2025A 6.50% Junior Subordinated Notes due March 15, 2085.
In February 2025, Southern Company issued $1.8 billion aggregate principal amount of Series 2025B 6.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due March 15, 2055.
In May 2025, Southern Company issued $1.65 billion aggregate principal amount of Series 2025A 3.25% Convertible Senior Notes due June 15, 2028 in a private offering. Southern Company used a portion of the proceeds from this issuance to repurchase approximately $781.6 million of the $1.725 billion aggregate principal amount outstanding of its Series 2023A 3.875% Convertible Senior Notes due December 15, 2025 and approximately $328.1 million of the $1.5 billion aggregate principal amount outstanding of its Series 2024A 4.50% Convertible
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Senior Notes due June 15, 2027. See Note (F) to the Condensed Financial Statements under "Convertible Senior Notes" herein for additional information.
Subsequent to September 30, 2025, Southern Company repaid at maturity $500 million aggregate principal amount of its Series 2022A 5.15% Senior Notes.
Alabama Power
In March 2025, Alabama Power issued $500 million aggregate principal amount of Series 2025A 5.10% Senior Notes due April 2, 2035.
In April 2025, Alabama Power repaid at maturity $250 million aggregate principal amount of its Series 2015B 2.80% Senior Notes.
In June 2025, Alabama Power issued $100 million aggregate principal amount of Series 2025B Floating Rate Senior Notes due August 15, 2075.
In September 2025, Alabama Power issued $500 million aggregate principal amount of Series 2025C 4.30% Senior Notes due March 15, 2031.
Georgia Power
In March 2025, Georgia Power issued $400 million aggregate principal amount of Series 2025A Floating Rate Senior Notes due September 15, 2026, $500 million aggregate principal amount of Series 2025B 4.85% Senior Notes due March 15, 2031, and $700 million aggregate principal amount of Series 2025C 5.20% Senior Notes due March 15, 2035.
In May 2025, Georgia Power repaid at maturity $700 million aggregate principal amount of its Series 2023C Floating Rate Senior Notes.
Also in May 2025, Georgia Power entered into a $200 million short-term floating rate bank loan bearing interest based on term SOFR.
In June 2025, Georgia Power extended both of its short-term floating rate bank loans totaling $400 million to long-term term loans, which mature in June 2026.
In July 2025, Georgia Power repaid at maturity its obligations with respect to $45 million aggregate principal amount of Development Authority of Monroe County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Scherer Project), First Series 1995.
In September 2025, Georgia Power issued $250 million aggregate principal amount of additional Series 2025B 4.85% Senior Notes due March 15, 2031, $750 million aggregate principal amount of Series 2025D 4.00% Senior Notes due October 1, 2028, and $500 million aggregate principal amount of Series 2025E 5.50% Senior Notes due October 1, 2055.
Mississippi Power
In March 2025, Mississippi Power issued $50 million aggregate principal amount of Series 2025A 5.01% Senior Notes due March 15, 2030 and $50 million aggregate principal amount of Series 2025B 6.03% Senior Notes due March 15, 2055.
In July 2025, Mississippi Power repaid at maturity its obligations with respect to approximately $11 million aggregate principal amount of Mississippi Business Finance Corporation Solid Waste Disposal Facilities Revenue Bonds, Series 1995 (Mississippi Power Company Project).
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Southern Power
In September 2025, Southern Power issued $550 million aggregate principal amount of Series 2025A 4.25% Senior Notes due October 1, 2030 and $550 million aggregate principal amount of Series 2025B 4.90% Senior Notes due October 1, 2035.
Subsequent to September 30, 2025, Southern Power redeemed all $500 million aggregate principal amount of its Series 2015C 4.15% Senior Notes due December 1, 2025.
Southern Company Gas
In September 2025, Nicor Gas repaid at maturity $50 million aggregate principal amount of its 1.42% Series First Mortgage Bonds.
In September 2025, Southern Company Gas Capital issued $425 million aggregate principal amount of Series 2025A 4.05% Senior Notes due September 15, 2028 and $425 million aggregate principal amount of Series 2025B 5.10% Senior Notes due September 15, 2035, both guaranteed by Southern Company Gas.
Subsequent to September 30, 2025, Nicor Gas issued in a private placement $25 million aggregate principal amount of 4.17% Series First Mortgage Bonds due October 1, 2028 and $75 million aggregate principal amount of 4.92% Series First Mortgage Bonds due October 1, 2035. Pursuant to the same agreement, Nicor Gas agreed to issue in a private placement in December 2025 $50 million aggregate principal amount of 5.59% Series First Mortgage Bonds due December 15, 2055 and $50 million aggregate principal amount of 5.69% Series First Mortgage Bonds due December 15, 2065.
Credit Rating Risk
At September 30, 2025, the Registrants did not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade.
There are certain contracts that could require collateral, but not accelerated payment, in the event of a credit rating change of certain Registrants to BBB and/or Baa2 or below. These contracts are primarily for physical electricity and natural gas purchases and sales, fuel purchases, fuel transportation and storage, energy price risk management, transmission, interest rate management, and equipment purchases related to construction of facilities.
The maximum potential collateral requirements under these contracts at September 30, 2025 were as follows:
Credit Ratings
Southern
   Company(*)
Alabama PowerGeorgia PowerMississippi Power
Southern
   Power(*)
Southern Company Gas
(in millions)
At BBB and/or Baa2$32 $1 $— $— $30 $— 
At BBB- and/or Baa3440 2 36 — 402 — 
At BB+ and/or Ba1 or below3,842 419 2,602 271 1,317 14 
(*)Southern Power has PPAs that could require collateral, but not accelerated payment, in the event of a downgrade of Southern Power's credit. The PPAs require credit assurances without stating a specific credit rating. The amount of collateral required would depend upon actual losses resulting from a credit downgrade. Southern Power had $106 million of cash collateral posted related to PPA requirements at September 30, 2025.
The amounts in the previous table for the traditional electric operating companies and Southern Power include certain agreements that could require collateral if either Alabama Power or Georgia Power has a credit rating change to below investment grade. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. Additionally, a credit rating downgrade could impact the ability of the Registrants to access capital markets and would be likely to impact the cost at which they do so.
On August 22, 2025, Fitch revised the ratings outlook of Georgia Power to stable from positive.
On September 23, 2025, Moody's revised the ratings outlook of Southern Company to negative from stable and the ratings outlook of Georgia Power to stable from positive.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
During the nine months ended September 30, 2025, there were no material changes to Southern Company's, Alabama Power's, Georgia Power's, Mississippi Power's, Southern Power's, or Southern Company Gas' disclosures about market risk. For an in-depth discussion of each Registrant's market risks, see MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Market Price Risk" in Item 7 of the Form 10-K and Note 1 to the financial statements under "Financial Instruments" and Notes 13 and 14 to the financial statements in Item 8 of the Form 10-K, as well as Notes (I) and (J) to the Condensed Financial Statements herein.
Item 4. Controls and Procedures.
(a)Evaluation of disclosure controls and procedures.
As of the end of the period covered by this Quarterly Report on Form 10-Q, Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas conducted separate evaluations under the supervision and with the participation of each company's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon these evaluations, the Chief Executive Officer and the Chief Financial Officer, in each case, concluded that the disclosure controls and procedures are effective.
(b)    Changes in internal control over financial reporting.
There have been no changes in Southern Company's, Alabama Power's, Georgia Power's, Mississippi Power's, Southern Power's, or Southern Company Gas' internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the third quarter 2025 that have materially affected or are reasonably likely to materially affect Southern Company's, Alabama Power's, Georgia Power's, Mississippi Power's, Southern Power's, or Southern Company Gas' internal control over financial reporting.
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PART II — OTHER INFORMATION
Item 1. Legal Proceedings.
See the Notes to the Condensed Financial Statements herein for information regarding certain legal and administrative proceedings in which the Registrants are involved. The Registrants' threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
Item 1A. Risk Factors.
See RISK FACTORS in Item 1A of the Form 10-K for a discussion of the risk factors of the Registrants. There have been no material changes to these risk factors from those previously disclosed in the Form 10-K.
Item 5. Other Information.
There were no adoptions, modifications, or terminations of "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements," as defined in Item 408(a) of Regulation S-K, during the three months ended September 30, 2025 by the Registrants' directors and "officers," as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended.
Item 6. Exhibits.
The exhibits below with an asterisk (*) preceding the exhibit number are filed herewith. The remaining exhibits have previously been filed with the SEC and are incorporated herein by reference. The exhibits marked with a pound sign (#) are management contracts or compensatory plans or arrangements.
(4) Instruments Describing Rights of Security Holders, Including Indentures
Alabama Power
(b)
-
Seventieth Supplemental Indenture to Senior Note Indenture dated as of September 5, 2025, providing for the issuance of the Series 2025C 4.30% Senior Notes due March 15, 2031. (Designated in Form 8-K dated September 2, 2025, File No. 1-3164 as Exhibit 4.6.)
Georgia Power
(c)1
-
Seventy-Sixth Supplemental Indenture to Senior Note Indenture dated as of September 29, 2025, providing for the issuance of the Series 2025D 4.00% Senior Notes due October 1, 2028. (Designated in Form 8-K dated September 24, 2025, File No. 1-6468, as Exhibit 4.3(b).)
(c)2
-
Seventy-Seventh Supplemental Indenture to Senior Note Indenture dated as of September 29, 2025, providing for the issuance of the Series 2025E 5.50% Senior Notes due October 1, 2055. (Designated in Form 8-K dated September 24, 2025, File No. 1-6468, as Exhibit 4.3(c).)
Southern Power
(e)1
-
Senior Note Indenture dated as of August 1, 2025 between Southern Power Company and U.S. Bank Trust Company, National Association, as Trustee. (Designated in Registration No. 333-289172 as Exhibit 4.5.)
(e)2
-
First Supplemental Indenture to Senior Note indenture dated as of September 19, 2025, providing for the issuance of the Series 2025A 4.25% Senior Notes due October 1, 2030. (Designated in Form 8-K dated September 16, 2025, File No. 001-37803 as Exhibit 4.6(a).)
(e)3
-
Second Supplemental Indenture to Senior Note indenture dated as of September 19, 2025, providing for the issuance of the Series 2025B 4.90% Senior Notes due October 1, 2035. (Designated in Form 8-K dated September 16, 2025, File No. 001-37803 as Exhibit 4.6(b).)
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Southern Company Gas
(f)1
-
Indenture dated as of February 1, 2025 among Southern Company Gas Capital Corporation, Southern Company Gas, and U.S. Bank Trust Company, National Association, as Trustee. (Designated in Registration No. 333-285115, as Exhibit 4.2.)
(f)2
-
Southern Company Gas Capital Corporation's Series 2025A 4.05% Senior Notes due September 15, 2028, Form of Note. (Designated in Form 8-K dated September 3, 2025, File No. 1-14174 as Exhibit 4.1(a).)
(f)3
-
Southern Company Gas Capital Corporation's Series 2025B 5.10% Senior Notes due September 15, 2035, Form of Note. (Designated in Form 8-K dated September 3, 2025, File No. 1-14174 as Exhibit 4.1(b).)
(f)4
-
Southern Company Gas' Guarantee related to the Series 2025A 4.05% Senior Notes due September 15, 2028, Form of Guarantee. (Designated in Form 8-K dated September 3, 2025, File No. 1-14174 as Exhibit 4.3(a).)
(f)5
-
Southern Company Gas' Guarantee related to the Series 2025B 5.10% Senior Notes due September 15, 2035, Form of Guarantee. (Designated in Form 8-K dated September 3, 2025, File No. 1-14174 as Exhibit 4.3(b).)
*
(f)6
-
Supplemental Indenture dated as of September 16, 2025 of Northern Illinois Gas Company to U.S. Bank Trust Company, National Association, under the Indenture dated as of January 1, 1954.
(24) Power of Attorney and Resolutions
Southern Company
(a)
-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 1-3526 as Exhibit 24(a)1.)
Alabama Power
(b)
-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 1-3164 as Exhibit 24(b)1.)
Georgia Power
(c)1
-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 1-6468 as Exhibit 24(c)1.)
*
(c)2
Power of Attorney of Tyler M. Cook.
Mississippi Power
(d)1
-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 001-11229 as Exhibit 24(d)1.)
*
(d)2
Power of Attorney of Pedro P. Cherry.
Southern Power
(e)-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 001-37803 as Exhibit 24(e)1.)
Southern Company Gas
(f)
-
Power of Attorney and resolution. (Designated in the Form 10-K for the year ended December 31, 2024, File No. 1-14174 as Exhibit 24(f)1.)
(31) Section 302 Certifications
Southern Company
*(a)1-
Certificate of Southern Company's Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(a)2-
Certificate of Southern Company's Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
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Alabama Power
*(b)1-
Certificate of Alabama Power's Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(b)2-
Certificate of Alabama Power's Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
Georgia Power
*(c)1-
Certificate of Georgia Power's Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(c)2-
Certificate of Georgia Power's Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
Mississippi Power
*(d)1-
Certificate of Mississippi Power's Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(d)2-
Certificate of Mississippi Power's Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
Southern Power
*(e)1-
Certificate of Southern Power Company's Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(e)2-
Certificate of Southern Power Company's Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
Southern Company Gas
*(f)1-
Certificate of Southern Company Gas' Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
*(f)2-
Certificate of Southern Company Gas' Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
(32) Section 906 Certifications
Southern Company
*(a)-
Certificate of Southern Company's Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
Alabama Power
*(b)-
Certificate of Alabama Power's Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
Georgia Power
*(c)-
Certificate of Georgia Power's Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
Mississippi Power
*(d)-
Certificate of Mississippi Power's Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
Southern Power
*(e)-
Certificate of Southern Power Company's Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
Southern Company Gas
*(f)-
Certificate of Southern Company Gas' Chief Executive Officer and Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
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(101) Interactive Data Files
*INS-Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
*SCH-Inline XBRL Taxonomy Extension Schema Document
*CAL-Inline XBRL Taxonomy Calculation Linkbase Document
*DEF-Inline XBRL Definition Linkbase Document
*LAB-Inline XBRL Taxonomy Label Linkbase Document
*PRE-Inline XBRL Taxonomy Presentation Linkbase Document
(104) Cover Page Interactive Data File
*Formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.
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THE SOUTHERN COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

THE SOUTHERN COMPANY
ByChristopher C. Womack
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
By
David P. Poroch
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
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ALABAMA POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

ALABAMA POWER COMPANY
ByJ. Jeffrey Peoples
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByMoses H. Feagin
Executive Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
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GEORGIA POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

GEORGIA POWER COMPANY
ByKimberly S. Greene
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
By
Tyler M. Cook
Senior Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
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MISSISSIPPI POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

MISSISSIPPI POWER COMPANY
By
Pedro P. Cherry
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByMatthew P. Grice
Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
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SOUTHERN POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

SOUTHERN POWER COMPANY
By
Christopher Cummiskey
Chairman and Chief Executive Officer
(Principal Executive Officer)
ByGary Kerr
Senior Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
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SOUTHERN COMPANY GAS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

SOUTHERN COMPANY GAS
ByJames Y. Kerr II
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByGrace A. Kolvereid
Executive Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By
/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: October 29, 2025
160

Source: View Original Filing on SEC EDGAR

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Southern

NYSE:SO

SO Rankings

#144 Ranked by Market Cap
#1109 Ranked by Dividends

SO Latest News

Oct 30, 2025
Southern Company reports third-quarter 2025 earnings
Oct 29, 2025
Southern Company Ranked as Top U.S. Energy Company in Newsweek's World's Most Trustworthy Companies 2025 List
Oct 20, 2025
Southern Company announces quarterly dividend
Oct 20, 2025
Georgia Power begins construction of newest battery storage system near Macon
Oct 14, 2025
Nicor Gas leads the industry in energy innovation with unveiling of new Smart Neighborhood™ this Fall

SO Latest SEC Filings

Oct 30, 2025
[8-K] SOUTHERN CO Reports Material Event
Oct 2, 2025
[Form 4] SOUTHERN CO Insider Trading Activity
Oct 2, 2025
[Form 4] SOUTHERN CO Insider Trading Activity
Oct 2, 2025
[Form 4] SOUTHERN CO Insider Trading Activity
Oct 2, 2025
[Form 4] SOUTHERN CO Insider Trading Activity

SO Stock Data

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1.10B
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3.16%
Utilities - Regulated Electric
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