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Southern Company
SO
#205
Rank
HK$854.09 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$757.65
Share price
0.01%
Change (1 day)
8.64%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Southern Company
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-04-30

Southern Company - 10-Q quarterly report FY


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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 March 31, 2026
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
The Southern Company2025 Series A Corporate UnitsSOMNNYSE
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
March 31, 2026
The Southern CompanyPar Value $5 Per Share1,127,301,098 
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
4
7
PART I—FINANCIAL INFORMATION
Item 1.
9
Item 2.
83
Item 3.
122
Item 4.
122
PART II—OTHER INFORMATION
Item 1.
123
Item 1A.
123
Item 2.Unregistered Sales of Equity Securities and Use of ProceedsInapplicable
Item 3.Defaults Upon Senior SecuritiesInapplicable
Item 4.Mine Safety DisclosuresInapplicable
Item 5.
123
Item 6.
123
126
3
    Table of Contents                                Index to Financial Statements

DEFINITIONS
TermMeaning
2022 ARPGeorgia Power's Alternate Rate Plan approved by the Georgia PSC in 2022 for the years 2023 through 2025
2023 IRP Update
Georgia Power's updated IRP filed in 2023 and approved by the Georgia PSC in 2024 as modified by a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors
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
Chattanooga GasChattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas
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
ECO PlanMississippi Power's environmental compliance overview plan
EPAU.S. Environmental Protection Agency
EPS
Earnings per share
FCCFederal Communications Commission
FERCFederal Energy Regulatory Commission
FFBFederal Financing Bank
FitchFitch Ratings, Inc.
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, 2025, as applicable
GAAPU.S. generally accepted accounting principles
Georgia PowerGeorgia Power Company
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
IICIntercompany Interchange Contract
Internal Revenue Code
Internal Revenue Code of 1986, as amended
IRA
Inflation Reduction Act of 2022
IRPIntegrated resource plan
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
4
    Table of Contents                                Index to Financial Statements

DEFINITIONS
(continued)
TermMeaning
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)
NDRAlabama Power's Natural Disaster Reserve
Nicor GasNorthern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas
N/MNot meaningful
NRCU.S. Nuclear Regulatory Commission
OBBB
One Big Beautiful Bill Act
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.
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
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
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DEFINITIONS
(continued)
TermMeaning
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 and wholly owned by Southern Power as of December 31, 2025, was previously in a tax equity arrangement where Southern Power was the controlling partner through December 31, 2025
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 Natural GasVirginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company Gas
Vogtle OwnersGeorgia Power, OPC, MEAG Power, and Dalton
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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 interest rates, tariffs, and 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, 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 legal and 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;
•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, including uncertainties related to projected significant growth in electricity demand driven primarily by data centers and other large load customers, and the related requirement for substantial new generation and transmission investments, creating capital access and revenue recovery risks for the traditional electric operating companies;
•customer affordability matters;
•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 trade policies (including tariffs and other trade measures) of the United States and other countries; 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 epidemic or 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 and, with respect to retiree benefit plans, changes in actuarial assumptions and differences between the assumptions and actual values, any of the foregoing of which could cause additional funding requirements;
•advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and the impact of advancing technology on data center and other large load customer demand;
•performance of counterparties under ongoing renewable energy partnerships and development agreements;
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
(continued)
•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;
•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;
•prolonged or recurring U.S. federal government shutdowns;
•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, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, 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.
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PART I
Item 1. Financial Statements (Unaudited).
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Retail electric revenues$4,640 $4,601 
Wholesale electric revenues965 744 
Other electric revenues265 242 
Natural gas revenues (includes alternative revenue programs of $(2) and $(19), respectively)
2,191 1,839 
Other revenues336 349 
Total operating revenues8,397 7,775 
Operating Expenses:
Fuel1,491 1,292 
Purchased power244 250 
Cost of natural gas926 674 
Cost of other sales181 199 
Other operations and maintenance1,653 1,619 
Depreciation and amortization1,420 1,286 
Taxes other than income taxes464 445 
Total operating expenses6,379 5,765 
Operating Income2,018 2,010 
Other Income and (Expense):
Allowance for equity funds used during construction121 73 
Earnings from equity method investments50 32 
Interest expense, net of amounts capitalized(778)(714)
Other income (expense), net155 149 
Total other income and (expense)(452)(460)
Earnings Before Income Taxes1,566 1,550 
Income taxes228 280 
Consolidated Net Income1,338 1,270 
Net loss attributable to noncontrolling interests(18)(64)
Consolidated Net Income Attributable to
   Southern Company		$1,356 $1,334 
Common Stock Data:
Earnings per share -
Basic$1.21 $1.21 
Diluted$1.20 $1.21 
Average number of shares of common stock outstanding (in millions)
Basic1,124 1,100 
Diluted1,128 1,105 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Consolidated Net Income$1,338 $1,270 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $(1) and $5, respectively
(3)14 
Reclassification adjustment for amounts included in net income,
   net of tax of $1 and $(4), respectively
4 (12)
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $— and $—, respectively
1 1 
Total other comprehensive income2 3 
Comprehensive Income1,340 1,273 
Comprehensive loss attributable to noncontrolling interests(18)(64)
Consolidated Comprehensive Income Attributable to
   Southern Company		$1,358 $1,337 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.

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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Consolidated net income$1,338 $1,270 
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total1,580 1,411 
Deferred income taxes168 351 
Allowance for equity funds used during construction(121)(73)
Pension, postretirement, and other employee benefits(149)(149)
Settlement of asset retirement obligations(133)(134)
Stock based compensation expense97 90 
Storm damage cost recovery – long-term(93)(173)
Other, net(25)(1)
Changes in certain current assets and liabilities —
-Receivables124 7 
-Retail fuel cost under recovery63 71 
-Prepayments(98)(120)
-Materials and supplies(85)11 
-Natural gas for sale, net of temporary LIFO liquidation355 365 
-Other current assets(27)66 
-Accounts payable(555)(394)
-Accrued taxes(408)(418)
-Accrued compensation(599)(537)
-Accrued interest(180)(82)
-Customer refunds5 (95)
-Natural gas cost over recovery(27)(179)
-Other current liabilities(4)(37)
Net cash provided from operating activities1,226 1,250 
Investing Activities:
Property additions(2,944)(2,437)
Nuclear decommissioning trust fund purchases(442)(361)
Nuclear decommissioning trust fund sales442 361 
Cost of removal, net of salvage(166)(168)
Change in construction payables, net(251)(161)
Other investing activities(60)(68)
Net cash used for investing activities(3,421)(2,834)
Financing Activities:
Increase (decrease) in notes payable, net653 (841)
Proceeds —
Long-term debt2,390 4,567 
Short-term borrowings350 — 
Common stock535 30 
Redemptions and repurchases —
Long-term debt(1,322)(35)
Short-term borrowings(50)— 
Distributions to noncontrolling interests(47)(37)
Payment of common stock dividends(776)(736)
Other financing activities(191)(133)
Net cash provided from financing activities1,542 2,815 
Net Change in Cash, Cash Equivalents, and Restricted Cash(653)1,231 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period1,640 1,101 
Cash, Cash Equivalents, and Restricted Cash at End of Period$987 $2,332 
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $51 and $29 capitalized for 2026 and 2025, respectively)
$901 $756 
Income taxes, net (excludes credit transfers)
— (1)
Noncash transactions —
Accrued property additions at end of period1,049 940 
Right-of-use assets obtained under operating leases41 87 
Right-of-use assets obtained under finance leases2 13 
Issuance of common stock under dividend reinvestment plan54 55 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt March 31, 2026At December 31, 2025
 (in millions)
Current Assets:
Cash and cash equivalents$981 $1,639 
Receivables —
Customer accounts2,405 2,251 
Unbilled revenues740 931 
Under recovered fuel clause revenues299 316 
Other accounts and notes524 655 
Accumulated provision for uncollectible accounts(95)(84)
Materials and supplies2,297 2,202 
Fossil fuel for generation727 735 
Natural gas for sale145 396 
Prepaid expenses411 327 
Assets from risk management activities, net of collateral35 63 
Regulatory assets – asset retirement obligations353 353 
Other regulatory assets706 709 
Other current assets433 424 
Total current assets9,961 10,917 
Property, Plant, and Equipment:
In service149,086 146,114 
Less: Accumulated depreciation45,186 43,483 
Plant in service, net of depreciation103,900 102,631 
Other utility plant, net— 307 
Nuclear fuel, at amortized cost920 897 
Construction work in progress11,282 10,534 
Total property, plant, and equipment116,102 114,369 
Other Property and Investments:
Goodwill5,161 5,161 
Nuclear decommissioning trusts, at fair value2,888 2,947 
Equity investments in unconsolidated subsidiaries1,365 1,318 
Other intangible assets, net of amortization of $450 and $444, respectively
294 300 
Miscellaneous property and investments706 714 
Total other property and investments10,414 10,440 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization1,351 1,358 
Deferred charges related to income taxes1,026 948 
Prepaid pension costs3,369 3,257 
Unamortized loss on reacquired debt183 187 
Deferred under recovered fuel clause revenues210 252 
Regulatory assets – asset retirement obligations, deferred5,198 5,129 
Other regulatory assets, deferred7,683 7,427 
Other deferred charges and assets1,534 1,436 
Total deferred charges and other assets20,554 19,994 
Total Assets$157,031 $155,720 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholders' EquityAt March 31, 2026At December 31, 2025
 (in millions)
Current Liabilities:
Securities due within one year$5,701 $6,220 
Notes payable1,673 722 
Accounts payable2,909 3,710 
Customer deposits478 475 
Accrued taxes —
Accrued income taxes66 22 
Other accrued taxes557 982 
Accrued interest627 807 
Accrued compensation761 1,418 
Asset retirement obligations659 662 
Liabilities from risk management activities, net of collateral134 118 
Operating lease obligations203 197 
Natural gas cost over recovery131 158 
Other regulatory liabilities228 240 
Other current liabilities1,191 1,157 
Total current liabilities15,318 16,888 
Long-term Debt67,148 65,649 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes12,381 12,133 
Deferred credits related to income taxes4,648 4,712 
Accumulated deferred ITCs2,047 2,002 
Employee benefit obligations941 980 
Operating lease obligations, deferred1,280 1,287 
Asset retirement obligations, deferred8,907 8,939 
Other cost of removal obligations2,054 2,036 
Other regulatory liabilities, deferred770 722 
Other deferred credits and liabilities1,625 1,505 
Total deferred credits and other liabilities34,653 34,316 
Total Liabilities117,119 116,853 
Total Stockholders' Equity (See accompanying statements)
39,912 38,867 
Total Liabilities and Stockholders' Equity$157,031 $155,720 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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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 
Balance at December 31, 20251,120 (1)$5,554 $15,740 $(59)$14,856 $(75)$2,851 $38,867 
Consolidated net income (loss)— — — — — 1,356 — (18)1,338 
Other comprehensive income— — — — — — 2 — 2 
Stock issued8 — 34 555 — — — — 589 
Stock-based compensation— — — (9)— — — — (9)
Dividends of $0.74 per share
— — — — — (830)— — (830)
Capital contributions from
   noncontrolling interests		— — — — — — — 4 4 
Distributions to noncontrolling interests— — — — — — — (46)(46)
Other— — — (1)(1)— — (1)(3)
Balance at March 31, 20261,128 (1)$5,588 $16,285 $(60)$15,382 $(73)$2,790 $39,912 

The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Retail revenues$1,728 $1,723 
Wholesale revenues, non-affiliates117 91 
Wholesale revenues, affiliates119 69 
Other revenues128 129 
Total operating revenues2,092 2,012 
Operating Expenses:
Fuel428 386 
Purchased power, non-affiliates73 69 
Purchased power, affiliates73 55 
Other operations and maintenance393 463 
Depreciation and amortization381 370 
Taxes other than income taxes133 131 
Total operating expenses1,481 1,474 
Operating Income611 538 
Other Income and (Expense):
Allowance for equity funds used during construction19 18 
Interest expense, net of amounts capitalized(115)(108)
Other income (expense), net39 38 
Total other income and (expense)(57)(52)
Earnings Before Income Taxes554 486 
Income taxes
129 111 
Net Income
$425 $375 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended March 31,
 20262025
 (in millions)
Net Income$425 $375 
Other comprehensive income:
Qualifying hedges:
Reclassification adjustment for amounts included in net income,
   net of tax of $— and $—, respectively
— 1 
Total other comprehensive income— 1 
Comprehensive Income$425 $376 
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 Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Net income$425 $375 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total431 404 
Deferred income taxes62 81 
Pension, postretirement, and other employee benefits(59)(52)
Settlement of asset retirement obligations(57)(61)
Other, net(63)(30)
Changes in certain current assets and liabilities —
-Receivables101 41 
-Prepayments(84)(103)
-Other current assets(25)25 
-Accounts payable(356)(244)
-Accrued taxes105 116 
-Accrued compensation(135)(112)
-Customer refunds3 (95)
-Other current liabilities(47)(118)
Net cash provided from operating activities301 227 
Investing Activities:
Property additions(470)(512)
Nuclear decommissioning trust fund purchases(125)(115)
Nuclear decommissioning trust fund sales125 115 
Cost of removal, net of salvage(39)(41)
Change in construction payables, net of joint owner portion
14 (29)
Other investing activities(14)(9)
Net cash used for investing activities(509)(591)
Financing Activities:
Increase in notes payable, net30 — 
Proceeds —
Senior notes— 500 
Other long-term debt
— 2 
Redemptions — Other long-term debt(45)— 
Capital contributions from parent company225 525 
Payment of common stock dividends(301)(305)
Other financing activities8 (4)
Net cash provided from (used for) financing activities(83)718 
Net Change in Cash, Cash Equivalents, and Restricted Cash(291)354 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period566 585 
Cash, Cash Equivalents, and Restricted Cash at End of Period$275 $939 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $6 and $5 capitalized for 2026 and 2025, respectively)
$153 $139 
Noncash transactions —
Accrued property additions at end of period115 119 
Right-of-use assets obtained under operating leases9 1 
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 March 31, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$275 $566 
Receivables —
Customer accounts460 470 
Unbilled revenues158 189 
Affiliated142 126 
Other accounts and notes54 113 
Accumulated provision for uncollectible accounts(25)(23)
Fossil fuel stock289 303 
Materials and supplies745 732 
Prepaid expenses170 86 
Other regulatory assets353 344 
Other current assets85 80 
Total current assets2,706 2,986 
Property, Plant, and Equipment:
In service40,185 38,915 
Less: Accumulated provision for depreciation13,754 12,816 
Plant in service, net of depreciation26,431 26,099 
Other utility plant, net— 307 
Nuclear fuel, at amortized cost285 290 
Construction work in progress1,550 1,441 
Total property, plant, and equipment28,266 28,137 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,510 1,542 
Equity investments in unconsolidated subsidiaries49 48 
Miscellaneous property and investments123 123 
Total other property and investments1,682 1,713 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization91 86 
Deferred charges related to income taxes262 261 
Prepaid pension and other postretirement benefit costs1,046 1,016 
Regulatory assets – asset retirement obligations1,572 1,518 
Other regulatory assets, deferred2,070 1,982 
Other deferred charges and assets456 425 
Total deferred charges and other assets5,497 5,288 
Total Assets$38,151 $38,124 
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 March 31, 2026At December 31, 2025
 (in millions)
Current Liabilities:
Securities due within one year$462 $625 
Notes payable30 — 
Accounts payable —
Affiliated200 294 
Other351 576 
Customer deposits114 113 
Accrued taxes211 105 
Accrued interest96 134 
Accrued compensation153 275 
Asset retirement obligations258 256 
Other regulatory liabilities70 89 
Other current liabilities131 135 
Total current liabilities2,076 2,602 
Long-term Debt11,507 11,388 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,313 4,209 
Deferred credits related to income taxes1,560 1,585 
Accumulated deferred ITCs113 115 
Employee benefit obligations149 152 
Operating lease obligations81 78 
Asset retirement obligations, deferred3,404 3,423 
Other regulatory liabilities, deferred239 252 
Other deferred credits and liabilities365 326 
Total deferred credits and other liabilities10,224 10,140 
Total Liabilities23,807 24,130 
Common Stockholder's Equity (See accompanying statements)
14,344 13,994 
Total Liabilities and Stockholder's Equity$38,151 $38,124 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
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, 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 
Balance at December 31, 202531 $1,222 $8,263 $4,512 $(3)$13,994 
Net income— — — 425 — 425 
Capital contributions from parent company— — 226 — — 226 
Cash dividends on common stock— — — (301)— (301)
Balance at March 31, 202631 $1,222 $8,489 $4,636 $(3)$14,344 
The accompanying notes as they relate to Alabama 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 INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Retail revenues$2,638 $2,630 
Wholesale revenues227 144 
Other revenues277 263 
Total operating revenues3,142 3,037 
Operating Expenses:
Fuel601 524 
Purchased power, non-affiliates158 161 
Purchased power, affiliates289 264 
Other operations and maintenance672 634 
Depreciation and amortization484 503 
Taxes other than income taxes176 170 
Total operating expenses2,380 2,256 
Operating Income762 781 
Other Income and (Expense):
Allowance for equity funds used during construction97 48 
Interest expense, net of amounts capitalized(204)(187)
Other income (expense), net58 52 
Total other income and (expense)(49)(87)
Earnings Before Income Taxes713 694 
Income taxes85 98 
Net Income$628 $596 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Net Income$628 $596 
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $— and $(1), respectively
— (1)
Total other comprehensive income (loss)— (1)
Comprehensive Income$628 $595 
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 CASH FLOWS (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Net income$628 $596 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total556 577 
Deferred income taxes95 91 
Allowance for equity funds used during construction(97)(48)
Pension, postretirement, and other employee benefits(78)(74)
Settlement of asset retirement obligations(67)(66)
Storm damage cost recovery – long-term(93)(173)
Other, net(27)(38)
Changes in certain current assets and liabilities —
-Receivables140 94 
-Retail fuel cost under recovery78 83 
-Prepaid income taxes(55)— 
-Other current assets(90)(23)
-Accounts payable(131)(325)
-Accrued taxes(352)(355)
-Accrued compensation(75)(68)
-Other current liabilities(52)34 
Net cash provided from operating activities380 305 
Investing Activities:
Property additions(1,906)(1,429)
Nuclear decommissioning trust fund purchases(316)(246)
Nuclear decommissioning trust fund sales316 246 
Cost of removal, net of salvage(100)(103)
Change in construction payables, net of joint owner portion(271)(160)
Other investing activities(12)(27)
Net cash used for investing activities(2,289)(1,719)
Financing Activities:
Decrease in notes payable, net(135)— 
Proceeds —
Senior notes— 1,600 
Short-term borrowings250 — 
FFB loan1,016 — 
Redemptions and repurchases —
Short-term borrowings(50)— 
FFB loan(21)(21)
Capital contributions from parent company1,500 700 
Payment of common stock dividends(644)(552)
Other financing activities(42)(48)
Net cash provided from financing activities1,874 1,679 
Net Change in Cash, Cash Equivalents, and Restricted Cash(35)265 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period59 118 
Cash, Cash Equivalents, and Restricted Cash at End of Period$24 $383 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $31 and $16 capitalized for 2026 and 2025, respectively)
$218 $188 
Noncash transactions —
Accrued property additions at end of period753 551 
Right-of-use assets obtained under operating leases6 2 
Right-of-use assets obtained under finance leases2 13 
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 March 31, 2026At December 31, 2025
 (in millions)
Current Assets:
Cash and cash equivalents$24 $59 
Receivables —
Customer accounts, net929 993 
Unbilled revenues302 346 
Under recovered retail fuel clause revenues
234 310 
Joint owner accounts98 195 
Affiliated82 96 
Other accounts and notes69 61 
Fossil fuel stock368 362 
Materials and supplies1,042 994 
Regulatory assets – asset retirement obligations222 222 
Other regulatory assets336 335 
Other current assets371 285 
Total current assets4,077 4,258 
Property, Plant, and Equipment:
In service60,443 59,458 
Less: Accumulated provision for depreciation16,236 15,957 
Plant in service, net of depreciation44,207 43,501 
Nuclear fuel, at amortized cost635 606 
Construction work in progress7,623 6,764 
Total property, plant, and equipment52,465 50,871 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,378 1,405 
Equity investments in unconsolidated subsidiaries37 40 
Miscellaneous property and investments231 231 
Total other property and investments1,646 1,676 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization1,083 1,120 
Deferred charges related to income taxes738 660 
Prepaid pension costs1,142 1,099 
Deferred under recovered retail fuel clause revenues
210 212 
Regulatory assets – asset retirement obligations, deferred3,397 3,382 
Other regulatory assets, deferred4,166 4,032 
Other deferred charges and assets796 767 
Total deferred charges and other assets11,532 11,272 
Total Assets$69,720 $68,077 
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)

Liabilities and Stockholder's EquityAt March 31, 2026At December 31, 2025
 (in millions)
Current Liabilities:
Securities due within one year$2,266 $1,370 
Notes payable225 160 
Accounts payable —
Affiliated778 992 
Other1,512 1,728 
Customer deposits273 267 
Accrued taxes326 678 
Accrued interest207 234 
Accrued compensation177 327 
Operating lease obligations174 170 
Asset retirement obligations355 360 
Other regulatory liabilities35 52 
Other current liabilities268 332 
Total current liabilities6,596 6,670 
Long-term Debt20,169 20,122 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,920 4,811 
Deferred credits related to income taxes2,198 2,225 
Accumulated deferred ITCs417 354 
Employee benefit obligations177 189 
Operating lease obligations, deferred924 960 
Asset retirement obligations, deferred5,158 5,167 
Other deferred credits and liabilities642 545 
Total deferred credits and other liabilities14,436 14,251 
Total Liabilities41,201 41,043 
Common Stockholder's Equity (See accompanying statements)
28,519 27,034 
Total Liabilities and Stockholder's Equity$69,720 $68,077 
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, 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 
Balance at December 31, 20259 $398 $22,416 $4,204 $16 $27,034 
Net income— — — 628 — 628 
Capital contributions from parent company— — 1,500 — — 1,500 
Cash dividends on common stock— — — (644)— (644)
Other— — — 1 — 1 
Balance at March 31, 20269 $398 $23,916 $4,189 $16 $28,519 
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

MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Retail revenues$273 $248 
Wholesale revenues, non-affiliates87 71 
Wholesale revenues, affiliates97 81 
Other revenues15 20 
Total operating revenues472 420 
Operating Expenses:
Fuel and purchased power205 166 
Other operations and maintenance88 84 
Depreciation and amortization55 52 
Taxes other than income taxes36 33 
Total operating expenses384 335 
Operating Income88 85 
Other Income and (Expense):
Interest expense, net of amounts capitalized(20)(20)
Other income (expense), net10 6 
Total other income and (expense)(10)(14)
Earnings Before Income Taxes78 71 
Income taxes18 16 
Net Income and Comprehensive Income$60 $55 
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 STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Net income$60 $55 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total61 56 
Deferred income taxes10 (7)
Pension, postretirement, and other employee benefits(5)(5)
Settlement of asset retirement obligations(4)(4)
Other, net(5)7 
Changes in certain current assets and liabilities —
-Receivables(9)(16)
-Retail fuel cost under recovery(15)(13)
-Fossil fuel stock(1)13 
-Other current assets(2)10 
-Accounts payable(28)(4)
-Accrued taxes(73)(64)
-Accrued interest(12)(11)
-Accrued compensation(26)(23)
-Other current liabilities— (5)
Net cash used for operating activities(49)(11)
Investing Activities:
Property additions(92)(72)
Contributions in aid of construction2 57 
Cost of removal, net of salvage(9)(8)
Change in construction payables, net
(1)(14)
Payments pursuant to LTSAs(6)(6)
Other investing activities— (1)
Net cash used for investing activities(106)(44)
Financing Activities:
Increase (decrease) in notes payable, net32 (14)
Proceeds — Senior notes75 100 
Capital contributions from parent company90 50 
Payment of common stock dividends(48)(48)
Other financing activities(1)(1)
Net cash provided from financing activities148 87 
Net Change in Cash, Cash Equivalents, and Restricted Cash(7)32 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period26 13 
Cash, Cash Equivalents, and Restricted Cash at End of Period$19 $45 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest$32 $30 
Noncash transactions —
Accrued property additions at end of period37 22 
Right-of-use assets obtained under operating leases3 — 
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 March 31, 2026At December 31, 2025
 (in millions)
Current Assets:
Cash and cash equivalents$19 $26 
Receivables —
Customer accounts, net113 50 
Unbilled revenues39 44 
Affiliated31 26 
Other accounts and notes24 22 
Fossil fuel stock48 46 
Materials and supplies103 101 
Other regulatory assets52 49 
Other current assets7 10 
Total current assets436 374 
Property, Plant, and Equipment:
In service6,057 5,972 
Less: Accumulated provision for depreciation1,990 1,922 
Plant in service, net of depreciation4,067 4,050 
Construction work in progress248 238 
Total property, plant, and equipment4,315 4,288 
Other Property and Investments142 143 
Deferred Charges and Other Assets:
Deferred charges related to income taxes25 25 
Prepaid pension costs157 151 
Deferred under recovered retail fuel clause revenues— 40 
Regulatory assets – asset retirement obligations228 229 
Other regulatory assets, deferred259 255 
Accumulated deferred income taxes62 66 
Other deferred charges and assets79 66 
Total deferred charges and other assets810 832 
Total Assets$5,703 $5,637 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
28
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt March 31, 2026At December 31, 2025
 (in millions)
Current Liabilities:
Securities due within one year$65 $66 
Notes payable32 — 
Accounts payable —
Affiliated64 70 
Other60 77 
Accrued taxes52 125 
Accrued compensation25 49 
Asset retirement obligations19 21 
Other regulatory liabilities12 20 
Other current liabilities87 92 
Total current liabilities416 520 
Long-term Debt1,795 1,720 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes499 491 
Deferred credits related to income taxes209 211 
Employee benefit obligations65 67 
Asset retirement obligations, deferred100 103 
Other cost of removal obligations110 115 
Other regulatory liabilities, deferred140 141 
Other deferred credits and liabilities78 80 
Total deferred credits and other liabilities1,201 1,208 
Total Liabilities3,412 3,448 
Common Stockholder's Equity (See accompanying statements)
2,291 2,189 
Total Liabilities and Stockholder's Equity$5,703 $5,637 
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 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, 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 
Balance at December 31, 20251 $38 $4,871 $(2,724)$4 $2,189 
Net income— — — 60 — 60 
Capital contributions from parent company— — 90 — — 90 
Cash dividends on common stock— — — (48)— (48)
Balance at March 31, 20261 $38 $4,961 $(2,712)$4 $2,291 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
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SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Wholesale revenues, non-affiliates$577 $447 
Wholesale revenues, affiliates100 116 
Other revenues4 4 
Total operating revenues681 567 
Operating Expenses:
Fuel254 207 
Purchased power58 28 
Other operations and maintenance137 123 
Depreciation and amortization278 152 
Taxes other than income taxes13 12 
Total operating expenses740 522 
Operating Income(59)45 
Other Income and (Expense):
Interest expense, net of amounts capitalized(27)(26)
Other income (expense), net2 3 
Total other income and (expense)(25)(23)
Earnings (Loss) Before Income Taxes(84)22 
Income taxes (benefit)(70)(1)
Net Income (Loss)(14)23 
Net loss attributable to noncontrolling interests(18)(64)
Net Income Attributable to Southern Power$4 $87 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Net Income (Loss)$(14)$23 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $(2) and $5, respectively
(8)16 
Reclassification adjustment for amounts included in net income,
   net of tax of $3 and $(5), respectively
10 (14)
Total other comprehensive income2 2 
Comprehensive Income (Loss)(12)25 
Comprehensive loss attributable to noncontrolling interests(18)(64)
Comprehensive Income Attributable to Southern Power$6 $89 
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 Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Net income$(14)$23 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total283 158 
Deferred income taxes(27)5 
Amortization of ITCs
(15)(15)
Loss on damaged equipment
20 — 
Other, net— 1 
Changes in certain current assets and liabilities —
-Receivables23 (5)
-Income taxes receivable
(43)(6)
-Other current assets14 5 
-Accounts payable(46)(27)
-Accrued compensation(15)(15)
-Other current liabilities13 22 
Net cash provided from operating activities193 146 
Investing Activities:
Property additions(119)(187)
Change in construction payables2 39 
Payments pursuant to LTSAs(14)(13)
Other investing activities2 — 
Net cash used for investing activities(129)(161)
Financing Activities:
Increase in notes payable, net23 — 
Capital contributions from parent company— 130 
Capital contributions from noncontrolling interests4 19 
Distributions to noncontrolling interests(47)(37)
Payment of common stock dividends(72)(70)
Other financing activities(5)(3)
Net cash provided from (used for) financing activities(97)39 
Net Change in Cash, Cash Equivalents, and Restricted Cash(33)24 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period105 168 
Cash, Cash Equivalents, and Restricted Cash at End of Period$72 $192 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $10 and $3 capitalized for 2026 and 2025, respectively)
$13 $22 
Income taxes, net (excludes credit transfers)
1 — 
Noncash transactions —
Accrued property additions at end of period55 99 
Right-of-use assets obtained under operating leases— 2 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
32
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt March 31, 2026At December 31, 2025
 (in millions)
Current Assets:
Cash and cash equivalents$72 $105 
Receivables —
Customer accounts, net141 151 
Affiliated22 35 
Other62 16 
Materials and supplies135 132 
Other current assets77 89 
Total current assets509 528 
Property, Plant, and Equipment:
In service15,342 15,034 
Less: Accumulated provision for depreciation5,488 5,214 
Plant in service, net of depreciation9,854 9,820 
Construction work in progress867 1,080 
Total property, plant, and equipment10,721 10,900 
Other Property and Investments:
Intangible assets, net of amortization of $193 and $188, respectively
199 203 
Net investment in sales-type leases135 137 
Total other property and investments334 340 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization477 479 
Prepaid LTSAs183 170 
Other deferred charges and assets250 240 
Total deferred charges and other assets910 889 
Total Assets$12,474 $12,657 
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)

Liabilities and Stockholders' EquityAt March 31, 2026At December 31, 2025
 (in millions)
Current Liabilities:
Securities due within one year$575 $587 
Notes payable160 138 
Accounts payable —
Affiliated58 88 
Other78 93 
Accrued taxes13 9 
Accrued interest46 38 
Operating lease obligations31 31 
Other current liabilities77 92 
Total current liabilities1,038 1,076 
Long-term Debt2,353 2,353 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes571 579 
Accumulated deferred ITCs1,368 1,383 
Operating lease obligations, deferred
508 510 
Other deferred credits and liabilities242 235 
Total deferred credits and other liabilities2,689 2,707 
Total Liabilities6,080 6,136 
Total Stockholders' Equity (See accompanying statements)
6,394 6,521 
Total Liabilities and Stockholders' Equity$12,474 $12,657 
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 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, 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, 2025$1,436 $1,929 $— $3,365 $3,384 $6,749 
Balance at December 31, 2025$1,912 $1,758 $— $3,670 $2,851 $6,521 
Net income (loss)— 4 — 4 (18)(14)
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (72)— (72)— (72)
Capital contributions from
   noncontrolling interests		— — — — 4 4 
Distributions to noncontrolling interests— — — — (46)(46)
Other(1)1 — — (1)(1)
Balance at March 31, 2026$1,911 $1,691 $2 $3,604 $2,790 $6,394 
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 COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of $70 and $63, respectively)
$2,191 $1,839 
Total operating revenues2,191 1,839 
Operating Expenses:
Cost of natural gas926 674 
Other operations and maintenance343 316 
Depreciation and amortization183 169 
Taxes other than income taxes105 97 
Total operating expenses1,557 1,256 
Operating Income634 583 
Other Income and (Expense):
Earnings from equity method investments46 39 
Interest expense, net of amounts capitalized(105)(92)
Other income (expense), net17 18 
Total other income and (expense)(42)(35)
Earnings Before Income Taxes592 548 
Income taxes145 130 
Net Income$447 $418 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Net Income$447 $418 
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $2 and $5, respectively
6 11 
Reclassification adjustment for amounts included in net income,
    net of tax of $(3) and $—, respectively
(7)1 
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)(2)12 
Comprehensive Income$445 $430 
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 CASH FLOWS (UNAUDITED)

 For the Three Months Ended March 31,
 20262025
 (in millions)
Operating Activities:
Net income$447 $418 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total183 167 
Deferred income taxes60 42 
Other, net21 (5)
Changes in certain current assets and liabilities —
-Receivables(51)(115)
-Natural gas for sale, net of temporary LIFO liquidation355 365 
-Other current assets30 74 
-Accounts payable(201)(95)
-Accrued taxes70 73 
-Accrued compensation(56)(60)
-Natural gas cost over recovery(27)(179)
-Other current liabilities(23)2 
Net cash provided from operating activities808 687 
Investing Activities:
Property additions(323)(281)
Cost of removal, net of salvage(16)(16)
Change in construction payables, net6 (6)
Capital contributions to unconsolidated subsidiaries(27)(19)
Other investing activities— 1 
Net cash used for investing activities(360)(321)
Financing Activities:
Decrease in notes payable, net(170)(141)
Return of capital to parent company— (23)
Payment of common stock dividends(141)(149)
Other financing activities(10)(10)
Net cash used for financing activities(321)(323)
Net Change in Cash, Cash Equivalents, and Restricted Cash127 43 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period15 44 
Cash, Cash Equivalents, and Restricted Cash at End of Period$142 $87 
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $4 and $5 capitalized for 2026 and 2025, respectively)
$129 $111 
Income taxes, net(1)(1)
Noncash transactions —
Accrued property additions at end of period118 104 
Right-of-use assets obtained under operating leases1 60 
Return of capital to parent company— 33 
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)

AssetsAt March 31, 2026At December 31, 2025
(in millions)
Current Assets:  
Cash and cash equivalents$137 $15 
Receivables —  
Customer accounts660 490 
Unbilled revenues229 341 
Other accounts and notes60 57 
Accumulated provision for uncollectible accounts(59)(50)
Materials and supplies62 62 
Natural gas for sale145 396 
Prepaid expenses27 26 
Other regulatory assets96 114 
Other current assets44 66 
Total current assets1,401 1,517 
Property, Plant, and Equipment:  
In service24,391 24,098 
Less: Accumulated depreciation6,386 6,273 
Plant in service, net of depreciation18,005 17,825 
Construction work in progress865 863 
Total property, plant, and equipment18,870 18,688 
Other Property and Investments:
Goodwill5,015 5,015 
Equity investments in unconsolidated subsidiaries1,224 1,182 
Other intangible assets, net of amortization of $180 and $179, respectively
2 3 
Miscellaneous property and investments25 24 
Total other property and investments6,266 6,224 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization82 85 
Prepaid pension and other postretirement benefit costs248 229 
Other regulatory assets, deferred555 517 
Other deferred charges and assets129 127 
Total deferred charges and other assets1,014 958 
Total Assets$27,551 $27,387 
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 March 31, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$531 $531 
Notes payable255 425 
Accounts payable —
Affiliated57 70 
Other383 553 
Customer deposits72 75 
Accrued taxes177 107 
Accrued interest77 100 
Accrued compensation81 137 
Temporary LIFO liquidation104 — 
Natural gas cost over recovery131 158 
Other regulatory liabilities69 36 
Other current liabilities109 110 
Total current liabilities2,046 2,302 
Long-term Debt8,738 8,743 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes2,033 1,971 
Deferred credits related to income taxes672 681 
Employee benefit obligations84 78 
Operating lease obligations122 123 
Other cost of removal obligations1,944 1,921 
Accrued environmental remediation201 207 
Other deferred credits and liabilities278 234 
Total deferred credits and other liabilities5,334 5,215 
Total Liabilities16,118 16,260 
Common Stockholder's Equity (See accompanying statements)
11,433 11,127 
Total Liabilities and Stockholder's Equity$27,551 $27,387 
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
Other
Comprehensive
Income (Loss)		Total
 (in millions)
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, 2025$10,810 $355 $60 $11,225 
Balance at December 31, 2025$10,854 $222 $51 $11,127 
Net income— 447 — 447 
Capital contributions from parent company1 — — 1 
Other comprehensive income (loss)— — (2)(2)
Cash dividends on common stock— (141)— (141)
Other— 1 — 1 
Balance at March 31, 2026$10,855 $529 $49 $11,433 
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
42
B
45
C
48
D
50
E
54
F
56
G
60
H
61
I
63
J
67
K
76
L
78



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 Powerllllllllll
Georgia Powerllllllllll
Mississippi Powerllllllllll
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, 2025 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 March 31, 2026 and 2025. 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 March 31, 2026 and December 31, 2025 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 March 31, 2026At December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Other
Intangible
Assets,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Other
Intangible
Assets,
Net
(in millions)(in millions)
Southern Company
Subject to amortization:
Customer relationships$212 $(190)$22 $212 $(189)$23 
Trade names64 (64)— 64 (64)— 
PPA fair value adjustments390 (193)197 390 (188)202 
Other3 (3)— 3 (3)— 
Total subject to amortization$669 $(450)$219 $669 $(444)$225 
Not subject to amortization:
FCC licenses75 — 75 75 — 75 
Total other intangible assets$744 $(450)$294 $744 $(444)$300 
Southern Power(*)
PPA fair value adjustments$390 $(193)$197 $390 $(188)$202 
Southern Company Gas(*)
Gas marketing services
Customer relationships$156 $(154)$2 $156 $(153)$3 
Trade names26 (26)— 26 (26)— 
Total other intangible assets$182 $(180)$2 $182 $(179)$3 
(*)All subject to amortization.
Amortization associated with other intangible assets was as follows:
Three Months Ended March 31,
20262025
(in millions)
Southern Company(a)
$7 $8 
Southern Power(b)
5 5 
Southern Company Gas
Gas marketing services1 2 
(a)Includes $5 million for the three months ended March 31, 2026 and 2025 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 CompanySouthern
Company Gas
(in millions)
At March 31, 2026
Cash and cash equivalents$981 $137 
Restricted cash(*):
Other current assets
6 5 
Total cash, cash equivalents, and restricted cash
$987 $142 
At December 31, 2025
Cash and cash equivalents$1,639 $15 
Restricted cash(*):
Other current assets
1 — 
Total cash, cash equivalents, and restricted cash
$1,640 $15 
(*)For Southern Company Gas, reflects funds held to support letters of credit. For Southern Company, also reflects collateral of $1 million for life insurance and long-term disability insurance, which was included at Southern Holdings.
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 decrement at March 31, 2026 is expected to be restored prior to year end.
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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 recovery balances for retail fuel and storm/property damage for the traditional electric operating companies and natural gas cost for Southern Company Gas at March 31, 2026 and December 31, 2025 were as follows:
Recovery/Regulatory ClauseBalance Sheet LocationAt March 31, 2026At December 31, 2025
(in millions)
Alabama Power
Rate ECROther regulatory assets, deferred$200 $146 
NDROther regulatory liabilities, deferred52 60 
Georgia Power
Fuel cost recovery
Receivables – under recovered retail fuel clause revenues
$234 $310 
Deferred under recovered retail fuel clause revenues210 212 
Storm damage recoveryOther regulatory assets, current31 31 
Other regulatory assets, deferred962 880 
Mississippi Power
Fuel cost recovery(*)
Receivables – customer accounts, net$55 $— 
Deferred under recovered retail fuel clause revenues— 40 
Property damage reserveOther regulatory liabilities, deferred57 57 
Southern Company Gas
Natural gas cost recoveryNatural gas cost over recovery$131 $158 
(*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At March 31, 2026 and December 31, 2025, wholesale MRA fuel cost under recovery was $9 million and $6 million, respectively, and was included in customer accounts receivable, net on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.
Alabama Power
Power to the People Act
In December 2025, the Alabama PSC issued a consent order to keep retail rates stable through 2027. On April 2, 2026, the State of Alabama enacted legislation providing that retail base rates established and in place on October 1, 2026 may not be increased before January 1, 2029 for utilities that are regulated by the Alabama PSC and that provide retail electric service. The ultimate outcome of this matter cannot be determined at this time.
Reliability Reserve Accounting Order
In accordance with the notification provided to the Alabama PSC through its annual Rate RSE filing indicating plans to use $60 million of the reliability reserve, Alabama Power utilized $21 million of its reliability reserve during the first quarter 2026 for reliability-related transmission, distribution, and generation expenses. At March 31, 2026, Alabama Power's reliability reserve balance was $163 million.
Environmental Accounting Order
As a result of the planned conversion of Plant Barry Unit 5 from coal to natural gas, the unit's net book value no longer meets the criteria to be considered probable of abandonment, and, in the first quarter 2026, approximately $307 million was reclassified from other utility plant, net to plant in service on Alabama Power's and Southern Company's balance sheets.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Georgia Power
Integrated Resource Plans
Certification Requests
On March 25, 2026, Georgia Interfaith Power & Light, Park Avenue Baptist Church, Unitarian Universalist Church of Savannah, Sierra Club, Adrien Webber, and Southern Alliance for Clean Energy filed a petition with the Fulton County Superior Court appealing the Georgia PSC's December 19, 2025 approval of Georgia Power's request for certification of resources totaling 9,885 MWs (2025 All-Source Certification). The petition requests a reversal of the 2025 All-Source Certification, including a decertification of at least 757 MWs of resources. Georgia Power believes the appeal has no merit; however, the ultimate outcome of this matter cannot be determined at this time.
2025 IRP
On April 23, 2026, pursuant to the final order for Georgia Power's 2025 IRP, Georgia Power filed for approval to issue a request for proposals seeking 2,000 MWs to 6,000 MWs of resources to meet capacity needs in 2032 and 2033. Georgia Power projects a decision from the Georgia PSC regarding issuance in the second quarter 2026. The ultimate outcome of this matter cannot be determined at this time.
Fuel Cost Recovery
On each of March 13, 2026 and April 15, 2026, Georgia Power filed 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 $200 million (IFR Threshold), as established in a Georgia PSC stipulation approved in 2023, as of February 28, 2026 and March 31, 2026, respectively. Georgia Power did not propose a fuel cost recovery rate change pursuant to these IFR notifications and plans and is required to monitor and report to the Georgia PSC monthly as long as the under recovered fuel balance is above the IFR Threshold. Georgia Power expects the Georgia PSC to make a final decision on its February 2026 fuel case on May 28, 2026. The ultimate outcome of this matter cannot be determined at this time.
Construction
At March 31, 2026, Georgia Power had recorded approximately $3.7 billion of combined capital costs, excluding AFUDC, for the projects reflected in the table below approved by the Georgia PSC through the 2023 IRP Update and certification requests in September and December 2025 authorized through its 2022 IRP. The total certified
46
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
amounts related to these projects are approximately $19.5 billion, excluding AFUDC. The ultimate outcome of these matters cannot be determined at this time.
Resource/Project
Approximate Nameplate Capacity
(MW)
Actual/Projected COD
Projects Under Construction at March 31, 2026
Battery Energy Storage
McGrau Ford Phase 1265Fourth quarter 2026
Twiggs County200Fourth quarter 2027
Wadley260Fourth quarter 2027
Bowen Phase 1
250Fourth quarter 2028
Bowen Phase 2
250Fourth quarter 2029
South Hall250Fourth quarter 2028
Wansley
500Fourth quarter 2028
Yates Phase 1
320Fourth quarter 2028
Yates Phase 2
250Fourth quarter 2028
Thomson500Fourth quarter 2029
Hammond Phase 2193Fourth quarter 2030
McIntosh
250Fourth quarter 2030
Various facilities(a)
372Second quarter 2026 through
fourth quarter 2026
Solar with Battery Energy Storage
Laurens County 200Fourth quarter 2028
Plant Mitchell 150Fourth quarter 2028
Combined Cycle
Plant Bowen Unit 7741Fourth quarter 2029
Plant Bowen Unit 8741Second quarter 2030
Plant McIntosh Unit 12757Fourth quarter 2030
Plant Wansley Unit 10727Fourth quarter 2029
Plant Wansley Unit 11727Second quarter 2030
Combustion Turbine
Plant Yates Unit 8(b)
442Fourth quarter 2026
Plant Yates Unit 9(b)
442Second quarter 2027
Plant Yates Unit 10(b)
442Third quarter 2027
Projects Completed During the Three Months Ended March 31, 2026
Battery Energy Storage
Robins
128March 2026
(a)Subsequent to March 31, 2026, Georgia Power completed construction of the 50-MW Moody battery energy storage facility.
(b)Pursuant to the 2023 IRP Update, cost recovery over the certified amount is limited.
Mississippi Power
Performance Evaluation Plan
On March 16, 2026, Mississippi Power submitted its annual retail PEP Evaluation Report for 2026 to the Mississippi PSC, which affirmed its request filed in November 2025 for a 1.8%, or $20 million, annual increase in revenues, primarily due to increases in investment and depreciation. In accordance with the PEP rate schedule, the increase became effective with the first billing cycle of January 2026, subject to refund. The Mississippi PSC is expected to render a final decision in the second quarter 2026. The ultimate outcome of this matter cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Integrated Resource Plans
On March 9, 2026, in compliance with its IRP requirements, Mississippi Power submitted its mid-point update to its 2024 IRP to the Mississippi PSC, indicating that the retirement dates of Plant Daniel Unit 2 and Plant Watson Unit 4 will extend beyond 2028.
The remaining net book value of Plant Daniel Unit 1 was approximately $124 million at March 31, 2026, and Mississippi Power is continuing to depreciate Plant Daniel Unit 1 using approved rates. Mississippi Power expects to reclassify the net book value remaining at retirement to a regulatory asset to be amortized over a period to be determined by the Mississippi PSC in future proceedings, consistent with a 2020 order. The ultimate outcome of this matter cannot be determined at this time.
Environmental Compliance Overview Plan
On April 14, 2026, the Mississippi PSC approved Mississippi Power's annual ECO Plan filing for 2026, resulting in a $2 million annual increase in revenues effective with the first billing cycle of May 2026.
System Restoration Rider
On March 2, 2026, Mississippi Power submitted its annual SRR filing for 2026 to the Mississippi PSC, indicating no change in retail rates. The filing includes a request to increase the minimum annual SRR accrual from $13.5 million to $13.7 million. The ultimate outcome of this matter cannot be determined at this time.
Reliability Reserve Accounting Order
On March 16, 2026, through its annual PEP Evaluation Report, Mississippi Power notified the Mississippi PSC of its intent to use approximately $8 million of its retail reliability reserve balance during 2026. During the first quarter 2026, Mississippi Power utilized the retail reliability reserve in the amount of $6 million for reliability-related generation, transmission, and distribution expenses. At March 31, 2026, Mississippi Power's retail reliability reserve balance was $52 million. See "Performance Evaluation Plan" herein for information regarding Mississippi Power's annual PEP filing.
(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
In July 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.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Although not named as defendants, other entities are accused of having participated in the plaintiffs' alleged conspiracy. The plaintiffs seek to recover, among other relief, unspecified monetary damages, including treble damages and attorneys' fees, and injunctive relief. In October 2025, Southern Company moved to dismiss the complaint. In November 2025, the plaintiffs filed an amended complaint naming Southern Nuclear, among others, as a defendant. In December 2025, Southern Company and Southern Nuclear filed a motion to dismiss the amended complaint. An adverse outcome could have a material impact on Southern Company's financial statements.
Alabama Power
In 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 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. Later in 2022, Alabama Power filed a motion to dismiss the case. In 2024, the lawsuit was dismissed without prejudice by the U.S. District Court judge. Later in 2024, the U.S. District Court judge denied a motion to reconsider filed by the plaintiff, and 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 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.
In July 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 utilizing a closure-in-place methodology violates 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. In September 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 $14 million at both March 31, 2026 and December 31, 2025. 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.
49
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company Gas' environmental remediation liability was $219 million and $227 million at March 31, 2026 and December 31, 2025, 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.
(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.
50
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The following table disaggregates revenue from contracts with customers for the three months ended March 31, 2026 and 2025:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended March 31, 2026
Operating revenues
Retail electric revenues
Residential$2,003 $773 $1,150 $80 $— $— 
Commercial1,663 477 1,104 82 — — 
Industrial942 414 438 90 — — 
Other31 3 25 3 — — 
Total retail electric revenues4,639 1,667 2,717 255 — — 
Natural gas distribution revenues
Residential1,028 — — — — 1,028 
Commercial253 — — — — 253 
Transportation440 — — — — 440 
Industrial 24 — — — — 24 
Other145 — — — — 145 
Total natural gas distribution revenues1,890 — — — — 1,890 
Wholesale electric revenues
PPA energy revenues496 46 64 4 392 — 
PPA capacity revenues149 18 44 21 83 — 
Non-PPA revenues89 119 44 169 44 — 
Total wholesale electric revenues734 183 152 194 519 — 
Other natural gas revenues
Gas marketing services281 — — — — 281 
Other
3 — — — — 3 
Total other natural gas revenues
284 — — — — 284 
Other revenues493 78 236 15 4 — 
Total revenue from contracts with customers8,040 1,928 3,105 464 523 2,174 
Other revenue sources(*)
357 164 37 8 158 17 
Total operating revenues$8,397 $2,092 $3,142 $472 $681 $2,191 
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(UNAUDITED)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended March 31, 2025
Operating revenues
Retail electric revenues
Residential$2,065 $805 $1,186 $74 $— $— 
Commercial1,612 482 1,055 75 — — 
Industrial915 390 444 81 — — 
Other31 3 26 2 — — 
Total retail electric revenues4,623 1,680 2,711 232 — — 
Natural gas distribution revenues
Residential845 — — — — 845 
Commercial199 — — — — 199 
Transportation406 — — — — 406 
Industrial 18 — — — — 18 
Other112 — — — — 112 
Total natural gas distribution revenues1,580 — — — — 1,580 
Wholesale electric revenues
PPA energy revenues415 54 84 3 284 — 
PPA capacity revenues149 28 39 17 82 — 
Non-PPA revenues71 69 9 134 62 — 
Total wholesale electric revenues635 151 132 154 428 — 
Other natural gas revenues
Gas marketing services256 — — — — 256 
Other
4 — — — — 4 
Total other natural gas revenues
260 — — — — 260 
Other revenues493 83 230 20 4 — 
Total revenue from contracts with customers7,591 1,914 3,073 406 432 1,840 
Other revenue sources(*)
184 98 (36)14 135 (1)
Total operating revenues$7,775 $2,012 $3,037 $420 $567 $1,839 
(*)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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(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 March 31, 2026 and December 31, 2025:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Accounts Receivable
At March 31, 2026$3,083 $649 $1,179 $119 $94 $925 
At December 31, 20253,139 716 1,278 115 132 864 
Contract Assets
At March 31, 2026$338 $5 $196 $— $— $67 
At December 31, 2025294 3 160 — — 67 
Contract Liabilities
At March 31, 2026$257 $9 $76 $2 $1 $— 
At December 31, 2025213 6 75 — 2 — 
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 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 March 31, 2026 and December 31, 2025, Southern Company's unregulated distributed generation business had contract assets of $69 million and $63 million, respectively, and contract liabilities of $170 million and $132 million, respectively, for outstanding performance obligations, all of which are expected to be satisfied within one year.
Revenues recognized in the three months ended March 31, 2026, which were included in contract liabilities at December 31, 2025, were $55 million for Southern Company, $11 million 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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(UNAUDITED)
to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at March 31, 2026 are expected to be recognized as follows:
2026 (remaining)2027202820292030Thereafter
(in millions)
Southern Company$875 $679 $452 $412 $416 $3,130 
Alabama Power8 5 4 2 1 6 
Georgia Power48 60 43 22 22 146 
Mississippi Power(*)
49 69 73 12 — — 
Southern Power(*)
270 349 389 393 393 2,978 
Southern Company Gas31 21 — — — — 
(*)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 months ended March 31, 2026 and 2025 was as follows:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
 (in millions)
Three Months Ended March 31, 2026
Lease income - interest income on sales-type leases$5 $— $— $3 $2 $— 
Lease income - operating leases34 3 7 1 37 9 
Variable lease income79 — — — 87 — 
Total lease income$118 $3 $7 $4 $126 $9 
Three Months Ended March 31, 2025
Lease income - interest income on sales-type leases$6 $— $— $4 $2 $— 
Lease income - operating leases33 2 7 1 37 9 
Variable lease income81 — — — 89 — 
Total lease income$120 $2 $7 $5 $128 $9 
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.
(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 March 31, 2026 and December 31, 2025, Southern Holdings had equity method investments totaling $125 million and $124 million, respectively, primarily related to investments in venture capital funds focused on energy and utility investments. Earnings/losses from these investments were immaterial for all periods presented.
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
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(UNAUDITED)
maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests.
SP Solar
At March 31, 2026 and December 31, 2025, SP Solar had total assets of $5.1 billion and $5.2 billion, respectively, total liabilities of $361 million and $360 million, respectively, and noncontrolling interests of $899 million and $918 million, respectively. 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.
Southern Power consolidates SP Solar, as the primary beneficiary, since it controls the most significant activities of the entity, including operating and maintaining its assets. Certain transfers and sales of the assets in the VIE 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.
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 March 31, 2026 and December 31, 2025, the other VIEs had total assets of $1.6 billion, total liabilities of $246 million and $236 million, respectively, and noncontrolling interests of $590 million and $617 million, 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 March 31, 2026 and December 31, 2025 were as follows:
Investment BalanceAt March 31, 2026At December 31, 2025
(in millions)
SNG$1,190 $1,148 
Other34 34 
Total$1,224 $1,182 
The earnings from Southern Company Gas' equity method investment in SNG were $46 million and $39 million for the three months ended March 31, 2026 and 2025, respectively. The earnings from Southern Company Gas' other equity method investments were immaterial for all periods presented.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(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 March 31, 2026, committed credit arrangements with banks were as follows:
Expires
Company20262028202920302031TotalUnusedExpires 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 15 
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 $500 $775 $2,300 $5,300 $8,920 $8,909 $45 
(a)Arrangement expiring in 2031 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, Mississippi Power, and Southern 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 March 31, 2026. 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 March 31, 2026.
(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 March 31, 2026. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at March 31, 2026. 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.
As reflected in the table above, in March 2026, (i) Southern Company, Mississippi Power, and Southern Power extended the maturity date of their $3.25 billion combined multi-year credit arrangement from 2030 to 2031, (ii) Southern Company extended the maturity date of its multi-year credit agreement from 2027 to 2028, (iii) Georgia Power extended the maturity date of its multi-year credit arrangement from 2030 to 2031, and (iv) Mississippi Power extended the maturity date of its multi-year credit agreement from 2027 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 March 31, 2026, 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.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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 March 31, 2026, 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 March 31, 2026, Alabama Power and Georgia Power had approximately $160 million and $325 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Alabama Power's $160 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.
DOE Loan Guarantee Borrowings
On February 20, 2026, pursuant to the loan guarantee program (DOE Loan Guarantee Program) established under Title XVII of the Energy Policy Act of 2005, as amended (Title XVII), Alabama Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (Alabama Power LGA), between Alabama Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (Alabama Power NPA), among Alabama Power, the FFB, and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Alabama Power to the FFB (each an Alabama Power FFB Note and, together with the Alabama Power NPA, the Alabama Power FFB Credit Facility Documents). The Alabama Power LGA and the Alabama Power FFB Credit Facility Documents are referred to herein together as the Alabama Power Loan Documents.
In addition, on February 20, 2026, pursuant to the DOE Loan Guarantee Program, Georgia Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (Georgia Power LGA and, together with the Alabama Power LGA, the Loan Guarantee Agreements), between Georgia Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (Georgia Power NPA), among Georgia Power, the FFB, and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Georgia Power to the FFB (each a Georgia Power FFB Note and, together with the Georgia Power NPA, the Georgia Power FFB Credit Facility Documents). The Georgia Power LGA and the Georgia Power FFB Credit Facility Documents are referred to herein together as the Georgia Power Loan Documents.
The Alabama Power FFB Credit Facility Documents provide for a multi-advance term loan facility under which Alabama Power may make term loan borrowings through the FFB (Alabama Power Credit Facility). The Georgia Power FFB Credit Facility Documents provide for a multi-advance term loan facility under which Georgia Power may make term loan borrowings through the FFB (Georgia Power Credit Facility and, together with the Alabama Power Credit Facility, the Credit Facilities). Each of Alabama Power and Georgia Power is referred to herein as a Borrower in connection with its applicable Credit Facility.
Proceeds of advances made under each Credit Facility must be used for the purpose of reimbursing the applicable Borrower for a portion (up to 80%) of "eligible project costs" (as defined in the applicable Loan Guarantee Agreement) incurred by such Borrower for projects that are eligible for financing under the terms of the applicable Loan Guarantee Agreement and the DOE Loan Guarantee Program (Eligible Projects). Eligible Projects may include new gas generating units and upgrades associated with existing gas generating units; new transmission lines, substations, and transmission system upgrades; new stand-alone battery energy storage systems; hydropower refurbishment and upgrades; upgrades, uprates, and license extensions for existing nuclear facilities; coal-to-gas conversions; and grid enhancements.
The aggregate amount of advances under the Alabama Power Credit Facility may not exceed approximately $4.1 billion (Alabama Power Maximum Facility Amount). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (Georgia Power Maximum Facility Amount and, together with the Alabama Power Maximum Facility Amount, the Maximum Facility Amounts). Each Borrower may request advances under its applicable Credit Facility during an availability period (with respect to each
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(UNAUDITED)
Borrower, the "availability period") that will continue until the earliest of (i) September 15, 2033, (ii) the date total advances reach the applicable Maximum Facility Amount, or (iii) the termination of the obligation to fund further advances following an event of default under the applicable Loan Guarantee Agreement. In addition, the FFB's obligation to fund advances to Alabama Power will terminate if Alabama Power has failed to request an initial advance by February 20, 2031.
In March 2026, Georgia Power received initial advances under the Georgia Power Credit Facility in an amount of approximately $1.0 billion at an interest rate of 5.041% through the final maturity date of December 10, 2055.
Future advances under each of the Credit Facilities are subject to confirmation of investment grade credit ratings and satisfaction of customary conditions, as well as certification of compliance with the requirements of Title XVII, including accuracy of project-related representation and warranties, delivery of updated project-related information, and evidence of compliance with the prevailing wage requirements of the Davis-Bacon Act of 1931, as amended (DOE Program Requirements), compliance with the Cargo Preference Act of 1954, and certification from the DOE's consulting engineer that proceeds of the advances are used to reimburse for eligible project costs.
All borrowings under each of the Credit Facilities will be full recourse, senior unsecured obligations of the respective Borrower. Alabama Power is not a party to, and has no obligations with respect to, the Georgia Power Credit Facility. Georgia Power is not a party to, and has no obligations with respect to, the Alabama Power Credit Facility.
The final scheduled maturity date for all borrowings under each Credit Facility is December 10, 2055. Each advance will bear interest at a rate equal to the applicable U.S. Treasury rate plus a spread of 0.375%, which rate will be determined at the time of the advance. Principal payments for the Alabama Power Credit Facility are payable in three equal annual installments, beginning on December 10, 2053. Principal payments for the Georgia Power Credit Facility are payable in seven equal annual installments, beginning on December 10, 2049.
Under each of the Loan Guarantee Agreements, the DOE agreed to provide guarantees with respect to the obligations of Alabama Power and Georgia Power under the Alabama Power FFB Credit Facility Documents and Georgia Power FFB Credit Facility Documents, respectively. Under their respective Loan Guarantee Agreements, Alabama Power and Georgia Power are obligated to reimburse the DOE for any amounts the DOE is required to pay with respect to such guarantees. Alabama Power's and Georgia Power's reimbursement obligations to the DOE are full recourse, senior unsecured obligations of the respective Borrower.
Under each Loan Guarantee Agreement, the applicable Borrower is subject to customary affirmative and negative covenants and events of default. In addition, Alabama Power and Georgia Power are subject to project-related reporting requirements and other project-specific covenants and events of default.
Under each Loan Guarantee Agreement, the applicable Borrower will be required to prepay certain amounts outstanding under the applicable Credit Facility if (i) the applicable Borrower takes any action that causes an Eligible Project to cease to be an Eligible Project, (ii) certain "termination events" (as defined in the applicable Loan Guarantee Agreement) occur with respect to any Eligible Project of the applicable Borrower, (iii) eligible project costs recoverable in customer rates of the applicable Borrower are less than 95% of total advances made to the applicable Borrower under the applicable Credit Facility, with such amount tested on the third anniversary of the termination of the applicable availability period, or (iv) the applicable Borrower receives advances for certain preliminary costs and fails to satisfy the DOE Program Requirements. Any mandatory prepayment will be made in quarterly installments and, depending on the size of the required mandatory prepayment, will be payable over a period of one to three years (in the case of Alabama Power) or one to five years (in the case of Georgia Power). Any such mandatory prepayment will be at a prepayment price equal to 100% of the principal amount to be prepaid, plus accrued and unpaid interest to the date of prepayment.
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(UNAUDITED)
In addition, if a "change of control" (as defined in the applicable Loan Guarantee Agreement) occurs with respect to the applicable Borrower, such Borrower will be required to offer to prepay all outstanding advances under its Credit Facility. Any such prepayment will be made with a make-whole premium or discount, as applicable.
Each Borrower will be permitted to voluntarily prepay all or a portion of any outstanding advances. Any such prepayment will be made with a make-whole premium or discount, as applicable.
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 and settled under separate forward sale contracts with forward purchasers during the three months ended March 31, 2026.
Shares Sold
Initial Forward Price per Share
To be Settled On or Before
Forward Price Per Share SettledShares Issued to SettleSettlement Date
Sold during 2025
3,255,866$89.4692December 31, 2026$89.24433,255,866March 2, 2026
2,314,487$92.7805June 30, 2027$92.87232,314,487March 2, 2026
Sold during 2026
1,467,305$96.3883March 31, 2028N/AN/AN/A
1,896,549$97.5815March 31, 2028N/AN/AN/A
1,903,317$95.5086March 31, 2028N/AN/AN/A
As of March 31, 2026, Southern Company had entered into separate forward sale contracts with forward purchasers for a total of 49,885,779 shares of common stock, all of which had been sold by the forward sellers. Of these shares, 5,570,353 shares were settled during the three months ended March 31, 2026 in the form of shares at the initial forward price adjusted for interest earned and dividends paid from the forward sale date to the settlement date. The net proceeds from the shares settled during the three months ended March 31, 2026 were approximately $506 million.
The total number of shares sold remaining under the forward sale contracts subject to settlement at a future date is 27,398,371. Each initial forward price is subject to adjustment under certain circumstances as specified in the respective forward sales contracts. Southern Company may settle each of the forward transactions in shares, cash, or net shares.
Earnings per Share
For Southern Company, the difference in computing basic and diluted EPS is attributable to awards outstanding under stock-based compensation plans, forward sale contracts pursuant to the equity distribution agreement, convertible senior notes, and equity units. EPS dilution resulting from stock-based compensation plans and the forward sale contracts is determined using the treasury stock method. EPS dilution resulting from the convertible senior notes is determined using the net share settlement method. See "Equity Distribution Agreement" herein and Note 8 to the financial statements under "Convertible Senior Notes," "Equity Distribution Agreement," and "Equity
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Units" 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 March 31,
20262025

(in millions)
As reported shares1,124 1,100 
Effect of stock-based compensation4 5 
Diluted shares1,128 1,105 
For both periods presented, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive.
For both periods presented, dilution resulting from convertible senior notes and forward sale contracts was immaterial.
(G) INCOME TAXES
See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information.
Cash Paid for Income Taxes
Alabama Power, Georgia Power, and Southern Power have entered into transferability agreements with non-affiliated parties to sell ITCs and PTCs at a discount to the generated credit value in 2024, 2025, and 2026. 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. Subsequent to March 31, 2026, Alabama Power, Georgia Power, and Southern Power received cash of $6 million, $33 million, and $12 million, respectively, from credits transferred. The Southern Company system continues to explore the ability to efficiently monetize its tax credits through third-party transfer agreements.
During the first three months of 2026, pursuant to certain joint ownership agreements, Georgia Power paid $45 million to the other Vogtle Owners for advanced nuclear PTCs for Plant Vogtle Units 3 and 4. The gain was recognized as an income tax benefit and was immaterial.
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.
Southern Company
Southern Company's effective tax rate was 14.5% for the three months ended March 31, 2026 compared to 18.1% for the corresponding period in 2025. The effective tax rate decrease was primarily due to an increase in federal PTCs at Southern Power and an increase in amortization of federal PTCs at Georgia Power.
Georgia Power
Georgia Power's effective tax rate was 11.9% for the three months ended March 31, 2026 compared to 14.2% for the corresponding period in 2025. The effective tax rate decrease was primarily due to an increase in amortization of federal PTCs.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Power
Southern Power's effective tax rate benefit was (82.6)% for the three months ended March 31, 2026 compared to (5.3)% for the corresponding period in 2025. The effective tax rate benefit increase was primarily due to an increase in federal PTCs resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership, as well as a change in pre-tax earnings attributable to Southern Power, including the impact of accelerated depreciation related to wind repowering projects. See Note (K) under "Southern Power – Wind Repowering Projects" and Notes 5 and 15 to the financial statement under "Depreciation and Amortization – Southern Power" and "Southern Power – Purchase of Renewable Facility Interests," respectively, in Item 8 of the Form 10-K for additional information.
(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, 2026. 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 months ended March 31, 2026 and 2025 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
Power		Southern
Company
Gas
(in millions)
Three Months Ended March 31, 2026
Pension Plans
Service cost$69 $15 $17 $3 $2 $7 
Interest cost162 38 47 7 2 11 
Expected return on plan assets(322)(79)(99)(15)(4)(21)
Amortization:
Prior service costs— — — — — (1)
Regulatory asset— — — — — 3 
Net loss18 5 6 1 — — 
Net periodic pension income$(73)$(21)$(29)$(4)$— $(1)
Postretirement Benefits
Service cost$3 $1 $1 $— $— $— 
Interest cost16 4 6 1 — 2 
Expected return on plan assets(23)(9)(8)(1)— (2)
Amortization:
Prior service costs1 — — — — — 
Net gain(2)— — — — (2)
Net periodic postretirement benefit income$(5)$(4)$(1)$— $— $(2)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended March 31, 2025
Pension Plans
Service cost$66 $15 $16 $3 $1 $7 
Interest cost166 39 49 7 2 11 
Expected return on plan assets(320)(78)(99)(15)(4)(22)
Amortization:
Prior service costs— — — — — (1)
Regulatory asset— — — — — 4 
Net loss9 2 4 1 1 — 
Net periodic pension income$(79)$(22)$(30)$(4)$— $(1)
Postretirement Benefits
Service cost$3 $1 $1 $— $— $— 
Interest cost17 4 6 1 — 2 
Expected return on plan assets(23)(9)(8)— — (2)
Amortization:
Prior service costs1 — — — — — 
Regulatory asset— — — — — 2 
Net gain(3)— — (1)— (2)
Net periodic postretirement benefit income$(5)$(4)$(1)$— $— $— 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(I) FAIR VALUE MEASUREMENTS
At March 31, 2026, 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 March 31, 2026Quoted 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)
$2 $76 $— $— $78 
Interest rate derivatives— 7 — — 7 
Foreign currency derivatives— 5 — — 5 
Investments in trusts:(b)
Domestic equity884 259 — — 1,143 
Foreign equity177 231 — — 408 
U.S. Treasury and government agency securities— 390 — — 390 
Municipal bonds— 50 — — 50 
Pooled funds – fixed income— 4 — — 4 
Corporate bonds— 529 — — 529 
Mortgage- and asset-backed securities — 108 — — 108 
Private equity— — — 195 195 
Cash and cash equivalents1 — — — 1 
Other63 3 — 9 75 
Investments, available-for-sale:
U.S. Treasury and government agency securities2 12 — — 14 
Municipal bonds— 1 — — 1 
Corporate bonds— 3 — — 3 
Mortgage- and asset-backed securities— 4 — — 4 
Cash equivalents486 15 — — 501 
Other investments10 39 8 — 57 
Other— — 10 — 10 
Total$1,625 $1,736 $18 $204 $3,583 
Liabilities:
Energy-related derivatives(a)
$9 $151 $— $— $160 
Interest rate derivatives— 191 — — 191 
Foreign currency derivatives— 50 — — 50 
Contingent consideration— — 11 — 11 
Other— 13 11 — 24 
Total$9 $405 $22 $— $436 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At March 31, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset
Value as a
Practical
Expedient
(NAV)		Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives$— $25 $— $— $25 
Nuclear decommissioning trusts:(b)
Domestic equity502 248 — — 750 
Foreign equity177 — — — 177 
U.S. Treasury and government agency securities— 15 — — 15 
Municipal bonds— 1 — — 1 
Corporate bonds— 317 — — 317 
Mortgage- and asset-backed securities— 30 — — 30 
Private equity— — — 195 195 
Other13 1 — 9 23 
Cash equivalents9 15 — — 24 
Other investments— 39 — — 39 
Total$701 $691 $— $204 $1,596 
Liabilities:
Energy-related derivatives$— $48 $— $— $48 
Georgia Power
Assets:
Energy-related derivatives$— $25 $— $— $25 
Nuclear decommissioning trusts:(b)
Domestic equity382 1 — — 383 
Foreign equity— 229 — — 229 
U.S. Treasury and government agency securities— 375 — — 375 
Municipal bonds— 49 — — 49 
Corporate bonds— 212 — — 212 
Mortgage- and asset-backed securities— 78 — — 78 
Other50 2 — — 52 
Cash equivalents8 — — — 8 
Total$440 $971 $— $— $1,411 
Liabilities:
Energy-related derivatives$— $49 $— $— $49 
Mississippi Power
Assets:
Energy-related derivatives$— $19 $— $— $19 
Liabilities:
Energy-related derivatives$— $38 $— $— $38 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At March 31, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset
Value as a
Practical
Expedient
(NAV)		Total
(in millions)
Southern Power
Assets:
Energy-related derivatives$— $4 $— $— $4 
Foreign currency derivatives— 5 — — 5 
Other— — 10 — 10 
Total$— $9 $10 $— $19 
Liabilities:
Energy-related derivatives$— $3 $— $— $3 
Contingent consideration— — 11 — 11 
Other— 13 11 — 24 
Total$— $16 $22 $— $38 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$2 $3 $— $— $5 
Non-qualified deferred compensation trusts:
Domestic equity— 10 — — 10 
Foreign equity— 2 — — 2 
Pooled funds – fixed income— 4 — — 4 
Cash and cash equivalents1 — — — 1 
Cash equivalents121 — — — 121 
Total$124 $19 $— $— $143 
Liabilities:
Energy-related derivatives(a)
$9 $13 $— $— $22 
Interest rate derivatives— 55 — — 55 
Total$9 $68 $— $— $77 
(a)Excludes cash collateral of $22 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 months ended March 31, 2026 and 2025. 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 March 31,
Fair value increases (decreases)20262025
(in millions)
Southern Company $(44)$(6)
Alabama Power (30)(13)
Georgia Power(14)7 
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.
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
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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 March 31, 2026, 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 $204 million and unfunded commitments related to the private market investments totaled $73 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 March 31, 2026, other financial instruments for which the carrying amount did not equal fair value were as follows:
Southern
   Company(*)
Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power
Southern
Company
   Gas(*)
(in billions)
Long-term debt, including securities due within one year:
Carrying amount$72.1 $12.0 $21.7 $1.8 $2.9 $9.3 
Fair value66.5 10.7 20.2 1.7 2.8 8.3 
(*)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 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.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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 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 March 31, 2026, 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(*)
46920302029
Alabama Power14520292026
Georgia Power13220282026
Mississippi Power11220302026
Southern Power720302026
Southern Company Gas(*)
7320282029
(*)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 80 million mmBtu long natural gas positions and 7 million mmBtu short natural gas positions at March 31, 2026, 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 13 million mmBtu for Southern Company, which includes 3 million mmBtu for Alabama Power, 5 million mmBtu for Georgia Power, 2 million mmBtu for Mississippi Power, and 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 March 31, 2027 are 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 March 31, 2026, 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
March 31, 2026
 (in millions)   (in millions)
Fair Value Hedges of Existing Debt
Southern Company parent$400 
1-day SOFR + 0.80%
1.75%March 2028$(20)
Southern Company parent1,000 
1-day SOFR + 2.48%
3.70%April 2030(103)
Southern Company parent565 
1-day SOFR + 1.56%
6.50%March 2045(6)
Southern Company Gas500 
1-day SOFR + 0.49%
1.75%January 2031(55)
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 March 31, 2027 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 March 31, 2026, the following foreign currency derivatives were outstanding:
Pay
Notional		Pay
Rate		Receive
Notional		Receive
Rate		Hedge
Maturity Date
Fair Value
Gain (Loss) at
March 31, 2026
(in millions)(in millions)(in millions)
Cash Flow Hedges of Existing Debt
Southern Power$564 3.78%€500 1.85%June 2026$5 
Fair Value Hedges of Existing Debt
Southern Company parent1,476 3.39%1,250 1.88%September 2027(50)
Southern Company$2,040 €1,750 $(45)
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 March 31, 2027 are immaterial for Southern Power.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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. 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.
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 March 31, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$35 $91 $24 $64 
Non-current
34 56 31 35 
Total derivatives designated as hedging instruments for regulatory purposes69 147 55 99 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current2 8 1 6 
Non-current2 — 2 1 
Interest rate derivatives:
Current7 49 8 48 
Non-current— 142 — 139 
Foreign currency derivatives:
Current5 22 17 22 
Non-current— 28 4 — 
Total derivatives designated as hedging instruments in cash flow and fair value hedges16 249 32 216 
Energy-related derivatives not designated as hedging instruments
Current5 5 6 6 
Gross amounts recognized90 401 93 321 
Gross amounts offset(a)
(53)(75)(21)(54)
Net amounts recognized in the Balance Sheets(b)
$37 $326 $72 $267 
Alabama Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$12 $26 $9 $18 
Non-current13 22 10 13 
Total derivatives designated as hedging instruments for regulatory purposes25 48 19 31 
Gross amounts offset(23)(23)(13)(13)
Net amounts recognized in the Balance Sheets$2 $25 $6 $18 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At March 31, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Georgia Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$13 $32 $7 $23 
Non-current9 17 10 10 
Total derivatives designated as hedging instruments for regulatory purposes22 49 17 33 
Energy-related derivatives not designated as hedging instruments
Current
3 — 1 — 
Gross amounts recognized25 49 18 33 
Gross amounts offset(21)(21)(14)(14)
Net amounts recognized in the Balance Sheets$4 $28 $4 $19 
Mississippi Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$7 $21 $3 $15 
Non-current12 17 11 12 
Total derivatives designated as hedging instruments for regulatory purposes19 38 14 27 
Gross amounts offset(18)(18)(13)(13)
Net amounts recognized in the Balance Sheets$1 $20 $1 $14 
Southern Power
Derivatives designated as hedging instruments in cash flow hedges
Energy-related derivatives:
Current$1 $2 $1 $1 
Non-current2 — 2 — 
Foreign currency derivatives:
Current5 — 17 — 
Total derivatives designated as hedging instruments in cash flow hedges
8 2 20 1 
Energy-related derivatives not designated as hedging instruments
Energy-related derivatives:
Current
1 1 1 — 
Gross amounts recognized9 3 21 1 
Gross amounts offset(1)(1)— — 
Net amounts recognized in the Balance Sheets$8 $2 $21 $1 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At March 31, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company Gas
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$3 $12 $5 $8 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current1 6 — 5 
Non-current— — — 1 
Interest rate derivatives:
Current— 12 — 13 
Non-current— 43 — 46 
Total derivatives designated as hedging instruments in cash flow and fair value hedges1 61 — 65 
Energy-related derivatives not designated as hedging instruments
Current1 4 4 6 
Gross amounts recognized5 77 9 79 
Gross amounts offset(a)
10 (12)19 (14)
Net amounts recognized in the Balance Sheets(b)
$15 $65 $28 $65 
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $22 million and $33 million at March 31, 2026 and December 31, 2025, respectively.
(b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives at March 31, 2026 and December 31, 2025.
At March 31, 2026 and December 31, 2025, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheets
Derivative Category and Balance Sheet
Location		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern Company Gas
 (in millions)
At March 31, 2026:
Energy-related derivatives:
Other regulatory assets, current$(60)$(16)$(20)$(14)$(10)
Other regulatory assets, deferred(23)(10)(8)(5)— 
Other regulatory liabilities, current4 2 1 — 1 
Other regulatory liabilities, deferred1 1 — — — 
Total energy-related derivative gains (losses)$(78)$(23)$(27)$(19)$(9)
At December 31, 2025:
Energy-related derivatives:
Other regulatory assets, current$(48)$(13)$(17)$(12)$(6)
Other regulatory assets, deferred(8)(5)(1)(2)— 
Other regulatory liabilities, current7 4 1 — 2 
Other regulatory liabilities, deferred4 2 1 1 — 
Total energy-related derivative gains (losses)$(45)$(12)$(16)$(13)$(4)
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For the three months ended March 31, 2026 and 2025, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows:
Gain (Loss) From Derivatives Recognized in OCIThree Months Ended March 31,
20262025
(in millions)
Southern Company
Cash flow hedges:
Energy-related derivatives$10 $19 
Interest rate derivatives— (2)
Foreign currency derivatives(12)19 
Fair value hedges(*):
Foreign currency derivatives(1)(16)
Total$(3)$20 
Georgia Power
Cash flow hedges:
Interest rate derivatives$— $(2)
Southern Power
Cash flow hedges:
Energy-related derivatives$2 $3 
Foreign currency derivatives(12)19 
Total$(10)$22 
Southern Company Gas
Cash flow hedges:
Energy-related derivatives$8 $16 
(*)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 months ended March 31, 2026 and 2025, 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 March 31,
20262025
(in millions)
Southern Company
Fuel
Energy-related cash flow hedges
$3 $1 
Cost of natural gas
Energy-related cash flow hedges
10 (1)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
(2)(2)
Foreign currency cash flow hedges
(3)(3)
Interest rate fair value hedges
20 40 
Other income (expense), net
Foreign currency cash flow hedges
(13)21 
Foreign currency fair value hedges
(32)40 
Amount excluded from effectiveness testing recognized in earnings1 16 
Southern Power
Fuel
Energy-related cash flow hedges
$3 $1 
Interest expense, net of amounts capitalized
Foreign currency cash flow hedges
(3)(3)
Other income (expense), net
Foreign currency cash flow hedges
(13)21 
Southern Company Gas
Cost of natural gas
Energy-related cash flow hedges
$10 $(1)
Interest expense, net of amounts capitalized
Interest rate fair value hedges
29 17 
At March 31, 2026 and December 31, 2025, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
Carrying Amount of the Hedged
Item		Cumulative Amount of Fair Value
Hedging Adjustment included in
Carrying Amount of the Hedged
Item
Balance Sheet Location of Hedged ItemsAt March 31, 2026At December 31, 2025At March 31, 2026At December 31, 2025
(in millions)
Southern Company
Long-term debt$(3,710)$(3,742)$158 $156 
Southern Company Gas
Long-term debt$(446)$(446)$52 $51 
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 March 31, 2026, 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 $26 million at March 31, 2026. For Southern Power,
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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 March 31, 2026. 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 March 31, 2026. 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 March 31, 2026, 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.
The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance.
(K) ACQUISITIONS AND DISPOSITIONS
See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Power
Construction Projects
During the three months ended March 31, 2026, Southern Power completed construction of and placed in service the 200-MW first phase and continued construction of the 180-MW second phase and 132-MW third phase of the Millers Branch solar facility. At March 31, 2026, the total cost of construction incurred for the Millers Branch
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
project was $692 million, of which $387 million remains in CWIP. The ultimate outcome of these matters cannot be determined at this time.
Project
Facility		Resource
Approximate
Nameplate Capacity
(MW)
LocationActual/Projected
COD		PPA
Contract
Period
Projects Under Construction at March 31, 2026
Millers Branch
Phase II
Solar180Haskell County, TXSecond quarter 202615 years
Phase III
Solar
132Haskell County, TX
Fourth quarter 2026
15 years
Projects Completed During the Three Months Ended March 31, 2026
Millers Branch
Phase I
Solar200Haskell County, TXFebruary 202620 years
Wind Repowering Projects
During the three months ended March 31, 2026, Southern Power continued the development projects to repower the Kay, Grant, Grant Plains, Wake, and Bethel wind facilities. At March 31, 2026, the total cost of construction incurred related to the projects was $432 million, which is primarily 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
Completion Date
Projects Under Construction at March 31, 2026
Kay(*)
Wind
200
Kay County, OK
Third quarter 2026
Grant
Wind
152
Grant County, OK
Fourth quarter 2026
Grant Plains
Wind
147
Grant County, OK
Fourth quarter 2026
Wake
Wind
257
Crosby & Floyd Counties, TX
Second quarter 2027
BethelWind276Castro County, TXThird 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. During the first quarter 2026 and subsequent to March 31, 2026, Southern Power placed 51 MWs of repowered capacity in service.
Natural Gas Turbine Upgrade Projects
During the three months ended March 31, 2026, Southern Power committed to projects to upgrade certain turbines at its existing Franklin and Wansley natural gas facilities, located in Lee County, Alabama and Heard County, Georgia, respectively. The upgrades are projected to add up to 400 MWs of incremental capacity, with commercial operations projected to begin between the second quarter 2029 and the first quarter 2031. At March 31, 2026, the total cost of construction incurred related to the projects was immaterial. The ultimate outcome of these matters cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(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 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 distribution 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. The "All Other" presentation includes the Southern Company parent entity, which does not allocate operating expenses to business segments, and operating segments below the quantitative threshold for separate disclosure. These operating segments include providing distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications. Revenues from sales by Southern Power to the traditional electric operating companies were $100 million and $116 million for the three months ended March 31, 2026 and 2025, respectively. All other inter-segment revenues were immaterial for both periods presented.
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 months ended March 31, 2026 and 2025 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 March 31, 2026
Operating revenues$5,482 $681 $(141)$6,022 $2,191 $8,213 $218 $(34)$8,397 
Other segment items(a)
2,857 442 (141)3,158 1,357 4,515 190 (40)4,665 
Depreciation and amortization(b)
942 278 — 1,220 183 1,403 17 — 1,420 
Earnings from equity method investments(1)— — (1)46 45 5 — 50 
Interest expense(c)
339 27 — 366 105 471 307 — 778 
Income taxes (benefit)230 (70)— 160 145 305 (77)— 228 
Segment net income (loss)(b)(c)(d)
$1,113 $4 $— $1,117 $447 $1,564 $(214)$6 $1,356 
At March 31, 2026
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets115,965 12,474 (849)127,590 27,551 155,141 2,684 (794)157,031 
Three Months Ended March 31, 2025
Operating revenues$5,311 $567 $(123)$5,755 $1,839 $7,594 $229 $(48)$7,775 
Other segment items(a)
2,794 303 (123)2,974 1,069 4,043 208 (58)4,193 
Depreciation and amortization(b)
947 152 — 1,099 169 1,268 18 — 1,286 
Earnings from equity method investments(2)— — (2)39 37 (4)(1)32 
Interest expense316 26 — 342 92 434 280 — 714 
Income taxes (benefit)226 (1)— 225 130 355 (75)— 280 
Segment net income (loss)(b)(d)
$1,026 $87 $— $1,113 $418 $1,531 $(206)$9 $1,334 
At December 31, 2025
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets114,287 12,657 (915)126,029 27,387 153,416 2,829 (525)155,720 
(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 Southern Power, includes accelerated depreciation related to the repowering of multiple wind facilities of $154 million ($120 million after tax) and $27 million ($20 million after tax, net of noncontrolling interest impacts) for the three months ended March 31, 2026 and 2025, respectively. See Note (K) under "Southern Power – Wind Repowering Projects" and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information.
(c)For All Other, includes a pre-tax loss of $11 million ($8 million after tax) associated with the extinguishment of debt at the parent company.
(d)Attributable to Southern Company.
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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, and amortization of cloud software. 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 and fourth quarters of 2025, Mississippi Power updated the information provided to its CODM. As a result, Mississippi Power 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 months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31,
20262025
(in millions)
Alabama Power
Operating revenues$2,092 $2,012 
Utility operations and maintenance
Rate RSE expenses301 365 
Rate CNP Compliance expenses74 75 
Total utility operations and maintenance375 440 
Other segment items(a)
667 608 
Depreciation and amortization381 370 
Interest expense115 108 
Income taxes129 111 
Segment net income$425 $375 
Capital expenditures$519 $560 
Georgia Power
Operating revenues$3,142 $3,037 
Utility operations and maintenance578 536 
Other segment items(a)
1,163 1,117 
Depreciation and amortization484 503 
Interest expense204 187 
Income taxes85 98 
Segment net income$628 $596 
Capital expenditures$2,070 $1,637 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Three Months Ended March 31,
20262025
(in millions)
Mississippi Power
Operating revenues$472 $420 
Operational expenses(b)
64 57 
Environmental compliance expenses(c)
4 2 
Other segment items(a)
251 218 
Depreciation and amortization55 52 
Interest expense20 20 
Income taxes18 16 
Segment net income
$60 $55 
Capital expenditures$82 $73 
(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 Mississippi Power, includes employee benefit expenses. Also includes earnings from equity method investments, which were immaterial for all periods presented.
(b)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" 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.
(c)Consists of environmental compliance expenses related to ECO Plan and the MRA tariff. See Note (B) under "Mississippi Power" 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 months ended March 31, 2026 and 2025 was as follows:
Three Months Ended March 31,
20262025
(in millions)
Operating revenues
$681 $567 
Other segment items(a)
442 303 
Depreciation and amortization(b)
278 152 
Interest expense27 26 
Income taxes (benefit)(70)(1)
Segment net income(b)(c)
$4 $87 
(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 months ended March 31, 2026 and 2025, includes accelerated depreciation of $154 million ($120 million after tax) and $27 million ($20 million after tax, net of noncontrolling interest impacts), respectively, related to the repowering of the multiple wind facilities. See Note (K) under "Southern Power – Wind Repowering Projects" and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, 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.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
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" presentation includes operating 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.
Financial data for business segments for the three months ended March 31, 2026 and 2025 was as follows:
Gas Distribution OperationsGas
Pipeline Investments		Gas Marketing Services
Total Reportable Segments
All
Other
EliminationsConsolidated
(in millions)
Three Months Ended March 31, 2026
Operating revenues$1,900 $8 $285 $2,193 $2 $(4)$2,191 
Other segment items(*)
1,177 — 183 1,360 1 (4)1,357 
Depreciation and amortization179 1 2 182 1 — 183 
Earnings from equity method investments— 46 — 46 — — 46 
Interest expense91 9 1 101 4 — 105 
Income taxes (benefit)
116 11 28 155 (10)— 145 
Segment net income
$337 $33 $71 $441 $6 $— $447 
Total assets at March 31, 2026
$26,111 $1,517 $1,768 $29,396 $11,276 $(13,121)$27,551 
Three Months Ended March 31, 2025
Operating revenues$1,570 $8 $261 $1,839 $4 $(4)$1,839 
Other segment items(*)
905 1 166 1,072 1 (4)1,069 
Depreciation and amortization164 1 3 168 1 — 169 
Earnings from equity method investments— 39 — 39 — — 39 
Interest expense82 9 1 92 — — 92 
Income taxes (benefit)
104 9 26 139 (9)— 130 
Segment net income$315 $27 $65 $407 $11 $— $418 
Total assets at December 31, 2025
$25,391 $1,475 $1,749 $28,615 $10,643 $(11,871)$27,387 
(*)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
84
Results of Operations
85
Southern Company
85
Alabama Power
91
Georgia Power
94
Mississippi Power
97
Southern Power
100
Southern Company Gas
104
Future Earnings Potential
108
Accounting Policies
112
Financial Condition and Liquidity
112
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 distribution of natural gas and sale of 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 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
In December 2025, the Alabama PSC issued a consent order to keep retail rates stable through 2027. On April 2, 2026, the State of Alabama enacted legislation providing that retail base rates established and in place on October 1, 2026 may not be increased before January 1, 2029 for utilities that are regulated by the Alabama PSC and that provide retail electric service. The ultimate outcome of this matter cannot be determined at this time. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Southern Power
During the three months ended March 31, 2026, Southern Power committed to development projects to upgrade certain turbines at its existing Franklin and Wansley natural gas facilities, which are projected to add up to 400 MWs of incremental capacity. Commercial operations for the incremental capacity at the natural gas facilities are projected to occur between the second quarter 2029 and the first quarter 2031. The ultimate outcome of these matters cannot be determined at this time. In addition, in the first quarter 2026 and subsequent to March 31, 2026, Southern Power placed in service 51 MWs of the 200-MW repowering project at the Kay wind facility. See Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.
At March 31, 2026, 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 97% through 2030 and 88% through 2035, with an average remaining contract duration of approximately 12 years.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS
Southern Company
Net Income
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$221.6
Consolidated net income attributable to Southern Company in the first quarter 2026 was $1.36 billion ($1.21 per share) compared to $1.33 billion ($1.21 per share) for the corresponding period in 2025. The increase was primarily due to increases in retail electric revenues associated with sales growth, higher natural gas revenues associated with base rate increases, higher non-fuel-related wholesale electric revenues, and an increase in AFUDC equity, partially offset by an increase in depreciation and amortization, decreases in retail electrics revenues associated with weather impacts, and an increase in interest expense.
Retail Electric Revenues
In the first quarter 2026, retail electric revenues were $4.64 billion compared to $4.60 billion for the corresponding period in 2025. Details of the changes in retail electric revenues were as follows:
 
First Quarter 2026 vs.
 First Quarter 2025
(change in millions)(% change)
Rates and pricing$(21)(0.5)%
Sales growth81 1.8 
Weather(69)(1.5)
Fuel and other cost recovery48 1.0 
Retail electric revenues$39 0.8 %
Changes in rates and pricing resulted in a decrease in revenues in the first quarter 2026 when compared to the corresponding period in 2025 primarily due to lower contributions from commercial and industrial customers with variable demand-driven pricing at Georgia Power, partially offset by increases in PEP rates at Mississippi Power. See Note 2 to the financial statements under "Mississippi Power – Performance Evaluation Plan" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in an increase in revenues in the first quarter 2026 when compared to the corresponding period in 2025. Weather-adjusted residential KWH sales increased 0.9% in the first quarter 2026 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 4.6% in the first quarter 2026 primarily due to increased customer usage, largely driven by data centers at Georgia Power. Industrial KWH sales increased 1.5% in the first quarter 2026 primarily due to increases in the primary metals, pipeline, and stone, clay, and glass sectors, partially offset by decreases in the paper and chemicals sectors.
Fuel and other cost recovery revenues increased $48 million in the first quarter 2026 compared to the corresponding period in 2025 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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Electric Revenues
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$22129.7
In the first quarter 2026, wholesale electric revenues were $965 million compared to $744 million for the corresponding period in 2025. The increase was primarily due to an increase in energy revenues associated with a $145 million increase related to the average cost per KWH sold primarily resulting from higher fuel and purchased power prices and a $76 million increase related to the volume of KWHs sold resulting from higher demand.
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.
Other Electric Revenues
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$239.5
In the first quarter 2026, other electric revenues were $265 million compared to $242 million for the corresponding period in 2025. The increase was primarily due to increases of $15 million in open access transmission tariff sales at the traditional electric operating companies and $8 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs at Georgia Power.
Natural Gas Revenues
In the first quarter 2026, natural gas revenues were $2.2 billion compared to $1.8 billion for the corresponding period in 2025. Details of the changes in natural gas revenues were as follows:
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Rates
$76 4.1 %
Gas costs and other cost recovery245 13.3 
Gas marketing services32 1.8 
Other(1)(0.1)
Natural gas revenues$352 19.1 %
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Changes in rates resulted in an increase in revenues in the first quarter 2026 compared to the corresponding period in 2025 primarily due to base rate increases at Nicor Gas and Atlanta Gas Light. 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 associated with gas costs and other cost recovery increased in the first quarter 2026 compared to the corresponding period in 2025 primarily due to higher cost of natural gas driven by higher natural gas prices, as well as increases in other expenses passed through to customers. See "Cost of Natural Gas" herein for additional information. 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 first quarter 2026 compared to the corresponding period in 2025 primarily due to higher commodity prices, partially offset by weather impacts.
Other Revenues
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(13)(3.7)
In the first quarter 2026, other revenues were $336 million compared to $349 million for the corresponding period in 2025. The decrease was primarily due to a decrease of $18 million in unregulated sales associated with energy conservation projects at Georgia Power and $7 million in customer charges related to contributions in aid of construction included in rates in 2025 at Mississippi Power, partially offset by an increase of $13 million in unregulated sales associated with power delivery construction and maintenance projects at Georgia Power.
Fuel and Purchased Power Expenses
 
First Quarter 2026 vs.
First Quarter 2025
 (change in millions)(% change)
Fuel$199 15.4 %
Purchased power(6)(2.4)
Total fuel and purchased power expenses$193 
In the first quarter 2026, total fuel and purchased power expenses were $1.7 billion compared to $1.5 billion for the corresponding period in 2025. The increase was due to a $99 million increase related to the average cost of fuel and purchased power and a $94 million net increase related to the volume of KWHs generated and purchased.
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:
First Quarter 2026First Quarter 2025
Total generation (in billions of KWHs)
4746
Total purchased power (in billions of KWHs)
45
Sources of generation (percent) —
Gas5050
Coal2019
Nuclear
2020
Hydro23
Wind, Solar, and Other88
Cost of fuel, generated (in cents per net KWH)—
Gas
4.714.17
Coal3.564.02
Nuclear
0.790.84
Average cost of fuel, generated (in cents per net KWH)
3.563.35
Average cost of purchased power (in cents per net KWH)(*)
6.095.50
(*)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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$25237.4
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 84.2% of the total cost of natural gas in the first quarter 2026.
In the first quarter 2026, cost of natural gas was $926 million compared to $674 million for the corresponding period in 2025. The increase reflects higher gas cost recovery as a result of a 38.0% increase in natural gas prices.
Cost of Other Sales
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(18)(9.0)
In the first quarter 2026, cost of other sales was $181 million compared to $199 million for the corresponding period in 2025. The decrease was primarily related to a decrease of $25 million in expenses at PowerSecure primarily related to distributed infrastructure and energy efficiency projects, partially offset by an increase of $11 million in expenses associated with unregulated power delivery construction and maintenance projects at Georgia Power.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Operations and Maintenance Expenses
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$342.1
In the first quarter 2026, other operations and maintenance expenses were $1.65 billion compared to $1.62 billion for the corresponding period in 2025. The increase was primarily due to a $24 million increase in certain employee compensation and benefit expenses, $20 million in weather-related damage at a Southern Power solar project, and increases of $15 million in transmission and distribution expenses at the traditional electric operating companies, $14 million in customer education and assistance expenses at Georgia Power, $13 million in technology infrastructure and application production costs, $10 million in expenses at PowerSecure primarily related to distributed infrastructure projects, and $7 million related to certain deferred expenses at Southern Company Gas. Partially offsetting the increase was a $21 million decrease associated with utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses at Alabama Power, a $21 million increase in nuclear property insurance refunds at Alabama Power and Georgia Power, an $18 million decrease in planned outages at the traditional electric operating companies, and an $18 million decrease in legal expenses at Southern Company Gas.
Depreciation and Amortization
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$13410.4
In the first quarter 2026, depreciation and amortization was $1.4 billion compared to $1.3 billion for the corresponding period in 2025. The increase was primarily due to increases of $127 million in accelerated depreciation related to wind repowering projects at Southern Power and $102 million associated with additional plant in service, partially offset by a decrease of $98 million resulting from the extension of Georgia Power's 2022 ARP. See Note 2 to the financial statements under "Georgia Power – Rate Plans" for additional information related to Georgia Power's 2022 ARP. Also see Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information regarding Southern Power's wind repowering projects.
Taxes Other Than Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$194.3
In the first quarter 2026, taxes other than income taxes were $464 million compared to $445 million for the corresponding period in 2025. The increase was primarily due to increases of $7 million in property taxes primarily related to an increase in the assessed value of property and $6 million in revenue taxes at Nicor Gas as a result of higher natural gas revenues.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Allowance for Equity Funds Used During Construction
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$4865.8
In the first quarter 2026, allowance for equity funds used during construction was $121 million compared to $73 million for the corresponding period in 2025. The increase was primarily associated with an increase in capital expenditures subject to AFUDC at Georgia Power.
Earnings from Equity Method Investments
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1856.3
In the first quarter 2026, earnings from equity method investments were $50 million compared to $32 million for the corresponding period in 2025. The increase was primarily due to an increase of $10 million at Southern Holdings related to investment gains and losses and a $7 million increase at Southern Company Gas related to SNG. 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$649.0
In the first quarter 2026, interest expense, net of amounts capitalized was $778 million compared to $714 million for the corresponding period in 2025. The increase primarily reflects approximately $56 million related to higher average outstanding borrowings, an $11 million loss associated with the extinguishment of debt at the parent company, and a $7 million increase in interest associated with PPAs accounted for as finance leases at Georgia Power, partially offset by an increase of $23 million in capitalized interest and AFUDC debt associated with increased capital expenditures. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.
Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(52)(18.6)
In the first quarter 2026, income taxes were $228 million compared to $280 million for the corresponding period in 2025. The decrease was primarily due to an increase of $35 million related to higher wind PTCs resulting from the purchase of the noncontrolling membership interest in the SP Wind tax equity partnership at Southern Power and an increase of $16 million in amortization of federal PTCs at Georgia Power. See Note (G) to the Condensed Financial Statements herein and Note 15 to the financial statements under "Southern Power – Purchase of Renewable Facility Interests" 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)
Net Loss Attributable to Noncontrolling Interests
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$4671.9
Substantially all noncontrolling interests relate to renewable projects at Southern Power. In the first quarter 2026, net loss attributable to noncontrolling interests was $18 million compared to $64 million for the corresponding period in 2025. The decrease was primarily due to $41 million in lower HLBV loss allocations to Southern Power's tax equity partners, primarily resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership, and $5 million in higher income allocations to Southern Power's equity partners. See Note 15 to the financial statements under "Southern Power – Purchase of Renewable Facility Interests" in Item 8 of the Form 10-K for additional information.
Alabama Power
Net Income
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$5013.3
Alabama Power's net income in the first quarter 2026 was $425 million compared to $375 million for the corresponding period in 2025. The increase was primarily due to a decrease in other operations and maintenance expenses and an increase in retail revenues associated with sales growth, partially offset by weather impacts.
Retail Revenues
In the first quarter 2026, retail revenues were $1.73 billion compared to $1.72 billion for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Rates and pricing$3 0.2 %
Sales growth34 2.0 
Weather(39)(2.3)
Fuel and other cost recovery7 0.4 
Retail revenues$5 0.3 %
Changes in rates and pricing resulted in an increase in revenues in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to an increase in Rate CNP Compliance revenues.
Changes in sales resulted in an increase in revenues in the first quarter 2026 as compared to the corresponding period in 2025. Weather-adjusted residential KWH sales increased 2.2% primarily due to increased customer usage and customer growth. Weather-adjusted commercial KWH sales increased 0.3% primarily due to customer growth. Industrial KWH sales increased 4.0% primarily due to an increase in the primary metals sector.
Fuel and other cost recovery revenues increased in the first quarter 2026 as compared to the corresponding period in 2025 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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Revenues – Non-Affiliates
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$2628.6
In the first quarter 2026, wholesale revenues from sales to non-affiliates were $117 million compared to $91 million for the corresponding period in 2025. The increase consisted of a $36 million increase in energy revenues due to increases of $31 million related to the average cost per KWH sold due to higher Southern Company system fuel and purchased power prices and $5 million related to the volume of KWH sales associated with higher market demand, partially offset by a $10 million decrease in non-fuel revenues from wholesale capacity contracts. The decrease in capacity revenues was primarily due to the expiration of a power sales agreement in December 2025, partially offset by the commencement of a new power sales agreement in October 2025 associated with the acquisition of the Lindsay Hill Generating Station. See Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Wholesale Revenues – Affiliates
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$5072.5
In the first quarter 2026, wholesale revenues from sales to affiliates were $119 million compared to $69 million for the corresponding period in 2025. The increase was primarily due to increases of 35.9% in the volume of KWH sales due to affiliated company energy needs and 26.3% in the price of energy due to an increase in natural gas prices.
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.
Fuel and Purchased Power Expenses
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Fuel$42 10.9 %
Purchased power – non-affiliates4 5.8 
Purchased power – affiliates18 32.7 
Total fuel and purchased power expenses$64 
In the first quarter 2026, total fuel and purchased power expenses were $574 million compared to $510 million for the corresponding period in 2025. The increase was due to a $53 million increase related to the average cost of fuel and purchased power and an $11 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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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.
Details of Alabama Power's generation and purchased power and the related costs were as follows:
First Quarter 2026First Quarter 2025
Total generation (in billions of KWHs)
1615
Total purchased power (in billions of KWHs)
22
Sources of generation (percent) —
Coal
3535
Gas
3333
Nuclear2624
Hydro68
Cost of fuel, generated (in cents per net KWH) —
Coal
3.373.43
Gas
3.993.58
Nuclear0.720.70
Average cost of fuel, generated (in cents per net KWH)
2.872.76
Average cost of purchased power (in cents per net KWH)(*)
9.657.52
(*)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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(70)(15.1)
In the first quarter 2026, other operations and maintenance expenses were $393 million compared to $463 million for the corresponding period in 2025. The decrease was primarily due to decreases of $28 million in planned outages, $21 million associated with utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses, and $11 million associated with higher nuclear property insurance refunds and $10 million of deferred costs related to the Jurisdictional Separation Study Order. See Note (B) to the Condensed Financial Statements under "Alabama Power – Reliability Reserve Accounting Order" herein and Note 2 to the financial statements under "Alabama Power – Jurisdictional Separation Study Order" in Item 8 of the Form 10-K for additional information.
Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1816.2
In the first quarter 2026, income taxes were $129 million compared to $111 million for the corresponding period in 2025. The increase was primarily due to higher pre-tax earnings.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Georgia Power
Net Income
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$325.4
Georgia Power's net income in the first quarter 2026 was $628 million compared to $596 million for the corresponding period in 2025. The increase was primarily due to an increase in AFUDC equity and higher non-fuel-related wholesale revenues, partially offset by an increase in other operations and maintenance expenses.
Retail Revenues
In the first quarter 2026, retail revenues were $2.64 billion compared to $2.63 billion for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Rates and pricing$(43)(1.6)%
Sales growth47 1.8 
Weather(27)(1.0)
Fuel cost recovery31 1.1 
Retail revenues$8 0.3 %
Changes in rates and pricing resulted in a decrease in revenues in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to lower contributions from commercial and industrial customers with variable demand-driven pricing.
Changes in sales resulted in an increase in revenues in the first quarter 2026 as compared to the corresponding period in 2025. Weather-adjusted residential KWH sales increased 0.4% primarily due to customer growth, partially offset by decreased customer usage. Weather-adjusted commercial KWH sales increased 6.4% primarily due to additional sales from data centers. Weather-adjusted industrial KWH sales were flat primarily due to increases in the electronics and stone, clay, and glass sectors, offset by a decrease in the paper sector.
Fuel revenues and costs are allocated between retail and wholesale jurisdictions. Retail fuel cost recovery revenues increased in the first quarter 2026 as compared to the corresponding period in 2025 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 under "Georgia Power – Fuel Cost Recovery" 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.
Wholesale Revenues
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$8357.6
In the first quarter 2026, wholesale revenues were $227 million compared to $144 million for the corresponding period in 2025. The increase was due to a $74 million increase in energy revenues due to increases of $41 million related to the average cost per KWH sold due to higher Southern Company system fuel and purchased power prices, $25 million in non-fuel-related energy revenues from wholesale contracts, and $8 million related to the volume of
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
KWH sales associated with higher market demand, as well as a $9 million increase in capacity revenues from new and existing power sales agreements.
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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$145.3
In the first quarter 2026, other revenues were $277 million compared to $263 million for the corresponding period in 2025. The increase was primarily due to increases of $13 million in unregulated sales associated with power delivery construction and maintenance projects, $13 million in open access transmission tariff sales, and $8 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs, partially offset by a decrease of $18 million in unregulated sales associated with energy conservation projects.
Fuel and Purchased Power Expenses
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Fuel$77 14.7 %
Purchased power – non-affiliates(3)(1.9)
Purchased power – affiliates25 9.5 
Total fuel and purchased power expenses$99 
In the first quarter 2026, total fuel and purchased power expenses were $1.0 billion compared to $0.9 billion for the corresponding period in 2025. The increase was due to a $68 million increase related to the average cost of fuel and purchased power and a $31 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 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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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, all as approved by the FERC.
Details of Georgia Power's generation and purchased power and the related costs were as follows:
First Quarter 2026First Quarter 2025
Total generation (in billions of KWHs)
1615
Total purchased power (in billions of KWHs)
99
Sources of generation (percent) —
Gas4240
Nuclear3336
Coal2321
Hydro and other23
Cost of fuel, generated (in cents per net KWH) —
Gas4.754.09
Nuclear0.840.92
Coal3.764.72
Average cost of fuel, generated (in cents per net KWH)
3.213.06
Average cost of purchased power (in cents per net KWH)(*)
5.965.24
(*)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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$386.0
In the first quarter 2026, other operations and maintenance expenses were $672 million compared to $634 million for the corresponding period in 2025. The increase was primarily due to increases of $14 million in customer education and assistance expenses, $11 million in certain generation expenses primarily due to planned outages, $6 million in certain employee compensation and benefit expenses, and $5 million in technology infrastructure and application production costs, partially offset by a $10 million increase in nuclear property insurance refunds.
Depreciation and Amortization
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(19)(3.8)
In the first quarter 2026, depreciation and amortization was $484 million compared to $503 million for the corresponding period in 2025. The decrease was primarily due to a decrease of $98 million resulting from the extension of the 2022 ARP, partially offset by an increase of $72 million from additional plant in service. See Note 2 to the financial statements under "Georgia Power – Rate Plans" 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)
Allowance for Equity Funds Used During Construction
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$49102.1
In the first quarter 2026, allowance for equity funds used during construction was $97 million compared to $48 million for the corresponding period in 2025. The increase was primarily due to an increase in capital expenditures subject to AFUDC.
Interest Expense, Net of Amounts Capitalized
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$179.1
In the first quarter 2026, interest expense, net of amounts capitalized was $204 million compared to $187 million for the corresponding period in 2025. The increase was primarily associated with increases of approximately $25 million related to higher average outstanding borrowings and $7 million in interest associated with PPAs accounted for as finance leases, partially offset by an increase of $16 million in AFUDC debt related to increased capital expenditures. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.
Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(13)(13.3)
In the first quarter 2026, income taxes were $85 million compared to $98 million for the corresponding period in 2025. The decrease was primarily due to an increase of $16 million in amortization of federal PTCs. See Note (G) to the Condensed Financial Statements herein for additional information.
Mississippi Power
Net Income
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$59.1
Mississippi Power's net income in the first quarter 2026 was $60 million compared to $55 million for the corresponding period in 2025. The increase was primarily due to higher retail revenues associated with changes in rates and pricing, partially offset by a decrease in other revenues and an increase in other operations and maintenance expenses.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Retail Revenues
In the first quarter 2026, retail revenues were $273 million compared to $248 million for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
First Quarter 2026 vs.
First Quarter 2025
 (change in millions)(% change)
Rates and pricing$18 7.3 %
Sales decline— — 
Weather(3)(1.2)
Fuel and other cost recovery10 4.0 
Retail revenues$25 10.1 %
Changes in rates and pricing resulted in an increase in revenues in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to increases in PEP rates. See Note 2 to the financial statements under "Mississippi Power – Performance Evaluation Plan" in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements under "Mississippi Power – Performance Evaluation Plan" herein for additional information.
Changes in sales resulted in an immaterial change in revenues in the first quarter 2026 as compared to the corresponding period in 2025. Weather-adjusted residential KWH sales decreased 1.8% primarily due to decreased customer usage. Weather-adjusted commercial KWH sales increased 1.5% primarily due to increased customer usage. Industrial KWH sales decreased 1.5% primarily due to decreases in the chemicals and oil and gas extraction sectors.
Fuel and other cost recovery revenues increased in the first quarter 2026 as compared to the corresponding period in 2025 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1622.5
In the first quarter 2026, wholesale revenues from sales to non-affiliates were $87 million compared to $71 million for the corresponding period in 2025. The increase was due to a $9 million increase in opportunity sales, a $4 million increase associated with MRA customers primarily due to pricing and higher recoverable fuel costs, partially offset by milder weather, and a $3 million increase associated with new and existing 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
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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.
Wholesale Revenues – Affiliates
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1619.8
In the first quarter 2026, wholesale revenues from sales to affiliates were $97 million compared to $81 million for the corresponding period in 2025. The increase was primarily due to increases of $13 million related to the price of energy driven by natural gas prices and $3 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(5)(25.0)
In the first quarter 2026, other revenues were $15 million compared to $20 million for the corresponding period in 2025. The decrease was primarily due to customer charges related to contributions in aid of construction included in rates in 2025.
Fuel and Purchased Power Expenses
First Quarter 2026 vs.
First Quarter 2025
(change in millions)(% change)
Fuel$29 18.7 %
Purchased power10 90.9 
Total fuel and purchased power expenses$39 
In the first quarter 2026, total fuel and purchased power expenses were $205 million compared to $166 million for the corresponding period in 2025. The increase was primarily due to a $37 million increase related to the average cost of fuel and purchased power, of which $7 million is related to capacity.
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:
First Quarter 2026First Quarter 2025
Total generation (in millions of KWHs)
4,5544,538
Total purchased power (in millions of KWHs)
241188
Sources of generation (percent) –
Gas9491
Coal69
Cost of fuel, generated (in cents per net KWH) –
Gas4.303.50
Coal4.474.94
Average cost of fuel, generated (in cents per net KWH)
4.313.65
Average cost of purchased power (in cents per net KWH)
8.675.78
Other Operations and Maintenance Expenses
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$44.8
For first quarter 2026, other operations and maintenance expenses were $88 million compared to $84 million for the corresponding period in 2025. The increase was primarily due to increases of $5 million in generation expenses primarily associated with non-outage costs, $2 million in expenses associated with unregulated products and services, and $2 million related to distribution expenses, partially offset by a decrease of $6 million due to utilization of the retail reliability reserve to offset generation, transmission, and distribution expenses. See Note (B) to the Condensed Financial Statements under "Mississippi Power – Reliability Reserve Accounting Order" herein for additional information.
Southern Power
Net Income Attributable to Southern Power
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(83)(95.4)
Net income attributable to Southern Power in the first quarter 2026 was $4 million compared to $87 million for the corresponding period in 2025. The decrease was primarily due to higher accelerated depreciation related to wind repowering projects and an increase in other operations and maintenance expenses associated with hail damage to solar panels at the Millers Branch solar project, partially offset by higher revenues due to higher market prices and increased demand for energy related to weather impacts. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern 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)
Operating Revenues
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$11420.1
Total operating revenues include PPA capacity revenues 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.
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:
First Quarter 2026First Quarter 2025
(in millions)
PPA capacity revenues $122 $121 
PPA energy revenues 479 373 
Total PPA revenues601 494 
Non-PPA revenues 76 69 
Other revenues4 4 
Total operating revenues$681 $567 
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
In the first quarter 2026, total operating revenues were $681 million, reflecting a $114 million, or 20.1%, increase from the corresponding period in 2025. The change in operating revenues was primarily due to the following:
•PPA energy revenues increased $106 million, or 28.4%, primarily due to an increase of $70 million related to the volume of KWHs sold under natural gas PPAs and an increase of $38 million driven by fuel and purchased power prices.
•Non-PPA revenues increased $7 million, or 10.1%, primarily due to an increase of $11 million driven by the market price of energy, partially offset by a decrease of $2 million related to the volume of KWHs sold through short-term sales.
Fuel and Purchased Power Expenses
Details of Southern Power's generation and purchased power were as follows:
 First Quarter 2026First Quarter 2025
(in billions of KWHs)
Generation10.710.9
Purchased power0.90.5
Total generation and purchased power11.611.4
Total generation and purchased power
(excluding solar, wind, fuel cells, and tolling agreements)
5.85.4
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:
 
First Quarter 2026 vs.
First Quarter 2025
 (change in millions)(% change)
Fuel$47 22.7 %
Purchased power30 107.1 
Total fuel and purchased power expenses$77 
In the first quarter 2026, total fuel and purchased power expenses increased $77 million, or 32.8%, as compared to the corresponding period in 2025. Fuel expense increased $47 million primarily due to an increase of $49 million associated with the average cost of fuel. Purchased power expense increased $30 million due to an increase of $26 million related to the volume of KWHs purchased and an increase of $4 million 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1411.4
In the first quarter 2026, other operations and maintenance expenses were $137 million compared to $123 million for the corresponding period in 2025. The increase was primarily due to hail damage to solar panels at the Millers Branch solar project, partially offset by a decrease in generation expenses related to planned outages.
Depreciation and Amortization
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$12682.9
In the first quarter 2026, depreciation and amortization was $278 million compared to $152 million for the corresponding period in 2025. The increase was primarily due to a $127 million increase in accelerated depreciation related to wind repowering projects. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information.
Income Taxes (Benefit)
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$(69)N/M
In the first quarter 2026, income tax benefit was $70 million compared to $1 million for the corresponding period in 2025. The increase was primarily due to higher wind PTCs resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership, as well as 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 and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power," respectively, in Item 8 of the Form 10-K for additional information.
Net Loss Attributable to Noncontrolling Interests
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$4671.9
In the first quarter 2026, net loss attributable to noncontrolling interests was $18 million compared to $64 million for the corresponding period in 2025. The decrease was due to $41 million in lower HLBV loss allocations to tax equity partners, primarily resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership, and $5 million in higher income allocations to equity partners. See Note 15 to the financial statements under "Southern Power – Purchase of Renewable Facility Interests" 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)
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 result 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 limit 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 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$296.9
Southern Company Gas' net income in the first quarter 2026 was $447 million compared to $418 million for the corresponding period in 2025. The increase was primarily due to a $22 million increase in net income at gas distribution operations.
Natural Gas Revenues
In the first quarter 2026, natural gas revenues were $2.2 billion compared to $1.8 billion for the corresponding period in 2025. Details of the changes in natural gas revenues were as follows:
First Quarter 2026 vs.
 First Quarter 2025
(change in millions)(% change)
Rates
$76 4.1 %
Gas costs and other cost recovery245 13.3 
Gas marketing services32 1.8 
Other(1)(0.1)
Natural gas revenues$352 19.1 %
Changes in rates resulted in an increase in revenues in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to base rate increases at Nicor Gas and Atlanta Gas Light. 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 associated with gas costs and other cost recovery increased in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to higher cost of natural gas driven by higher natural gas prices, as well as increases in other expenses passed through to customers. See "Cost of Natural Gas" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Revenues from gas marketing services increased in the first quarter 2026 as compared to the corresponding period in 2025 primarily due to higher commodity prices, partially offset by weather impacts.
Cost of Natural Gas
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$25237.4
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 84.2% of the total cost of natural gas in the first quarter 2026. 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 first quarter 2026, cost of natural gas was $926 million compared to $674 million for the corresponding period in 2025. The increase reflects higher gas cost recovery as a result of a 38.0% increase in natural gas prices.
The following table details the volumes of natural gas sold during all periods presented:
First Quarter
20262025
2026 vs. 2025
Gas distribution operations (mmBtu in millions)
Firm282 302 (6.6)%
Interruptible23 23 — 
Total305 325 (6.2)%
Gas marketing services (mmBtu in millions)
Firm27 29 (6.9)%
Interruptible large commercial and industrial3 4 (25.0)
Total30 33 (9.1)%
Other Operations and Maintenance Expenses
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$278.5
In the first quarter 2026, other operations and maintenance expenses were $343 million compared to $316 million for the corresponding period in 2025. The increase was primarily due to a $20 million increase related to employee compensation and benefit expenses, a $7 million increase related to certain deferred expenses, a $7 million increase in expenses passed through to customers at gas distribution operations, and a $4 million increase related to expenses for gas mains, partially offset by an $18 million decrease in legal expenses.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Depreciation and Amortization
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$148.3
In the first quarter 2026, depreciation and amortization was $183 million compared to $169 million for the corresponding period in 2025. The increase was primarily due to additional plant in service related to continued investments at the natural gas distribution utilities.
Taxes Other Than Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$88.2
In the first quarter 2026, taxes other than income taxes were $105 million compared to $97 million for the corresponding period in 2025. The increase was primarily due to an increase 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$717.9
In the first quarter 2026, earnings from equity method investments were $46 million compared to $39 million for the corresponding period in 2025. The increase was primarily due to higher revenue from short-term natural gas storage and borrowing services and prior period customer refunds, both 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
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1314.1
In the first quarter 2026, interest expense, net of amounts capitalized was $105 million compared to $92 million for the corresponding period in 2025. The increase was primarily associated with higher average outstanding borrowings and an interest rate adjustment. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" herein for additional information on borrowings.
Income Taxes
First Quarter 2026 vs. First Quarter 2025
(change in millions)(% change)
$1511.5
In the first quarter 2026, income taxes were $145 million compared to $130 million for the corresponding period in 2025. The increase was primarily due to higher pre-tax earnings.
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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.
 20262025
Operating
Revenues		Operating
Expenses		Net IncomeOperating
Revenues		Operating
Expenses		Net Income
(in millions)
First Quarter
Gas distribution operations$1,900 $1,368 $337 $1,570 $1,082 $315 
Gas pipeline investments8 2 33 8 3 27 
Gas marketing services285 186 71 261 170 65 
All other2 3 6 4 2 11 
Intercompany eliminations(4)(2)— (4)(1)— 
Consolidated$2,191 $1,557 $447 $1,839 $1,256 $418 
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, 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 first quarter 2026, net income increased $22 million, or 7.0%, as compared to the corresponding period in 2025, as described further below:
•Operating revenues increased $330 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 $286 million primarily due to a $239 million increase in cost of natural gas as a result of higher natural gas prices compared to 2025, a $16 million increase related to employee compensation and benefit expenses, a $15 million increase in depreciation primarily due to additional plant in service related to continued investments at the natural gas distribution utilities, and a $7 million increase related to certain deferred expenses, partially offset by a $19 million decrease in legal expenses.
•Interest expense, net of amounts capitalized increased $9 million primarily due to higher average outstanding borrowings and an interst rate adjustment.
•Income taxes increased $12 million primarily as a result of higher pre-tax earnings.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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.
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.
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.
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 occur in the future.
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 customer affordability concerns and 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 load contracts that support economic development and benefit existing customers; since 2023, the traditional electric operating companies have contracts with new data centers and other large load customers covering approximately 11 gigawatts of electric load, with each contract individually representing a maximum electric load greater than 100 MWs, that have been signed by the parties without material contingencies 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, designed to generate adequate incremental revenues associated with incremental costs to serve these customers. These growth opportunities may be affected by a variety of factors, such as energy efficiency, changes in technology, reliability and operational factors, customer demand, and government
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
policies, which could increase or decrease the pace of growth associated with these opportunities. In addition, these opportunities present risks such as capital access and cost recovery risks. See Note 2 to the financial statements under "Georgia Power – Integrated Resource Plans" in Item 8 of the Form 10-K for additional information regarding Georgia Power's related regulatory proceedings.
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 IRA's expansion of the availability of federal ITCs and PTCs and the OBBB's 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 from data centers and other large load customers and associated load and operating requirements; 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 and could be influenced by changes in technology, public policy, utility efficiency programs, and customer behavior. Geopolitical conflicts (such as the current Middle East conflict) and significant changes in fiscal, monetary, or trade policies could affect actual economic activity and historical economic relationships in ways not anticipated in economic outlooks or Southern Company system plans. Additionally, changes in inflation, interest rates, and credit market conditions could affect the cost of doing business. All of these factors may impact future earnings. See RESULTS OF OPERATIONS herein for information on energy sales in the Southern Company system's service territory during the first three months of 2026.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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 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
Coal Combustion Residuals
On April 13, 2026, the EPA published a proposed rule that, if finalized, would make several revisions to the existing federal CCR regulations, including rescinding CCR management unit provisions. The proposal also provides additional clarity around the scope of beneficial use and provides for site-specific groundwater, closure, and corrective action flexibilities under federal or state CCR permits. The ultimate outcome of this matter cannot be determined at this time.
Based on compliance requirements for closure and monitoring of landfills and surface impoundments 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.
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.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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 approved investment and a return on investment. 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 – Construction" herein for information regarding Georgia Power's current construction projects.
Southern Power's construction program includes the Millers Branch solar project, the Kay, Grant, Grant Plains, Wake, and Bethel wind repowering projects, and the incremental capacity upgrade projects at the Franklin and Wansley natural gas facilities. The repowering projects result in accelerated depreciation related to the equipment being replaced that will continue until the projects' completion dates, which are projected to occur through the third quarter 2027. At March 31, 2026, the remaining pre-tax accelerated depreciation is projected to total approximately $335 million in 2026 and $100 million in 2027. The ultimate impact of these matters cannot be determined at this time. See Note (K) to the Condensed Financial Statements under "Southern Power" herein and Note 5 to the financial statements under "Depreciation and Amortization – Southern Power" in Item 8 of the Form 10-K for additional information.
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 approved investment and a return on investment associated with these infrastructure programs through their regulated rates, as approved by their applicable state regulatory agency. See Note 2 to the financial statements under "Southern Company Gas – Infrastructure Replacement Programs and Capital Projects" 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.
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 modified certain renewable energy tax incentives and added eligibility restrictions for certain credits related to renewable facilities that are controlled or influenced by, or that receive material assistance from, a prohibited foreign entity.
The U.S. Treasury issued a notice on February 12, 2026, which provides interim safe harbors related to the evaluation of material assistance from a prohibited foreign entity. Southern Company is assessing this guidance and its potential implications for eligibility of technology-neutral tax credits for renewable projects for which construction begins in 2026. The U.S. Treasury has indicated that additional guidance and regulations are expected later in 2026. 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)
Corporate Alternative Minimum Tax
On February 18, 2026, the U.S. Treasury issued guidance regarding the calculation of the CAMT. The CAMT, enacted as part of the IRA, generally imposes a 15% minimum tax on a corporation's adjusted financial statement income (AFSI) for taxable years beginning after December 31, 2022, subject to applicable thresholds and adjustments under the Internal Revenue Code. The guidance includes provisions that, in certain circumstances, would permit taxpayers to reflect certain repair-related tax deductions as reductions to AFSI for purposes of computing CAMT.
Regulated utilities industry participants have engaged with the U.S. Treasury regarding the interaction of repair-related costs, regulatory accounting, and the CAMT framework. Southern Company is evaluating the guidance, including its applicability to Southern Company's specific facts and circumstances. If applicable, the guidance could reduce Southern Company's potential CAMT exposure by permitting the inclusion of certain repair-related deductions in the computation of AFSI, which could affect Southern Company's income tax expense and cash tax position in future periods. Southern Company will continue to assess the impact of the guidance and any further administrative guidance or regulatory developments.
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.
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 March 31, 2026. 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.
At the end of the first quarter 2026, the market price of Southern Company's common stock was $96.52 per share (based on the closing price as reported on the NYSE) and the book value was $32.93 per share, representing a market-to-book ratio of 293%, compared to $87.20, $32.18, and 271%, respectively, at the end of 2025. Southern
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Company's common stock dividend for the first quarter 2026 was $0.74 per share compared to $0.72 per share in the first quarter 2025.
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.
During the first quarter 2026, Southern Power committed to development projects to upgrade certain turbines at the Franklin and Wansley natural gas facilities. The aggregate construction costs for these projects are expected to be between $660 million and $725 million. See Note (K) to the Condensed Financial Statements under "Southern Power – Natural Gas Turbine Upgrade Projects" herein for additional information regarding Southern Power's construction projects.
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, 2025.
Fuel and purchased power costs represent a significant component of funding ongoing operations for the traditional electric operating companies and Southern Power. Fuel costs include purchases of coal (for the traditional electric operating companies) and natural gas (for the traditional electric operating companies and Southern Power), as well as the related transportation and storage. Since December 31, 2025, Georgia Power has entered into additional commitments for natural gas primarily related to its construction of generation projects. As a result, Southern Company's and Georgia Power's estimated costs for fuel commitments at March 31, 2026 increased by approximately $25 million for 2027, $150 million per year for 2028 through 2030, and $2.5 billion thereafter. See Note (B) to the Condensed Financial Statements under "Georgia Power – Construction" herein for additional information regarding Georgia Power's current construction projects.
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. In addition, Alabama Power and Georgia Power plan to utilize borrowings from the FFB. Operating cash flows provide a substantial portion of the
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Registrants' cash needs. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
The amount, type, and timing of any financings in 2026, as well as in subsequent years, will be contingent on investment opportunities and the Registrants' capital requirements and will depend upon prevailing market 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 March 31, 2026, the amount of subsidiary retained earnings restricted to dividend totaled $2.0 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 March 31, 2026 for the applicable Registrants:
At March 31, 2026Southern
Company		Georgia
Power		Southern
Power		Southern
Company
Gas
(in millions)
Current liabilities in excess of current assets$5,357 $2,519 $529 $645 
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 March 31, 2026, unused committed credit arrangements with banks were as follows:
At March 31, 2026Southern
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 March 31, 2026.
(c)At March 31, 2026, 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 March 31, 2026. 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 March 31, 2026, 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
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
March 31, 2026, Alabama Power and Georgia Power had approximately $160 million and $325 million, respectively, of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Alabama Power's $160 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.
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
March 31, 2026
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$1,673 4.1 %$2,022 3.9 %$3,291 
Alabama Power30 3.8 10 3.8 75 
Georgia Power225 4.2 586 4.0 1,000 
Mississippi Power32 4.0 15 3.9 64 
Southern Power160 4.1 149 3.9 225 
Southern Company Gas:
Southern Company Gas Capital$255 4.1 %$220 3.9 %$358 
Nicor Gas— — 72 3.8 216 
Southern Company Gas Total$255 4.1 %$292 3.9 %
(*)Average and maximum amounts are based upon daily balances during the three-month period ended March 31, 2026.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Analysis of Cash Flows
Net cash flows provided from (used for) operating, investing, and financing activities for the three months ended March 31, 2026 and 2025 are presented in the following table:
Net cash provided from
(used for):		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended March 31, 2026
Operating activities$1,226 $301 $380 $(49)$193 $808 
Investing activities(3,421)(509)(2,289)(106)(129)(360)
Financing activities1,542 (83)1,874 148 (97)(321)
Three Months Ended March 31, 2025
Operating activities$1,250 $227 $305 $(11)$146 $687 
Investing activities(2,834)(591)(1,719)(44)(161)(321)
Financing activities2,815 718 1,679 87 39 (323)
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 $24 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to the timing of vendor payments, partially offset by higher natural gas cost recovery.
The net cash used for investing activities for the three months ended March 31, 2026 was primarily related to the Subsidiary Registrants' construction programs.
The net cash provided from financing activities for the three months ended March 31, 2026 was primarily related to net issuances of long-term debt, an increase in notes payable, and issuances of common stock through the settlement of forward sale contracts, partially offset by common stock dividend payments. See Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" herein for additional information.
Alabama Power
Net cash provided from operating activities increased $74 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to customer refunds in 2025 associated with a nuclear fuel disposal cost award and the timing of customer receivable collections, partially offset by the timing of vendor payments. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
The net cash used for investing activities for the three months ended March 31, 2026 was primarily related to gross property additions.
The net cash used for financing activities for the three months ended March 31, 2026 was primarily related to common stock dividend payments and repayment of bank term loans, partially offset by capital contributions from Southern Company and an increase in commercial paper borrowings.
Georgia Power
Net cash provided from operating activities increased $75 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to the timing of vendor payments and storm restoration costs, partially offset by an increase in charitable donations and the timing of materials and supplies purchases. See
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
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 three months ended March 31, 2026 was primarily related to gross property additions.
The net cash provided from financing activities for the three months ended March 31, 2026 was primarily related to borrowings from the FFB and capital contributions from Southern Company, partially offset by common stock dividend payments. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
Mississippi Power
Net cash used for operating activities increased $38 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to the timing of vendor payments and the timing of fossil fuel stock purchases.
The net cash used for investing activities for the three months ended March 31, 2026 was primarily related to gross property additions.
The net cash provided from financing activities for the three months ended March 31, 2026 was primarily related to capital contributions from Southern Company, the issuance of senior notes, and an increase in commercial paper borrowings, partially offset by common stock dividend payments.
Southern Power
Net cash provided from operating activities increased $47 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to an increase in wholesale revenues, driven by higher market prices of energy, and the timing of customer receivable collections, partially offset by the timing of vendor payments.
The net cash used for investing activities for the three months ended March 31, 2026 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 used for financing activities for the three months ended March 31, 2026 was primarily related to common stock dividend payments and net distributions to noncontrolling interests, partially offset by an increase in commercial paper borrowings.
Southern Company Gas
Net cash provided from operating activities increased $121 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to higher natural gas cost recovery and timing of customer receivable collections as a result of weather impacts, partially offset by lower natural gas volumes and prices and the timing of vendor payments.
The net cash used for investing activities for the three months ended March 31, 2026 was primarily related to construction of transmission and distribution assets recovered through base rates.
The net cash used for financing activities for the three months ended March 31, 2026 was primarily related to a reduction in commercial paper borrowings and common stock dividend payments.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Significant Balance Sheet Changes
Southern Company
Significant balance sheet changes for the three months ended March 31, 2026 included:
•an increase of $1.7 billion in total property, plant, and equipment primarily related to the Subsidiary Registrants' construction programs;
•an increase of $1.0 billion in total stockholders' equity primarily related to net income and issuances of common stock largely through the settlement of forward sale contracts, partially offset by common stock dividend payments;
•an increase of $980 million in long-term debt (including securities due within one year) primarily due to the issuance of senior notes and borrowings from the FFB, partially offset by the redemption of junior subordinated notes;
•an increase of $951 million in notes payable primarily due to increases in commercial paper borrowings and short-term bank debt;
•a decrease of $801 million in accounts payable primarily related to the timing of vendor payments;
•a decrease of $658 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Company" herein; and
•a decrease of $657 million in accrued compensation primarily due to the timing of payments.
See "Financing Activities" and Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" and "DOE Loan Guarantee Borrowings" herein for additional information.
Alabama Power
Significant balance sheet changes for the three months ended March 31, 2026 included:
•an increase of $350 million in common stockholder's equity primarily due to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•a decrease of $291 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Alabama Power" herein; and
•a decrease of $225 million in other accounts payable primarily due to the timing of vendor payments.
Georgia Power
Significant balance sheet changes for the three months ended March 31, 2026 included:
•an increase of $1.6 billion in total property, plant, and equipment primarily related to the construction of generation, transmission, and distribution facilities;
•an increase of $1.5 billion in common stockholder's equity primarily due to capital contributions from Southern Company and net income, partially offset by dividends paid to Southern Company;
•an increase of $943 million in long-term debt (including securities due within one year) primarily due to net borrowings from the FFB;
•a decrease of $430 million in accounts payable primarily related to the timing of vendor payments; and
•a decrease of $352 million in accrued taxes primarily due to payments for municipal franchise fees and property taxes.
See "Financing Activities – Georgia Power" and Notes (B) and (F) to the Condensed Financial Statements under "Georgia Power – Construction" and "DOE Loan Guarantee Borrowings," respectively, herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Mississippi Power
Significant balance sheet changes for the three months ended March 31, 2026 included:
•an increase of $102 million in common stockholder's equity related to capital contributions from Southern Company and net income, partially offset by dividends paid to Southern Company;
•an increase of $74 million in long-term debt (including securities due within one year) primarily due to the issuance of senior notes;
•a decrease of $73 million in accrued taxes primarily due to the payment of ad valorem taxes;
•an increase of $32 million in notes payable primarily due to commercial paper borrowings; and
•an increase of $27 million in total property, plant, and equipment primarily related to the construction of transmission and distribution facilities.
See "Financing Activities – Mississippi Power" herein for additional information.
Southern Power
Significant balance sheet changes for the three months ended March 31, 2026 included:
•a decrease of $179 million in total property, plant, and equipment primarily due to the continued depreciation of assets, partially offset by the continued construction of the wind repowering projects;
•a decrease of $127 million in total stockholders' equity primarily due to dividends paid to Southern Company, net distributions to noncontrolling interests, and net loss; and
•an increase of $46 million in other receivables primarily related to the transfer of tax credits generated in the first quarter 2026, which were previously allocated to the SP Wind tax equity partners in 2025.
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 – Purchase of Renewable Facility Interests" in Item 8 of the Form 10-K for additional information.
Southern Company Gas
Significant balance sheet changes for the three months ended March 31, 2026 included:
•an increase of $306 million in common stockholder's equity primarily related to net income, partially offset by dividends paid to Southern Company;
•a decrease of $251 million in natural gas for sale primarily due to seasonality;
•a decrease of $183 million in total accounts payable primarily due to lower natural gas volumes and prices and the timing of vendor payments;
•an increase of $182 million in total property, plant, and equipment primarily related to the construction of transmission and distribution assets;
•a decrease of $170 million in notes payable due to a reduction in commercial paper borrowings;
•an increase of $122 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 $104 million in temporary LIFO liquidation due to use of stored natural gas.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Financing Activities
The following table outlines long-term debt financing activities for the first three months of 2026:
Issuances and Reofferings
Maturities and Redemptions
CompanySenior
Notes		Other Long-
Term Debt
Other Long-
   Term Debt(a)
(in millions)
Southern Company parent$— $1,300 $1,250 
Alabama Power— — 46 
Georgia Power— 1,016 28 
Mississippi Power75 — — 
Other
— — 1 
Elimination(b)
— — (3)
Southern Company$75 $2,316 $1,322 
(a)Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments totaling $21 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)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 three months of 2026, Southern Company issued approximately 8.1 million shares of common stock primarily through forward sale contract settlements and employee equity compensation plans. Proceeds from settlements of the forward sale contracts totaled approximately $506 million. Also during the first three months of 2026, Southern Company entered into additional forward sale contracts for the issuance of shares of common stock that may be settled through March 2028. See Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" herein for additional information.
In January 2026, Southern Company redeemed all $1.25 billion aggregate principal amount of its Series 2020B 4.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due January 15, 2051.
In January 2026, Southern Company borrowed $100 million pursuant to a short-term uncommitted bank credit arrangement bearing interest at a floating rate.
In March 2026, Southern Company issued $1.3 billion aggregate principal amount of Series 2026A 6.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due April 1, 2058.
Alabama Power
In March 2026, Alabama Power repaid at maturity its three bank term loan agreements with an aggregate principal amount of $45 million.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Georgia Power
In February 2026, Georgia Power borrowed $250 million pursuant to a short-term uncommitted bank credit arrangement which is payable on demand, following specified notice by the bank, and bears interest at a rate agreed upon by Georgia Power and the bank from time to time. In both March 2026 and subsequent to March 31, 2026, Georgia Power repaid $50 million of the short-term uncommitted bank credit arrangement, resulting in $150 million outstanding.
In March 2026, Georgia Power made initial borrowings under a multi-advance term loan facility with the FFB in an aggregate principal amount of approximately $1.0 billion at an interest rate of 5.041% through the final maturity date of December 10, 2055. The proceeds were used to reimburse Georgia Power for eligible costs relating to certain generation, battery energy storage, and transmission facilities. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
Subsequent to March 31, 2026, Georgia Power repaid at maturity $325 million aggregate principal amount of its Series 2016A 3.25% Senior Notes.
Mississippi Power
In March 2026, Mississippi Power issued approximately $75 million aggregate principal amount of Series 2026A Floating Rate Senior Notes due May 15, 2076.
Credit Rating Risk
At March 31, 2026, 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 March 31, 2026 were as follows:
Credit Ratings
Southern
   Company(*)
Alabama
Power		Georgia
Power		Mississippi
Power
Southern
   Power(*)
Southern
Company
Gas
(in millions)
At BBB and/or Baa2$32 $1 $— $— $31 $— 
At BBB- and/or Baa3463 2 36 — 424 — 
At BB+ and/or Ba1 or below3,837 425 2,496 280 1,409 33 
(*)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 March 31, 2026.
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.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
During the three months ended March 31, 2026, 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 first quarter 2026 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 March 31, 2026 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
Southern Company
(a)
-
Seventeenth Supplemental Indenture to Subordinated Note Indenture dated as of March 19, 2026, providing for the issuance of the Series 2026A 6.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due April 1, 2058. (Designated in Form 8-K dated March 16, 2026, File No. 1-3526 as Exhibit 4.4.)
Mississippi Power
(d)
-
Eighth Supplemental Indenture to Senior Note Indenture dated as of March 3, 2026, providing for the issuance of the Series 2026A Floating Rate Senior Notes due May 15, 2076. (Designated in Form 8-K dated February 27, 2026, File No. 1-11229, as Exhibit 4.2.)
(10) Material Contracts
Alabama Power
(b)1
-
Loan Guarantee Agreement, dated as of February 20, 2026, between Alabama Power and the DOE, as guarantor. (Designated in Form 8-K dated February 20, 2026, File No. 1-3164 as Exhibit 10.1.)
(b)2
-
Note Purchase Agreement, dated as of February 20, 2026, among Alabama Power, the FFB, and the Secretary of Energy, acting through the DOE. (Designated in Form 8-K dated February 20, 2026, File No. 1-3164 as Exhibit 10.2.)
(b)3
-
Form of Promissory Note of Alabama Power to the FFB. (Designated in Form 8-K dated February 20, 2026, File No. 1-3164 as Exhibit 10.3.)
Georgia Power
(c)1
-
Loan Guarantee Agreement, dated as of February 20, 2026, between Georgia Power and the DOE, as guarantor. (Designated in Form 8-K dated February 20, 2026, File No. 1-6468 as Exhibit 10.4.)
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(c)2
-
Note Purchase Agreement, dated as of February 20, 2026, among Georgia Power, the FFB, and the Secretary of Energy, acting through the DOE. (Designated in Form 8-K dated February 20, 2026, File No. 1-6468 as Exhibit 10.5.)
(c)3
-
Form of Promissory Note of Georgia Power to the FFB. (Designated in Form 8-K dated February 20, 2026, File No. 1-6468 as Exhibit 10.6.)
(24) Power of Attorney and Resolutions
Southern Company
(a)
-
Alabama Power
(b)
-
Georgia Power
(c)
-
Mississippi Power
(d)
-
Southern Power
(e)-
Southern Company Gas
(f)
-
(31) Section 302 Certifications
Southern Company
*(a)1-
*(a)2-
Alabama Power
*(b)1-
*(b)2-
Georgia Power
*(c)1-
*(c)2-
Mississippi Power
*(d)1-
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*(d)2-
Southern Power
*(e)1-
*(e)2-
Southern Company Gas
*(f)1-
*(f)2-
(32) Section 906 Certifications
Southern Company
*(a)-
Alabama Power
*(b)-
Georgia Power
*(c)-
Mississippi Power
*(d)-
Southern Power
*(e)-
Southern Company Gas
*(f)-
(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: April 29, 2026
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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: April 29, 2026
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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: April 29, 2026
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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: April 29, 2026
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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: April 29, 2026
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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: April 29, 2026
131

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