GEORGIA POWER CO

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 31, 2024

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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Contents

Alabama Power Company:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Operating Revenues:
Retail revenues	$1,904	$1,860	$5,117	$4,708
Wholesale revenues, non-affiliates	89	106	259	358
Wholesale revenues, affiliates	34	14	103	43
Other revenues	111	103	324	311
Total operating revenues	2,138	2,083	5,803	5,420
Operating Expenses:
Fuel	384	402	1,050	1,013
Purchased power, non-affiliates	49	42	148	197
Purchased power, affiliates	48	80	134	193
Other operations and maintenance	493	411	1,335	1,275
Depreciation and amortization	366	351	1,091	1,045
Taxes other than income taxes	108	110	347	333
Total operating expenses	1,448	1,396	4,105	4,056
Operating Income	690	687	1,698	1,364
Other Income and (Expense):
Allowance for equity funds used during construction	15	23	40	65
Interest expense, net of amounts capitalized	(113)	(104)	(337)	(311)
Other income (expense), net	36	38	116	117
Total other income and (expense)	(62)	(43)	(181)	(129)
Earnings Before Income Taxes	628	644	1,517	1,235
Income taxes	135	79	322	103
Net Income	$493	$565	$1,195	$1,132

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$493	$565	$1,195	$1,132
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $—, and $—, respectively	—	—	—	1
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $1, and $—, respectively	—	1	1	1
Total other comprehensive income	—	1	1	2
Comprehensive Income	$493	$566	$1,196	$1,134

	For the Nine Months Ended September 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$1,195	$1,132
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	1,201	1,158
Deferred income taxes	(79)	(210)
Pension, postretirement, and other employee benefits	(151)	(148)
Settlement of asset retirement obligations	(184)	(188)
Other, net	24	(22)
Changes in certain current assets and liabilities —
-Receivables	(115)	(108)
-Fossil fuel stock	46	(113)
-Prepayments	(44)	(30)
-Retail fuel cost under recovery	236	334
-Other current assets	(32)	(93)
-Accounts payable	(304)	(358)
-Accrued taxes	235	271
-Accrued compensation	(26)	(46)
-Other current liabilities	(19)	(57)
Net cash provided from operating activities	1,983	1,522
Investing Activities:
Property additions	(1,279)	(1,377)
Nuclear decommissioning trust fund purchases	(448)	(226)
Nuclear decommissioning trust fund sales	448	226
Cost of removal, net of salvage	(123)	(128)
Change in construction payables, net of joint owner portion	(32)	(68)
Other investing activities	(26)	27
Net cash used for investing activities	(1,460)	(1,546)
Financing Activities:
Increase in notes payable, net	(40)	—
Proceeds —
Senior notes	—	200
Revenue bonds	—	326
Short-term borrowings	50	—
Other long-term debt	6	28
Redemptions —
Revenue bonds	(21)	—
Short-term borrowings	(50)	—
Capital contributions from parent company	488	380
Payment of common stock dividends	(886)	(856)
Other financing activities	(3)	(12)
Net cash provided from (used for) financing activities	(456)	66
Net Change in Cash, Cash Equivalents, and Restricted Cash	67	42
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	409	687
Cash, Cash Equivalents, and Restricted Cash at End of Period	$476	$729
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $13 and $21 capitalized for 2024 and 2023, respectively)	$356	$329
Income taxes, net	288	152
Noncash transactions —
Accrued property additions at end of period	106	114
Right-of-use assets obtained under operating leases	11	28
Right-of-use assets obtained under finance leases	—	3

Assets	At September 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$476	$324
Receivables —
Customer accounts	627	513
Unbilled revenues	184	191
Affiliated	85	72
Other accounts and notes	207	109
Accumulated provision for uncollectible accounts	(22)	(16)
Fossil fuel stock	348	394
Materials and supplies	699	655
Prepaid expenses	100	62
Regulatory assets – under recovered retail fuel clause revenues	10	246
Other regulatory assets	351	385
Other current assets	77	142
Total current assets	3,142	3,077
Property, Plant, and Equipment:
In service	36,112	35,429
Less: Accumulated provision for depreciation	11,522	11,131
Plant in service, net of depreciation	24,590	24,298
Other utility plant, net	426	499
Nuclear fuel, at amortized cost	250	253
Construction work in progress	1,210	1,095
Total property, plant, and equipment	26,476	26,145
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,399	1,261
Equity investments in unconsolidated subsidiaries	49	52
Miscellaneous property and investments	127	155
Total other property and investments	1,575	1,468
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	87	87
Deferred charges related to income taxes	261	262
Prepaid pension and other postretirement benefit costs	757	659
Regulatory assets – asset retirement obligations	1,742	1,810
Other regulatory assets, deferred	1,834	1,858
Other deferred charges and assets	466	414
Total deferred charges and other assets	5,147	5,090
Total Assets	$36,340	$35,780

Liabilities and Stockholder's Equity	At September 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$655	$223
Notes payable	—	40
Accounts payable —
Affiliated	267	330
Other	373	630
Customer deposits	111	105
Accrued taxes	279	51
Accrued interest	88	122
Accrued compensation	210	222
Asset retirement obligations	360	346
Other regulatory liabilities	131	44
Other current liabilities	192	191
Total current liabilities	2,666	2,304
Long-term Debt	10,517	10,960
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,183	4,170
Deferred credits related to income taxes	1,413	1,506
Accumulated deferred ITCs	70	74
Employee benefit obligations	152	155
Operating lease obligations	79	81
Asset retirement obligations, deferred	3,730	3,812
Other regulatory liabilities, deferred	267	291
Other deferred credits and liabilities	128	94
Total deferred credits and other liabilities	10,022	10,183
Total Liabilities	23,205	23,447
Common Stockholder's Equity (See accompanying statements)	13,135	12,333
Total Liabilities and Stockholder's Equity	$36,340	$35,780

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	31	$1,222	$6,710	$3,764	$(9)	$11,687
Net income	—	—	—	255	—	255
Capital contributions from parent company	—	—	330	—	—	330
Cash dividends on common stock	—	—	—	(285)	—	(285)
Balance at March 31, 2023	31	1,222	7,040	3,734	(9)	11,987
Net income	—	—	—	312	—	312
Capital contributions from parent company	—	—	29	—	—	29
Cash dividends on common stock	—	—	—	(286)	—	(286)
Balance at June 30, 2023	31	1,222	7,069	3,760	(9)	12,042
Net income	—	—	—	565	—	565
Capital contributions from parent company	—	—	28	—	—	28
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(285)	—	(285)
Balance at September 30, 2023	31	$1,222	$7,097	$4,040	$(8)	$12,351
Balance at December 31, 2023	31	$1,222	$7,125	$3,993	$(7)	$12,333
Net income	—	—	—	333	—	333
Capital contributions from parent company	—	—	427	—	—	427
Cash dividends on common stock	—	—	—	(295)	—	(295)
Other	—	—	—	(1)	—	(1)
Balance at March 31, 2024	31	1,222	7,552	4,030	(7)	12,797
Net income	—	—	—	369	—	369
Capital contributions from parent company	—	—	50	—	—	50
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(296)	—	(296)
Balance at June 30, 2024	31	1,222	7,602	4,103	(6)	12,921
Net income	—	—	—	493	—	493
Capital contributions from parent company	—	—	16	—	—	16
Cash dividends on common stock	—	—	—	(295)	—	(295)
Balance at September 30, 2024	31	$1,222	$7,618	$4,301	$(6)	$13,135

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.