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

Condensed Consolidated Statements of Income

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Operating Revenues:
Wholesale revenues, non-affiliates	$489	$479	$1,286	$1,234
Wholesale revenues, affiliates	102	156	280	406
Other revenues	9	18	31	46
Total operating revenues	600	653	1,597	1,686
Operating Expenses:
Fuel	166	196	454	526
Purchased power	20	33	60	87
Other operations and maintenance	126	104	367	327
Depreciation and amortization	133	130	378	380
Taxes other than income taxes	12	13	34	38
Gain on dispositions, net	—	—	—	(20)
Total operating expenses	457	476	1,293	1,338
Operating Income	143	177	304	348
Other Income and (Expense):
Interest expense, net of amounts capitalized	(30)	(32)	(89)	(98)
Other income (expense), net	2	4	8	8
Total other income and (expense)	(28)	(28)	(81)	(90)
Earnings Before Income Taxes	115	149	223	258
Income taxes	33	39	32	38
Net Income	82	110	191	220
Net income (loss) attributable to noncontrolling interests	—	10	(73)	(68)
Net Income Attributable to Southern Power	$82	$100	$264	$288

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$82	$110	$191	$220
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $3, $(2), $(2), and $(3), respectively	10	(13)	(5)	(17)
Reclassification adjustment for amounts included in net income, net of tax of $(4), $4, $2, and $6, respectively	(14)	17	5	24
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $—, and $—, respectively	—	—	1	—
Total other comprehensive income (loss)	(4)	4	1	7
Comprehensive Income	78	114	192	227
Comprehensive income (loss) attributable to noncontrolling interests	—	10	(73)	(68)
Comprehensive Income Attributable to Southern Power	$78	$104	$265	$295

	For the Nine Months Ended September 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$191	$220
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	388	395
Utilization of federal tax credit carryforward	63	179
Amortization of ITCs	(44)	(44)
Gain on dispositions, net	—	(20)
Other, net	18	5
Changes in certain current assets and liabilities —
-Receivables	(24)	100
-Prepaid income taxes	—	31
-Other current assets	(9)	(14)
-Accounts payable	(19)	(70)
-Accrued taxes	56	9
-Accrued compensation	(4)	(7)
-Other current liabilities	(9)	15
Net cash provided from operating activities	607	799
Investing Activities:
Acquisitions, net of cash acquired	—	(181)
Property additions	(179)	(40)
Proceeds from dispositions	—	59
Change in construction payables	1	(18)
Payments pursuant to LTSAs	(34)	(49)
Other investing activities	13	5
Net cash used for investing activities	(199)	(224)
Financing Activities:
Increase (decrease) in notes payable, net	(68)	136
Redemptions — Senior notes	—	(290)
Capital contributions from parent company	8	16
Capital contributions from noncontrolling interests	11	21
Distributions to noncontrolling interests	(108)	(148)
Payment of common stock dividends	(196)	(189)
Other financing activities	(4)	3
Net cash used for financing activities	(357)	(451)
Net Change in Cash, Cash Equivalents, and Restricted Cash	51	124
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	144	133
Cash, Cash Equivalents, and Restricted Cash at End of Period	$195	$257
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $5 and $1 capitalized for 2024 and 2023, respectively)	$88	$103
Income taxes, net	(30)	(124)
Noncash transactions —
Accrued property additions at end of period	52	23
Right-of-use assets obtained under operating leases	10	7
Reassessment of right-of-use assets under operating leases	(7)	—

Assets	At September 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$179	$124
Receivables —
Customer accounts, net	164	136
Affiliated	43	37
Other	39	54
Materials and supplies	96	80
Other current assets	86	92
Total current assets	607	523
Property, Plant, and Equipment:
In service	14,946	14,690
Less: Accumulated provision for depreciation	4,444	4,119
Plant in service, net of depreciation	10,502	10,571
Construction work in progress	187	278
Total property, plant, and equipment	10,689	10,849
Other Property and Investments:
Intangible assets, net of amortization of $163 and $148, respectively	228	243
Net investment in sales-type leases	144	148
Total other property and investments	372	391
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	486	488
Prepaid LTSAs	247	248
Other deferred charges and assets	245	262
Total deferred charges and other assets	978	998
Total Assets	$12,646	$12,761

Liabilities and Stockholders' Equity	At September 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Notes payable	$62	$138
Accounts payable —
Affiliated	70	82
Other	73	91
Accrued taxes	45	26
Accrued interest	22	27
Operating lease obligations	28	29
Other current liabilities	90	97
Total current liabilities	390	490
Long-term Debt	2,720	2,711
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	719	614
Accumulated deferred ITCs	1,454	1,498
Operating lease obligations, deferred	510	517
Other deferred credits and liabilities	251	233
Total deferred credits and other liabilities	2,934	2,862
Total Liabilities	6,044	6,063
Total Stockholders' Equity (See accompanying statements)	6,602	6,698
Total Liabilities and Stockholders' Equity	$12,646	$12,761

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