Skip to main content
Midas Edge

GEORGIA POWER CO

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

View on SEC.gov

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Georgia Power Company:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
(in millions) · (in millions)
Operating Revenues:
Retail revenues$3,185$2,996$7,937$7,142
Wholesale revenues7869198147
Other revenues209172610516
Total operating revenues3,4723,2378,7457,805
Operating Expenses:
Fuel4515761,2811,392
Purchased power, non-affiliates174131466397
Purchased power, affiliates204221567579
Other operations and maintenance6135121,5861,505
Depreciation and amortization4624291,3341,248
Taxes other than income taxes177144488406
Estimated loss on Plant Vogtle Units 3 and 4—160(21)160
Total operating expenses2,0812,1735,7015,687
Operating Income1,3911,0643,0442,118
Other Income and (Expense):
Allowance for equity funds used during construction3737108121
Interest expense, net of amounts capitalized(184)(166)(543)(472)
Other income (expense), net5245156125
Total other income and (expense)(95)(84)(279)(226)
Earnings Before Income Taxes1,2969802,7651,892
Income taxes246200516345
Net Income$1,050$780$2,249$1,547
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
(in millions) · (in millions)
Net Income$1,050$780$2,249$1,547
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $4, and $(1), respectively——13(1)
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $1, and $1, respectively1133
Total other comprehensive income11162
Comprehensive Income$1,051$781$2,265$1,549
For the Nine Months Ended September 30,
20242023
(in millions)
Operating Activities:
Net income$2,249$1,547
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total1,5661,411
Deferred income taxes396102
Allowance for equity funds used during construction(108)(121)
Pension, postretirement, and other employee benefits(197)(207)
Settlement of asset retirement obligations(191)(228)
Retail fuel cost under recovery – long-term—(157)
Estimated loss on Plant Vogtle Units 3 and 4(21)160
Other, net(141)12
Changes in certain current assets and liabilities —
-Receivables(499)(311)
-Retail fuel cost under recovery590204
-Fossil fuel stock110(138)
-Materials and supplies(83)(135)
-Other current assets(163)(41)
-Accounts payable113(142)
-Accrued taxes24118
-Customer refunds(5)(121)
-Other current liabilities4116
Net cash provided from operating activities3,6811,969
Investing Activities:
Property additions(3,403)(3,501)
Nuclear decommissioning trust fund purchases(623)(659)
Nuclear decommissioning trust fund sales622654
Cost of removal, net of salvage(225)(191)
Change in construction payables, net of joint owner portion(92)338
Proceeds from dispositions35659
Other investing activities(122)(76)
Net cash used for investing activities(3,487)(3,376)
Financing Activities:
Increase (decrease) in notes payable, net(776)50
Proceeds —
Senior notes1,4001,750
Short-term borrowings350250
Revenue bonds—229
Redemptions and repurchases —
Senior notes(400)(800)
Short-term borrowings(670)(650)
FFB loan(64)(64)
Capital contributions from parent company1,5601,837
Payment of common stock dividends(1,538)(1,392)
Other financing activities(67)(27)
Net cash provided from (used for) financing activities(205)1,183
Net Change in Cash, Cash Equivalents, and Restricted Cash(11)(224)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period75480
Cash, Cash Equivalents, and Restricted Cash at End of Period$64$256
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $43 and $63 capitalized for 2024 and 2023, respectively)$530$439
Income taxes, net8074
Noncash transactions —
Accrued property additions at end of period590942
Right-of-use assets obtained under operating leases12117
Right-of-use assets obtained under finance leases4418
AssetsAt September 30, 2024At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents$43$9
Receivables —
Customer accounts, net1,187843
Unbilled revenues251275
Under recovered retail fuel clause revenues683694
Joint owner accounts116119
Affiliated7451
Other accounts and notes36281
Fossil fuel stock370480
Materials and supplies955883
Regulatory assets – asset retirement obligations21598
Other regulatory assets377423
Other current assets420305
Total current assets5,0534,261
Property, Plant, and Equipment:
In service53,86149,370
Less: Accumulated provision for depreciation14,63513,955
Plant in service, net of depreciation39,22635,415
Nuclear fuel, at amortized cost636605
Construction work in progress3,1884,975
Total property, plant, and equipment43,05040,995
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,2511,163
Equity investments in unconsolidated subsidiaries4447
Miscellaneous property and investments181151
Total other property and investments1,4761,361
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization879884
Deferred charges related to income taxes584594
Prepaid pension costs795706
Deferred under recovered retail fuel clause revenues6321,211
Regulatory assets – asset retirement obligations, deferred3,2923,407
Other regulatory assets, deferred4,2172,890
Other deferred charges and assets520508
Total deferred charges and other assets10,91910,200
Total Assets$60,498$56,817
Liabilities and Stockholder's EquityAt September 30, 2024At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year$850$502
Notes payable2351,329
Accounts payable —
Affiliated802840
Other2,5291,147
Customer deposits254250
Accrued taxes606582
Accrued interest174175
Accrued compensation229250
Operating lease obligations131135
Asset retirement obligations345338
Other regulatory liabilities3422
Other current liabilities404365
Total current liabilities6,5935,935
Long-term Debt16,81316,198
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,4144,018
Deferred credits related to income taxes2,1722,161
Accumulated deferred ITCs317326
Employee benefit obligations236248
Operating lease obligations, deferred725740
Asset retirement obligations, deferred5,0365,327
Other deferred credits and liabilities521481
Total deferred credits and other liabilities13,42113,301
Total Liabilities36,82735,434
Common Stockholder's Equity (See accompanying statements)23,67121,383
Total Liabilities and Stockholder's Equity$60,498$56,817
Number ofCommonSharesIssuedCommonStockPaid-InCapitalRetainedEarningsAccumulatedOtherComprehensiveIncome (Loss)Total
(in millions)
Balance at December 31, 20229$398$15,626$2,846$(12)$18,858
Net income———296—296
Capital contributions from parent company——752——752
Cash dividends on common stock———(464)—(464)
Other———1—1
Balance at March 31, 2023939816,3782,679(12)19,443
Net income———471—471
Capital contributions from parent company——33——33
Other comprehensive income————11
Cash dividends on common stock———(464)—(464)
Balance at June 30, 2023939816,4112,686(11)19,484
Net income———780—780
Capital contributions from parent company——1,056——1,056
Other comprehensive income————11
Cash dividends on common stock———(464)—(464)
Balance at September 30, 20239$398$17,467$3,002$(10)$20,857
Balance at December 31, 20239$398$17,923$3,071$(9)$21,383
Net income———437—437
Capital contributions from parent company——750——750
Other comprehensive income————1313
Cash dividends on common stock———(513)—(513)
Balance at March 31, 2024939818,6732,995422,070
Net income———762—762
Capital contributions from parent company——113——113
Other comprehensive income————11
Cash dividends on common stock———(513)—(513)
Balance at June 30, 2024939818,7863,244522,433
Net income———1,050—1,050
Capital contributions from parent company——700——700
Other comprehensive income————11
Cash dividends on common stock———(512)—(512)
Other———(1)—(1)
Balance at September 30, 20249$398$19,486$3,781$6$23,671
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.