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

Item 1. 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:
Retail electric revenues	$5,366	$5,139	$13,793	$12,597
Wholesale electric revenues	721	727	1,919	1,930
Other electric revenues	222	203	631	602
Natural gas revenues (includes alternative revenue programs of $1, $—, $46, and $11, respectively)	682	689	3,220	3,417
Other revenues	283	222	820	662
Total operating revenues	7,274	6,980	20,383	19,208
Operating Expenses:
Fuel	1,146	1,367	3,174	3,376
Purchased power	249	207	669	680
Cost of natural gas	98	102	852	1,199
Cost of other sales	166	126	464	381
Other operations and maintenance	1,662	1,424	4,543	4,352
Depreciation and amortization	1,210	1,143	3,537	3,365
Taxes other than income taxes	375	341	1,155	1,076
Estimated loss on Plant Vogtle Units 3 and 4	—	160	(21)	160
Total operating expenses	4,906	4,870	14,373	14,589
Operating Income	2,368	2,110	6,010	4,619
Other Income and (Expense):
Allowance for equity funds used during construction	58	66	167	200
Earnings from equity method investments	31	32	107	110
Interest expense, net of amounts capitalized	(692)	(620)	(2,050)	(1,812)
Other income (expense), net	147	141	450	428
Total other income and (expense)	(456)	(381)	(1,326)	(1,074)
Earnings Before Income Taxes	1,912	1,729	4,684	3,545
Income taxes	377	297	890	492
Consolidated Net Income	1,535	1,432	3,794	3,053
Net income (loss) attributable to noncontrolling interests	—	10	(73)	(68)
Consolidated Net Income Attributable to Southern Company	$1,535	$1,422	$3,867	$3,121
Common Stock Data:
Earnings per share -
Basic	$1.40	$1.30	$3.53	$2.86
Diluted	$1.39	$1.29	$3.51	$2.84
Average number of shares of common stock outstanding (in millions)
Basic	1,097	1,092	1,096	1,092
Diluted	1,103	1,099	1,102	1,098

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Consolidated Net Income	$1,535	$1,432	$3,794	$3,053
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(1), $3, $(2), and $(11), respectively	(2)	2	(5)	(34)
Reclassification adjustment for amounts included in net income, net of tax of $(2), $12, $14, and $25, respectively	(8)	36	39	70
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $1, and $—, respectively	—	—	3	—
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $—, and $—, respectively	1	—	1	1
Total other comprehensive income (loss)	(9)	38	38	37
Comprehensive Income	1,526	1,470	3,832	3,090
Comprehensive income (loss) attributable to noncontrolling interests	—	10	(73)	(68)
Consolidated Comprehensive Income Attributable to Southern Company	$1,526	$1,460	$3,905	$3,158

	For the Nine Months Ended September 30,
	2024	2023
(in millions)
Operating Activities:
Consolidated net income	$3,794	$3,053
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	3,916	3,699
Deferred income taxes	520	(52)
Utilization of federal tax credit carryforward	87	195
Allowance for equity funds used during construction	(167)	(200)
Pension, postretirement, and other employee benefits	(391)	(397)
Settlement of asset retirement obligations	(405)	(444)
Stock based compensation expense	120	119
Estimated loss on Plant Vogtle Units 3 and 4	(21)	160
Retail fuel cost under recovery – long-term	—	(157)
Other, net	(100)	(26)
Changes in certain current assets and liabilities —
-Receivables	(233)	524
-Retail fuel cost under recovery	843	513
-Fossil fuel for generation	143	(254)
-Materials and supplies	(195)	(271)
-Natural gas cost under recovery	—	108
-Other current assets	(181)	(32)
-Accounts payable	(161)	(1,031)
-Accrued taxes	179	376
-Accrued compensation	(90)	(197)
-Customer refunds	(28)	(177)
-Natural gas cost over recovery	12	165
-Other current liabilities	(27)	66
Net cash provided from operating activities	7,615	5,740
Investing Activities:
Property additions	(6,206)	(6,561)
Nuclear decommissioning trust fund purchases	(1,070)	(885)
Nuclear decommissioning trust fund sales	1,070	879
Proceeds from dispositions	370	165
Cost of removal, net of salvage	(444)	(421)
Change in construction payables, net	(119)	241
Other investing activities	(279)	(139)
Net cash used for investing activities	(6,678)	(6,721)
Financing Activities:
Decrease in notes payable, net	(1,264)	(298)
Proceeds —
Long-term debt	5,321	7,812
Short-term borrowings	700	250
Common stock	112	26
Redemptions and repurchases —
Long-term debt	(2,167)	(3,567)
Short-term borrowings	(1,020)	(850)
Distributions to noncontrolling interests	(108)	(148)
Payment of common stock dividends	(2,220)	(2,271)
Other financing activities	(157)	(120)
Net cash provided from (used for) financing activities	(803)	834
Net Change in Cash, Cash Equivalents, and Restricted Cash	134	(147)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	921	2,037
Cash, Cash Equivalents, and Restricted Cash at End of Period	$1,055	$1,890
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $76 and $97 capitalized for 2024 and 2023, respectively)	$2,015	$1,694
Income taxes, net	131	11
Noncash transactions —
Accrued property additions at end of period	937	1,224
Right-of-use assets obtained under operating leases	126	76
Right-of-use assets obtained under finance leases	1	3
Reassessment of right-of-use assets under operating leases	(7)	—
Issuance of common stock under dividend reinvestment plan	123	—

Assets	At September 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$1,018	$748
Receivables —
Customer accounts	2,327	2,030
Unbilled revenues	556	786
Under recovered fuel clause revenues	689	696
Other accounts and notes	909	519
Accumulated provision for uncollectible accounts	(64)	(68)
Materials and supplies	2,169	1,989
Fossil fuel for generation	799	943
Natural gas for sale	417	420
Prepaid expenses	391	406
Regulatory assets – asset retirement obligations	390	274
Other regulatory assets	877	1,120
Other current assets	562	569
Total current assets	11,040	10,432
Property, Plant, and Equipment:
In service	134,889	128,428
Less: Accumulated depreciation	39,536	37,725
Plant in service, net of depreciation	95,353	90,703
Other utility plant, net	426	499
Nuclear fuel, at amortized cost	886	858
Construction work in progress	6,232	7,784
Total property, plant, and equipment	102,897	99,844
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,650	2,424
Equity investments in unconsolidated subsidiaries	1,414	1,368
Other intangible assets, net of amortization of $403 and $376, respectively	341	368
Miscellaneous property and investments	657	665
Total other property and investments	10,223	9,986
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,415	1,432
Deferred charges related to income taxes	874	886
Prepaid pension costs	2,375	2,079
Unamortized loss on reacquired debt	208	220
Deferred under recovered fuel clause revenues	632	1,261
Regulatory assets – asset retirement obligations, deferred	5,277	5,459
Other regulatory assets, deferred	7,531	6,264
Other deferred charges and assets	1,484	1,468
Total deferred charges and other assets	19,796	19,069
Total Assets	$143,956	$139,331

Liabilities and Stockholders' Equity	At September 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$1,642	$2,476
Notes payable	722	2,314
Accounts payable	3,950	2,898
Customer deposits	491	503
Accrued taxes —
Accrued income taxes	37	8
Other accrued taxes	985	860
Accrued interest	570	652
Accrued compensation	1,065	1,151
Asset retirement obligations	763	744
Liabilities from risk management activities, net of collateral	199	294
Operating lease obligations	197	183
Natural gas cost over recovery	226	214
Other regulatory liabilities	214	141
Other current liabilities	1,104	1,029
Total current liabilities	12,165	13,467
Long-term Debt	61,254	57,210
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	11,727	10,990
Deferred credits related to income taxes	4,587	4,674
Accumulated deferred ITCs	2,003	2,067
Employee benefit obligations	1,064	1,115
Operating lease obligations, deferred	1,267	1,307
Asset retirement obligations, deferred	9,178	9,573
Other cost of removal obligations	2,006	1,957
Other regulatory liabilities, deferred	725	715
Other deferred credits and liabilities	1,075	1,031
Total deferred credits and other liabilities	33,632	33,429
Total Liabilities	107,051	104,106
Total Stockholders' Equity (See accompanying statements)	36,905	35,225
Total Liabilities and Stockholders' Equity	$143,956	$139,331

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