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

Mississippi 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	$276	$284	$739	$747
Wholesale revenues, non-affiliates	66	77	179	201
Wholesale revenues, affiliates	57	65	166	158
Other revenues	13	10	34	31
Total operating revenues	412	436	1,118	1,137
Operating Expenses:
Fuel and purchased power	134	169	363	416
Other operations and maintenance	90	84	261	258
Depreciation and amortization	48	48	141	139
Taxes other than income taxes	33	32	95	92
Total operating expenses	305	333	860	905
Operating Income	107	103	258	232
Other Income and (Expense):
Interest expense, net of amounts capitalized	(19)	(19)	(58)	(53)
Other income (expense), net	9	9	33	29
Total other income and (expense)	(10)	(10)	(25)	(24)
Earnings Before Income Taxes	97	93	233	208
Income taxes	22	18	47	35
Net Income	$75	$75	$186	$173

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
(in millions) · (in millions)
Net Income	$75	$75	$186	$173
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $2, and $—, respectively	—	—	5	—
Total other comprehensive income	—	—	5	—
Comprehensive Income	$75	$75	$191	$173

	For the Nine Months Ended September 30,
	2024	2023
(in millions)
Operating Activities:
Net income	$186	$173
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	153	171
Deferred income taxes	4	(10)
Pension, postretirement, and other employee benefits	(13)	(15)
Settlement of asset retirement obligations	(13)	(12)
Other, net	21	12
Changes in certain current assets and liabilities —
-Receivables	(22)	55
-Retail fuel cost under recovery	17	(24)
-Fossil fuel stock	(10)	7
-Other current assets	(13)	7
-Accounts payable	(29)	(83)
-Accrued taxes	(11)	(16)
-Accrued compensation	(4)	(5)
-Other current liabilities	(1)	—
Net cash provided from operating activities	265	260
Investing Activities:
Property additions	(220)	(231)
Cost of removal, net of salvage	(32)	(21)
Change in construction payables, net of joint owner portion	(3)	(5)
Payments pursuant to LTSAs	(15)	(21)
Other investing activities	(2)	(2)
Net cash used for investing activities	(272)	(280)
Financing Activities:
Increase in notes payable, net	50	20
Proceeds — Senior notes	250	100
Redemptions — Senior notes	(200)	—
Capital contributions from parent company	60	8
Payment of common stock dividends	(141)	(139)
Other financing activities	(2)	(1)
Net cash provided from (used for) financing activities	17	(12)
Net Change in Cash, Cash Equivalents, and Restricted Cash	10	(32)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	38	59
Cash, Cash Equivalents, and Restricted Cash at End of Period	$48	$27
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest	$67	$53
Income taxes, net	35	33
Noncash transactions —
Accrued property additions at end of period	33	20
Right-of-use assets obtained under operating leases	—	1

Assets	At September 30, 2024	At December 31, 2023
(in millions)
Current Assets:
Cash and cash equivalents	$48	$38
Receivables —
Customer accounts, net	64	36
Unbilled revenues	43	40
Affiliated	26	29
Other accounts and notes	21	20
Fossil fuel stock	57	47
Materials and supplies	98	89
Other regulatory assets	49	56
Other current assets	15	10
Total current assets	421	365
Property, Plant, and Equipment:
In service	5,627	5,523
Less: Accumulated provision for depreciation	1,856	1,792
Plant in service, net of depreciation	3,771	3,731
Construction work in progress	291	203
Total property, plant, and equipment	4,062	3,934
Other Property and Investments	153	158
Deferred Charges and Other Assets:
Deferred charges related to income taxes	27	28
Prepaid pension costs	111	99
Deferred under recovered retail fuel clause revenues	—	50
Regulatory assets – asset retirement obligations	247	244
Other regulatory assets, deferred	279	285
Accumulated deferred income taxes	83	96
Other deferred charges and assets	64	85
Total deferred charges and other assets	811	887
Total Assets	$5,447	$5,344

Liabilities and Stockholder's Equity	At September 30, 2024	At December 31, 2023
(in millions)
Current Liabilities:
Securities due within one year	$12	$201
Notes payable	50	—
Accounts payable —
Affiliated	53	82
Other	70	73
Accrued taxes	105	117
Accrued compensation	39	43
Asset retirement obligations	32	29
Over recovered retail fuel clause revenues	—	27
Other regulatory liabilities	3	17
Other current liabilities	89	90
Total current liabilities	453	679
Long-term Debt	1,681	1,443
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	476	469
Deferred credits related to income taxes	224	229
Employee benefit obligations	67	67
Asset retirement obligations, deferred	121	139
Other cost of removal obligations	173	186
Other regulatory liabilities, deferred	97	92
Other deferred credits and liabilities	40	37
Total deferred credits and other liabilities	1,198	1,219
Total Liabilities	3,332	3,341
Common Stockholder's Equity (See accompanying statements)	2,115	2,003
Total Liabilities and Stockholder's Equity	$5,447	$5,344

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings (Accumulated Deficit)	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2022	1	$38	$4,652	$(2,759)	$—	$1,931
Net income	—	—	—	58	—	58
Cash dividends on common stock	—	—	—	(46)	—	(46)
Balance at March 31, 2023	1	38	4,652	(2,747)	—	1,943
Net income	—	—	—	40	—	40
Capital contributions from parent company	—	—	12	—	—	12
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at June 30, 2023	1	38	4,664	(2,754)	—	1,948
Net income	—	—	—	75	—	75
Return of capital to parent company	—	—	(3)	—	—	(3)
Cash dividends on common stock	—	—	—	(46)	—	(46)
Balance at September 30, 2023	1	$38	$4,661	$(2,725)	$—	$1,974
Balance at December 31, 2023	1	$38	$4,721	$(2,756)	$—	$2,003
Net income	—	—	—	50	—	50
Capital contributions from parent company	—	—	1	—	—	1
Other comprehensive income	—	—	—	—	5	5
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at March 31, 2024	1	38	4,722	(2,753)	5	2,012
Net income	—	—	—	61	—	61
Capital contributions from parent company	—	—	58	—	—	58
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at June 30, 2024	1	38	4,780	(2,739)	5	2,084
Net income	—	—	—	75	—	75
Capital contributions from parent company	—	—	3	—	—	3
Cash dividends on common stock	—	—	—	(47)	—	(47)
Balance at September 30, 2024	1	$38	$4,783	$(2,711)	$5	$2,115

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.