ALABAMA POWER CO

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

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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.

Jun 30, 2025 · Filed Jul 31, 2025

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 June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Operating Revenues:
Retail revenues	$274	$242	$522	$462
Wholesale revenues, non-affiliates	62	54	133	113
Wholesale revenues, affiliates	55	58	136	109
Other revenues	9	10	30	22
Total operating revenues	400	364	821	706
Operating Expenses:
Fuel and purchased power	143	117	309	229
Other operations and maintenance	82	83	166	171
Depreciation and amortization	52	47	105	93
Taxes other than income taxes	36	32	69	63
Total operating expenses	313	279	649	556
Operating Income	87	85	172	150
Other Income and (Expense):
Interest expense, net of amounts capitalized	(20)	(20)	(40)	(39)
Other income (expense), net	9	11	16	25
Total other income and (expense)	(11)	(9)	(24)	(14)
Earnings Before Income Taxes	76	76	148	136
Income taxes	17	15	34	25
Net Income	$59	$61	$114	$111

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Net Income	$59	$61	$114	$111
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $—, $—, $—, and $2, respectively	—	—	—	5
Total other comprehensive income	—	—	—	5
Comprehensive Income	$59	$61	$114	$116

	For the Six Months Ended June 30,
	2025	2024
(in millions)
Operating Activities:
Net income	$114	$111
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	115	101
Deferred income taxes	4	(5)
Pension, postretirement, and other employee benefits	(8)	(8)
Settlement of asset retirement obligations	(7)	(9)
Other, net	(7)	7
Changes in certain current assets and liabilities —
-Receivables	(26)	(26)
-Retail fuel cost under recovery	(28)	7
-Fossil fuel stock	20	(22)
-Prepaid income taxes	9	—
-Other current assets	(1)	(4)
-Accounts payable	(22)	(16)
-Accrued taxes	(49)	(41)
-Accrued compensation	(22)	(16)
-Over recovered regulatory clause revenues	(15)	7
-Other current liabilities	1	(1)
Net cash provided from operating activities	78	85
Investing Activities:
Property additions	(166)	(165)
Contributions in aid of construction	57	—
Cost of removal, net of salvage	(17)	(21)
Change in construction payables, net of joint owner portion	(5)	(20)
Payments pursuant to LTSAs	(11)	(10)
Other investing activities	(3)	(2)
Net cash used for investing activities	(145)	(218)
Financing Activities:
Increase in notes payable, net	18	102
Proceeds — Senior notes	100	250
Redemptions — Senior notes	—	(200)
Capital contributions from parent company	57	58
Payment of common stock dividends	(97)	(94)
Other financing activities	(2)	(2)
Net cash provided from financing activities	76	114
Net Change in Cash, Cash Equivalents, and Restricted Cash	9	(19)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	13	38
Cash, Cash Equivalents, and Restricted Cash at End of Period	$22	$19
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest	$37	$38
Income taxes, net	21	24
Noncash transactions —
Accrued property additions at end of period	30	16

Assets	At June 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$22	$13
Receivables —
Customer accounts, net	75	45
Unbilled revenues	47	39
Affiliated	50	33
Other accounts and notes	24	24
Fossil fuel stock	36	56
Materials and supplies	103	103
Other regulatory assets	38	43
Other current assets	14	28
Total current assets	409	384
Property, Plant, and Equipment:
In service	5,873	5,697
Less: Accumulated provision for depreciation	1,906	1,833
Plant in service, net of depreciation	3,967	3,864
Construction work in progress	233	253
Total property, plant, and equipment	4,200	4,117
Other Property and Investments	148	152
Deferred Charges and Other Assets:
Deferred charges related to income taxes	27	27
Prepaid pension costs	134	124
Deferred under recovered retail fuel clause revenues	—	32
Regulatory assets – asset retirement obligations	230	243
Other regulatory assets, deferred	266	259
Accumulated deferred income taxes	74	82
Other deferred charges and assets	70	74
Total deferred charges and other assets	801	841
Total Assets	$5,558	$5,494

Liabilities and Stockholder's Equity	At June 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$12	$12
Notes payable	32	14
Accounts payable —
Affiliated	69	68
Other	72	83
Customer deposits	19	20
Accrued taxes	66	115
Accrued compensation	29	46
Asset retirement obligations	29	32
Over recovered retail fuel clause revenues	—	32
Other regulatory liabilities	3	5
Other current liabilities	68	75
Total current liabilities	399	502
Long-term Debt	1,780	1,681
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	493	492
Deferred credits related to income taxes	213	219
Employee benefit obligations	65	65
Asset retirement obligations, deferred	102	116
Other cost of removal obligations	133	170
Other regulatory liabilities, deferred	117	121
Other deferred credits and liabilities	92	39
Total deferred credits and other liabilities	1,215	1,222
Total Liabilities	3,394	3,405
Common Stockholder's Equity (See accompanying statements)	2,164	2,089
Total Liabilities and Stockholder's Equity	$5,558	$5,494

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings (Accumulated Deficit)	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
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
Balance at December 31, 2024	1	$38	$4,791	$(2,745)	$5	$2,089
Net income	—	—	—	55	—	55
Capital contributions from parent company	—	—	51	—	—	51
Cash dividends on common stock	—	—	—	(48)	—	(48)
Other	—	—	—	—	(1)	(1)
Balance at March 31, 2025	1	38	4,842	(2,738)	4	2,146
Net income	—	—	—	59	—	59
Capital contributions from parent company	—	—	7	—	—	7
Cash dividends on common stock	—	—	—	(49)	—	(49)
Other	—	—	—	1	—	1
Balance at June 30, 2025	1	$38	$4,849	$(2,727)	$4	$2,164

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