Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 276

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 8
Chunk 276
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 power delivery construction and maintenance projects at Georgia Power, $14 million in regulated outdoor lighting sales at Georgia Power, $11 million in open access transmission tariff sales at Alabama Power, $11 million in regulated energy services revenues at Alabama Power, $7 million related to undistributed customer bill credits at Alabama Power, which was offset by an additional NDR accrual within other operations and maintenance expenses, and $6 million in receipts associated with liquidated damages at Southern Power, partially offset by a $15 million decrease associated with transmission revenues at Southern Power. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information regarding customer bill credits at Alabama Power.

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    Table of Contents                                Index to Financial StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

Natural Gas Revenues

In the second quarter 2025, natural gas revenues were $979 million compared to $831 million for the corresponding period in 2024. For year-to-date 2025, natural gas revenues were $2.8 billion compared to $2.5 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:

Second Quarter 2025 vs.Second Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)Rates$28 3.4 %$71 2.8 %Gas costs and other cost recovery104 12.5 166 6.5 Gas marketing services17 2.0 35 1.4 Other(1)(0.1)8 0.3 Natural gas revenues$148 17.8 %$280 11.0 %

Changes in rates resulted in an increase in revenues in the second quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to base rate increases at Atlanta Gas Light and Virginia Natural Gas. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.

Revenues from gas costs and other cost recovery increased in the second quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher natural gas prices and gas volumes. Natural gas distribution rates include provisions to