Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 2935

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 5
Chunk 2935
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tle Units 3 and 4. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein, Note 2 to 

II-24

    Table of Contents                                Index to Financial Statements        COMBINED MANAGEMENT'S DISCUSSION AND ANALYSIS

the financial statements under "Georgia Power – Nuclear Construction," and Note 8 to the financial statements for additional information.

Income Taxes

Income taxes increased $155 million, or 34.6%, in 2024 as compared to 2023 primarily due to higher pre-tax earnings and a $112 million increase in charges to a valuation allowance on certain state tax credit carryforwards, partially offset by an increase of $79 million in the generation of advanced nuclear PTCs and $26 million from the recognition of certain state tax positions from amended returns. See Note 10 to the financial statements for additional information.

Mississippi Power

Mississippi Power's net income was $199 million in 2024 compared to $188 million in 2023. The increase was primarily due to increases in affiliate wholesale capacity revenues, partially offset by increases in income taxes and non-fuel operations and maintenance expenses.

A condensed income statement for Mississippi Power follows:

2024Increase(Decrease)from 2023(in millions)Operating revenues$1,463 $(11)Fuel and purchased power477 (61)Other operations and maintenance370 8 Depreciation and amortization193 3 Taxes other than income taxes127 3 Total operating expenses1,167 (47)Operating income 296 36 Interest expense, net of amounts capitalized77 6 Other income (expense), net27 (8)Income taxes47 11 Net income $199 $11 

Operating Revenues

Operating revenues for 2024 were $1.5 billion, reflecting an $11 million, or 0.7%, decrease from 2023. Details of operating revenues were as follows:

20242023(in millions)Retail — prior year$963 Estimated change resulting from —Rates and pricing11 Sales growth2 Weather7 Fuel and other cost recovery(18)Retail — current year$965 $963 Wholesale revenues —Non-affiliates228 272 Affiliates218 200 Total wholesale revenues446 472 Other operating revenues52 39 Total operating revenues$1,463 $1,