Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 40

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 40
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to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at March 31, 2025 are expected to be recognized as follows:2025 (remaining)2026202720282029Thereafter(in millions)Southern Company$763 $472 $394 $343 $309 $2,636 Alabama Power63 5 3 1 — — Georgia Power60 38 16 15 2 27 Mississippi Power(*)47 66 69 73 — — Southern Power(*)260 331 340 316 312 2,609 (*)Includes performance obligations related to affiliate PPAs with Georgia Power. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information.

Lease IncomeLease income for the three months ended March 31, 2025 and 2024 is as follows:SouthernCompanyAlabama PowerGeorgia PowerMississippiPowerSouthern PowerSouthern Company Gas (in millions)For the Three Months Ended March 31, 2025Lease income - interest income on sales-type leases$6 $— $— $4 $2 $— Lease income - operating leases33 2 7 1 37 9 Variable lease income81 — — — 89 — Total lease income$120 $2 $7 $5 $128 $9 For the Three Months Ended March 31, 2024Lease income - interest income on sales-type leases$5 $— $— $3 $2 $— Lease income - operating leases35 3 7 1 21 9 Variable lease income72 — — — 79 — Total lease income$112 $3 $7 $4 $102 $9 Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income related to PPAs is included in wholesale revenues for Alabama Power, Georgia Power, and Southern Power.

(E) CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS

See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information.

Southern CompanyAt March 31, 2025 and