Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 81

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 81
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 amortization was $1.3 billion compared to $1.1 billion for the corresponding period in 2024. The increase was primarily due to increases of $78 million associated with additional plant in service, $31 million in amortization of regulatory assets related to CCR AROs at Georgia Power as approved in the 2025 compliance filing under the terms of the 2022 ARP, and $27 million in accelerated depreciation related to the repowering of the Kay Wind facility at Southern Power. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 2 and 15 to the financial statements under "Georgia Power" and "Southern Power – Development Projects," respectively, in Item 8 of the Form 10-K for additional information.

Taxes Other Than Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$4912.4

In the first quarter 2025, taxes other than income taxes were $445 million compared to $396 million for the corresponding period in 2024. The increase was primarily due to increases of $19 million in property taxes primarily resulting from an increase in the assessed value of property as well as a decrease in the capitalized portion of property taxes at Georgia Power primarily due to Plant Vogtle Unit 4 being placed in service in April 2024, $11 million in municipal franchise fees resulting from higher retail revenues at Georgia Power, $10 million in revenue taxes as a result of higher natural gas revenues at Nicor Gas, and $5 million in utility license taxes at Alabama Power. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information on Plant Vogtle Unit 4.

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

Allowance for Equity Funds Used During Construction

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$1525.9

In the first quarter 2025, allowance for equity funds used during construction was $73 million compared to $58 million for the corresponding period in 2024. The increase was primarily associated with an increase in capital expenditures subject to AFUDC at Georgia Power and Alabama Power, partially offset by the impact of Plant Vog