Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 82

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 82
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tle Unit 4 being placed in service in April 2024 at Georgia 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.

Interest Expense, Net of Amounts Capitalized

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$497.4

In the first quarter 2025, interest expense, net of amounts capitalized was $714 million compared to $665 million for the corresponding period in 2024. The increase was primarily due to higher average outstanding borrowings. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.

Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$5725.6

In the first quarter 2025, income taxes were $280 million compared to $223 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings and a $9 million decrease in the flowback of certain excess deferred income taxes at Alabama Power, partially offset by increases of $19 million in the generation of advanced nuclear PTCs at Georgia Power and $15 million in the flowback of excess state deferred income taxes at Georgia Power. See Note (G) to the Condensed Financial Statements herein for additional information.

Alabama Power

Net Income

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$4212.6

Alabama Power's net income in the first quarter 2025 was $375 million compared to $333 million for the corresponding period in 2024. The increase was primarily due to an increase in retail electric revenues associated with rates and pricing and weather impacts and an increase in other revenues. These increases to net income were partially offset by an increase in non-fuel operations and maintenance expenses, decreased customer usage, and increases in taxes other than income taxes and depreciation and amortization.

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

Retail Revenues

In the first quarter 2025, retail revenues were $1.7 billion compared to $1.6 billion for the corresponding period in 2024. Details of