Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 256

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 256
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 period in 2024. The increase was primarily due to increases of $20 million in open access transmission tariff sales at Alabama Power and Georgia Power, $12 million in regulated sales associated with power delivery construction and maintenance projects at Georgia Power, and $11 million in regulated energy services revenues at Alabama Power.

Natural Gas Revenues

In the first quarter 2025, natural gas revenues were $1.8 billion compared to $1.7 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)Rates$43 2.5 %Gas costs and other cost recovery62 3.6 Gas marketing services18 1.1 Other9 0.5 Natural gas revenues$132 7.7 %

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

Changes in rates resulted in an increase in revenues in the first quarter 2025 compared to the corresponding period 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 first quarter 2025 compared to the corresponding period in 2024 primarily due to higher gas volumes. Natural gas distribution rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from the natural gas distribution utilities.

Revenues from gas marketing services increased in the first quarter 2025 compared to the corresponding period in 2024 primarily due to higher commodity prices.

Other Revenues

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$12153.1

In the first quarter 2025, other revenues were $349 million compared to $228 million for the corresponding period in 2024. The increase was primarily due to increases of $62 million in unregulated sales at Georgia Power primarily associated with power delivery construction and maintenance, energy conservation, and renewables projects and $61 million at PowerSecure primarily related to distributed infrastructure projects.

Fuel and Purchased