Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 264

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 264
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Taxes Other Than Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$119.2

In the first quarter 2025, taxes other than income taxes were $131 million compared to $120 million for the corresponding period in 2024. The increase was primarily due to increases of $5 million in utility license taxes and $4 million in property taxes.

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

Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$2630.6

In the first quarter 2025, income taxes were $111 million compared to $85 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. See Note (G) to the Condensed Financial Statements herein for additional information.

Georgia Power

Net Income

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$15936.4

Georgia Power's net income in the first quarter 2025 was $596 million compared to $437 million for the corresponding period in 2024. The increase was primarily due to higher retail revenues associated with the inclusion of Plant Vogtle Unit 4 in retail rates, weather impacts, an increase in retail revenues associated with higher contributions from customers with demand-driven pricing, and base tariff increases in accordance with the 2022 ARP. Also contributing to the increase were higher wholesale revenues and other revenues. These increases were partially offset by higher non-fuel operations and maintenance expenses and depreciation and amortization.

Retail Revenues

In the first quarter 2025, retail revenues were $2.6 billion compared to $2.2 billion for the corresponding period in 2024. Details of the changes in retail revenues were as follows:

 First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)Rates and pricing$267 12.4 %Sales decline(1)— Weather67 3.1 Fuel cost recovery142 6.5 Retail revenues$475 22.0 %

Changes in rates and pricing resulted in an increase in revenues in the first quarter