Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 385

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 385
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's ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors.

See FUTURE EARNINGS POTENTIAL – "Southern Power's Power Sales Agreements" in Item 7 of the Form 10-K for additional information regarding Southern Power's PPAs.

Operating Revenues Details

Details of Southern Power's operating revenues were as follows:

Second Quarter 2025Second Quarter 2024Year-to-Date 2025Year-to-Date 2024(in millions)PPA capacity revenues $124 $122 $246 $244 PPA energy revenues 345 331 716 612 Total PPA revenues469 453 962 856 Non-PPA revenues 69 60 137 120 Other revenues8 11 14 21 Total operating revenues$546 $524 $1,113 $997 

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

In the second quarter 2025, total operating revenues were $546 million, reflecting a $22 million, or 4.2%, increase from the corresponding period in 2024. The change in operating revenues was primarily due to the following:

•PPA energy revenues increased $14 million, or 4.2%, primarily due to an increase of $25 million related to the volume of KWHs sold under natural gas PPAs, partially offset by a decrease of $8 million driven by fuel and purchased power prices.

•Non-PPA revenues increased $9 million, or 15.0%, primarily due to an increase of $10 million driven by the market price of energy.

For year-to-date 2025, total operating revenues were $1.1 billion, reflecting a $116 million, or 11.6%, increase from the corresponding period in 2024. The change in operating revenues was primarily due to the following:

•PPA energy revenues increased $104 million, or 17.0%, due to an increase of $58 million primarily related to the volume of KWHs sold under natural gas PPAs and an increase of $46 million driven by fuel and purchased power prices.

•Non-PPA revenues increased $17 million, or 14.2%, due to