Company: SOJE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000092122-25-000084
Chunk: 294

Company: SOUTHERN CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 294
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 members of its intent to exercise the option to purchase all Class A membership interests in the SP Wind tax equity partnership on December 31, 2025 under the terms of the limited liability agreement. See Note (E) to the Condensed Financial Statements under "Southern Power" herein for additional information.

At September 30, 2025, Southern Power's average investment coverage ratio for its generating assets, including those owned with various partners, based on the ratio of investment under contract to total investment using the respective facilities' net book value (or expected in-service value for facilities under construction) as the investment amount was 96% through 2029 and 89% through 2034, with an average remaining contract duration of approximately 12 years.

Southern Company Gas

On August 12, 2025, Virginia Natural Gas, the Virginia Commission staff, and certain intervenors entered into a stipulation related to Virginia Natural Gas' August 2024 general base rate case filing. The stipulation provides for a 

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

$40 million increase in annual base rate revenues, including the recovery of investments under the SAVE program, an ROE of 9.85%, and an equity ratio of 49.35%. Interim rates became effective January 1, 2025, subject to refund, based on Virginia Natural Gas' original requested increase of approximately $63 million. The Virginia Commission is expected to issue an order on the requested increase in the fourth quarter 2025. The ultimate outcome of this matter cannot be determined at this time.

RESULTS OF OPERATIONS

Southern Company

Net Income

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$17611.5$581.5

Consolidated net income attributable to Southern Company was $1.7 billion ($1.55 per share) in the third quarter 2025 compared to $1.5 billion ($1.40 per share) for the corresponding period in 2024. The increase was primarily due to an increase in retail electric revenues associated with rates and pricing and sales growth, as well as a decrease in taxes other than income taxes, partially offset by an increase