Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 219

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 219
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 The increase was primarily due to additional plant in service and an increase in depreciation rates. See Note (A) to the Condensed Financial Statements under "Depreciation and Amortization" herein for additional information.

Other Income (Expense), Net

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$(8)(57.1)

In the first quarter 2025, other income (expense), net was $6 million compared to $14 million for the corresponding period in 2024. The decrease was primarily due to customer charges related to contributions in aid of construction.

Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$660.0

In the first quarter 2025, income taxes were $16 million compared to $10 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings and a decrease of $3 million in the flowback of certain excess deferred income taxes. See Note (G) to the Condensed Financial Statements herein for additional information.

Southern Power

Net Income Attributable to Southern Power

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$(9)(9.4)

Net income attributable to Southern Power in the first quarter 2025 was $87 million compared to $96 million for the corresponding period in 2024. The decrease was primarily due to accelerated depreciation related to the repowering of the Kay Wind facility, largely offset by higher revenues driven by higher market prices and increased demand for energy related to weather impacts. See Note (K) to the Condensed Financial Statements under "Southern Power – 

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

Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.

Operating Revenues

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$9419.9

Total operating revenues include PPA capacity revenues, which are derived primarily from long-term contracts involving natural gas facilities, and PPA energy revenues from Southern Power's generation facilities. To the extent Southern Power has capacity not contracted under a P