Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 2922

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 5
Chunk 2922
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 increase from 2023. The increase was primarily due to an increase in retail electric revenues associated with weather impacts, as well as an increase in Rate CNP New Plant revenues and an increase in other revenues. These increases to income were partially offset by increases in non-fuel operations and maintenance expenses, depreciation, and taxes other than income taxes. See Note 2 to the financial statements under "Alabama Power" for additional information.

A condensed income statement for Alabama Power follows:

2024Increase(Decrease)from 2023(in millions)Operating revenues$7,554 $504 Fuel1,358 59 Purchased power374 (130)Other operations and maintenance1,895 126 Depreciation and amortization1,459 58 Taxes other than income taxes471 29 Total operating expenses5,557 142 Operating income1,997 362 Allowance for equity funds used during construction57 (25)Interest expense, net of amounts capitalized448 23 Other income (expense), net157 (2)Income taxes360 279 Net income$1,403 $33 

II-16

    Table of Contents                                Index to Financial Statements        COMBINED MANAGEMENT'S DISCUSSION AND ANALYSIS

Operating Revenues

Operating revenues for 2024 were $7.6 billion, reflecting a $504 million, or 7.1%, increase from 2023. Details of operating revenues were as follows:

20242023(in millions)Retail — prior year$6,159 Estimated change resulting from —Rates and pricing460 Sales decline(19)Weather84 Fuel and other cost recovery(45)Retail — current year$6,639 $6,159 Wholesale revenues —Non-affiliates337 424 Affiliates139 60 Total wholesale revenues476 484 Other operating revenues439 407 Total operating revenues$7,554 $7,050 

Retail revenues increased $480 million, or 7.8%, in 2024 as compared to 2023. The significant factors driving this change are shown in the preceding table. The increase in rates and pricing was primarily due to customer bill credits in 2023 related to the flowback of certain excess accumulated deferred income taxes as well as an increase in Rate CNP New Plant revenues. See Note 2 to the financial statements under "Alabama Power – Rate CNP New Plant" for additional