Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 215

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 215
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 the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information on Plant Vogtle Unit 4.

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

Interest Expense, Net of Amounts Capitalized

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$148.1

In the first quarter 2025, interest expense, net of amounts capitalized was $187 million compared to $173 million for the corresponding period in 2024. The increase was primarily associated with an increase of approximately $10 million related to higher average outstanding borrowings and a decrease of $9 million in net deferred financing costs related to Plant Vogtle Unit 3, partially offset by a decrease of approximately $4 million related to lower interest rates.

See Note 2 to the financial statements under "Georgia Power – Nuclear Construction – Regulatory Matters" in Item 8 of the Form 10-K and FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.

Income Taxes

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$1924.1

In the first quarter 2025, income taxes were $98 million compared to $79 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings, partially offset by increases of $19 million in the generation of advanced nuclear PTCs and $15 million in the flowback of excess state deferred income taxes. See Note (G) to the Condensed Financial Statements herein for additional information.

Mississippi Power

Net Income

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$510.0

Mississippi Power's net income in the first quarter 2025 was $55 million compared to $50 million for the corresponding period in 2024. The increase was primarily due to an increase in weather-related revenues due to colder weather in the first quarter 2025 compared to the corresponding period in 2024.

Retail Revenues

In the first quarter 2025, retail revenues were $248 million compared to $221 million for the corresponding period in 2024. Details of the changes in retail revenues were as follows