Company: SOJE
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000092122-25-000076
Chunk: 36

Company: SOUTHERN CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 36
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 2025, Mississippi Power, as a joint owner of Alabama Power's Plant Greene County Units 1 and 2, recorded a net decrease of approximately $13 million to its AROs related to the CCR Rule and the related Alabama state rule resulting from changes in estimates, including lower future inflation rates, higher discount rates, and timing of closure activities.

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    Table of Contents                                Index to Financial StatementsNOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)(UNAUDITED)

(B) REGULATORY MATTERS

See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters.The fuel and natural gas cost recovery balances for the traditional electric operating companies and Southern Company Gas, respectively, at June 30, 2025 and December 31, 2024 were as follows:Regulatory ClauseBalance Sheet Line ItemAt June 30, 2025At December 31, 2024(in millions)Alabama PowerRate ECROther regulatory assets, deferred$62 $— Other regulatory liabilities, current— 29 Georgia Power Fuel Cost RecoveryReceivables – under recovered retail fuel clause revenues$655 $713 Deferred under recovered retail fuel clause revenues325 453 Mississippi PowerFuel Cost Recovery(*)Receivables – customer accounts, net$28 $— Deferred under recovered retail fuel clause revenues— 32 Over recovered retail fuel clause revenues— 32 Southern Company GasNatural Gas Cost RecoveryNatural gas cost over recovery$107 $193 (*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At June 30, 2025 and December 31, 2024, wholesale MRA fuel costs were over recovered $5 million and $19 million, respectively, and were included in other current liabilities on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.

Alabama PowerPetition for Certificate of Convenience and NecessityOn June 6, 2025, the FERC approved Alabama Power's acquisition of Tenaska Alabama Partners, L.P., which owns and operates the Lindsay Hill Generating Station, an approximately 855-MW combined cycle generation facility in Autauga County, Alabama. The total purchase price is approximately $622 million, subject to working capital adjustments. The completion of the acquisition is subject to the satisfaction or waiver of customary closing