Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 210

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 210
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 Quarter 2024(change in millions)(% change)$2630.6

In the first quarter 2025, income taxes were $111 million compared to $85 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings and a $9 million decrease in the flowback of certain excess deferred income taxes. See Note (G) to the Condensed Financial Statements herein for additional information.

Georgia Power

Net Income

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$15936.4

Georgia Power's net income in the first quarter 2025 was $596 million compared to $437 million for the corresponding period in 2024. The increase was primarily due to higher retail revenues associated with the inclusion of Plant Vogtle Unit 4 in retail rates, weather impacts, an increase in retail revenues associated with higher contributions from customers with demand-driven pricing, and base tariff increases in accordance with the 2022 ARP. Also contributing to the increase were higher wholesale revenues and other revenues. These increases were partially offset by higher non-fuel operations and maintenance expenses and depreciation and amortization.

Retail Revenues

In the first quarter 2025, retail revenues were $2.6 billion compared to $2.2 billion for the corresponding period in 2024. Details of the changes in retail revenues were as follows:

 First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)Rates and pricing$267 12.4 %Sales decline(1)— Weather67 3.1 Fuel cost recovery142 6.5 Retail revenues$475 22.0 %

Changes in rates and pricing resulted in an increase in revenues in the first quarter 2025 when compared to the corresponding period in 2024 primarily due to the inclusion of Plant Vogtle Unit 4 in retail rates net of elimination of the NCCR tariff, higher contributions from commercial and industrial customers with variable demand-driven pricing, and base tariff increases in accordance with the 2022 ARP. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.

Changes in sales resulted in a decrease in revenues in the first quarter 2025 when compared to the corresponding period in 2024. Weather-adjusted residential KWH sales decreased 1.1% primarily due to decreased customer usage, partially offset