Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 771

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7A
Chunk 771
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 utilities generate and sell electricity to retail and wholesale customers. A condensed statement of income for the electricity business follows:

 2024Increase (Decrease) from 2023 (in millions)Electric operating revenues$21,603 $1,605 Fuel4,096 (269)Purchased power883 — Cost of other sales237 66 Other operations and maintenance5,111 432 Depreciation and amortization4,034 169 Taxes other than income taxes1,288 129 Estimated loss on Plant Vogtle Units 3 and 4(21)47 Total electric operating expenses15,628 574 Operating income5,975 1,031 Allowance for equity funds used during construction209 (38)Interest expense, net of amounts capitalized1,372 98 Other income (expense), net523 (10)Income taxes1,003 420 Net income4,332 465 Net loss attributable to noncontrolling interests(141)(14)Net Income Attributable to Southern Company$4,473 $479 

II-8

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

Electric Operating Revenues

Electric operating revenues for 2024 were $21.6 billion, reflecting a $1.6 billion, or 8.0%, increase from 2023. Details of electric operating revenues were as follows:

 20242023 (in millions)Retail electric — prior year$16,343 Estimated change resulting from —Rates and pricing1,309 Sales growth36 Weather314 Fuel and other cost recovery(212)Retail electric — current year$17,790 $16,343 Wholesale electric revenues2,431 2,467 Other electric revenues896 792 Other revenues486 396 Electric operating revenues$21,603 $19,998 

Retail electric revenues increased $1.4 billion, or 8.9%, 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 the inclusion of Plant Vogtle Units 3 and 4 in retail rates net of the elimination of the NCCR tariff at Georgia Power, customer bill credits in 2023 at Alabama Power related to the flowback of certain excess accumulated deferred income taxes, base