Company: SOJE
Filing Date: 2025-04-21
Form Type: PX14A6G
Source: 0001214659-25-006174
Chunk: 6

Company: SOUTHERN CO
Filing Date: 2025-04-21
Form: PX14A6G
Chunk 6
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 its Georgia Power 2025 resource plan is highly concerning. Without transparency about GHG emissions trajectory assumptions, investors
cannot adequately assess the long-term, climate-related risks Southern faces, jeopardizing confidence in the Company's long-term viability
and its commitment to a sustainable energy transition which is important to long term investors.

Investors are concerned about the growing risk to the economy
from climate-related weather catastrophes. Such climate related financial costs have been and are projected to continue to negatively
impact the value of their portfolios to the detriment of beneficiaries. Southern’s lack of transparency on how it evaluates the
impact of its GHG emissions and future climate-related regulatory policies in its resource planning creates risk. The Company does not
disclose the projected emissions for each scenario considered in its current plans or whether it has evaluated a net-zero decarbonization
scenario. Given the material risks associated with a high emissions footprint, investors are concerned that Southern has not fully accounted
for the financial, regulatory, and environmental consequences of continued fossil fuel reliance.

In a rapidly evolving energy landscape, utilities that embrace transparency
and align their investment strategies with market and regulatory trends will be better positioned to mitigate financial and climate-related
risks. Given the lack of insight into the Company’s core assumptions and risk assessment, investors request that Southern disclose
all core assumptions behind its decision to increase reliance on high carbon energy production rather than renewables.

| 3. | Southern lags peers in disclosing assumptions |

Southern’s peers are demonstrating greater transparency, disclosing
critical information such as how the Company determines forward-looking cost assumptions for both fossil fuel and renewable resources
and what basic cost and technology assumptions are for each potential resource, disclosed on 5-, 10-, and 15-year timeframes. Peers that disclose
these assumptions for some or all of their planning include AEP, Xcel, Dominion Energy, Duke Energy, Berkshire Hathaway Energy, AES, and
NextEra Energy.

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15 https://www.gpb.org/news/2025/02/03/georgia-powers-new-plan-for-generating-electricity-pushes-burning-coal-the-states

16 AEP IRPs:https://www.psoklahoma.com/lib/docs/community/projects/2021PSOIRPReport_102921.pdf;https://psc.ky.gov/pscecf/2023-00092/sebishop%40aep.com/03202023030104/KPCO_2022_IRP_Volume_A-Public.pdf,https://www.sw