Company: SOJE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000092122-25-000042
Chunk: 269

Company: SOUTHERN CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 269
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 – Nuclear Construction" in Item 8 of the Form 10-K for additional information on Plant Vogtle Unit 4.

Allowance for Equity Funds Used During Construction

First Quarter 2025 vs. First Quarter 2024(change in millions)(% change)$923.1

In the first quarter 2025, allowance for equity funds used during construction was $48 million compared to $39 million for the corresponding period in 2024. The increase was primarily due to an increase in capital expenditures subject to AFUDC, partially offset by the impact of Plant Vogtle Unit 4 being placed in service in April 2024. See Note 2 to 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