Company: SOJE
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000092122-25-000036
Chunk: 101

Company: SOUTHERN CO
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 101
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, the integrated resource plans (IRPs) filed by our operating subsidiaries with their respective state regulators are publicly available and disclose our planned generation fleet and energy mix for each of those jurisdictions. For example, the IRP filed in January 2025 by our largest operating subsidiary, Georgia Power, goes into extensive detail about Georgia Power’s planning scenarios and potential generation resource expansion to address the anticipated load growth referenced by the proposal.

We believe our disclosures already address the core issue raised by the proposal.

Many of the assumptions requested by the proposal are protected trade secrets, and disclosure of this sensitive information could increase prices for Southern to the detriment of its customers and stockholders.

The proposal states that its request excludes proprietary or competitively sensitive information. However, it fails to appreciate that many of our planning assumptions include competitively sensitive cost information, which are trade secrets protected by law. During the IRP process for each of our jurisdictions, our planning assumptions are shared with regulators and intervenors, but much of this information is protected from public disclosure by applicable law.

As we explained to the proponent in engagements discussing the proposal, the protections afforded to trade secret information protect Southern and its customers by restricting public access to competitively sensitive information. The use of third-party suppliers is an inherent part of our utilities’ business models, and in some cases state regulators require our operating subsidiaries to issue requests for proposals to help ensure we are procuring reliable and economical generation for the benefit of our customers. Disclosure of our planning assumptions would hinder our ability to conduct a proper request for proposal solicitation and obtain the best pricing from these third-party suppliers. If third-party suppliers became aware of our planning assumptions, they could

#### 86Southern Company2025 Proxy Statement

#### Stockholder Proposals
increase their own bids to narrow the pricing gap. Consequently, our operating subsidiaries could potentially pay higher prices to these suppliers than they otherwise would have paid, ultimately harming both our operating subsidiaries and our customers. The public disclosure of trade secret information sought by this proposal is contrary to the best interests of our customers and our stockholders.

Notably, the trade secret data sought by the proposal is already available to both our regulators and third-party “intervenors” in the IRP process – such as consumer protection organizations, large customers and customer advocacy groups, energy efficiency advocates, community representatives and environmental advocacy groups – enabling them to advocate for their policy positions. Critically, intervenors must enter into non-disclosure arrangements to protect Southern's trade secrets from competitors and third-party suppliers.

Southern believes that