Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 2686

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 4
Chunk 2686
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 and 4 in retail rates, base tariff increases in accordance with the 2022 ARP, and weather impacts, partially offset by a $112 million increase in charges to a valuation allowance on certain state tax credit carryforwards.

II-20

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

A condensed income statement for Georgia Power follows:

2024Increase(Decrease)from 2023(in millions)Operating revenues$11,331 $1,213 Fuel1,658 (123)Purchased power1,360 79 Other operations and maintenance2,372 289 Depreciation and amortization1,774 93 Taxes other than income taxes647 106 Estimated loss on Plant Vogtle Units 3 and 4(21)47 Total operating expenses7,790 491 Operating income3,541 722 Allowance for equity funds used during construction152 (13)Interest expense, net of amounts capitalized725 99 Other income (expense), net178 8 Income taxes (benefit)603 155 Net income$2,543 $463 

Operating Revenues

Operating revenues for 2024 were $11.3 billion, reflecting a $1.2 billion, or 12.0%, increase from 2023. Details of operating revenues were as follows:

20242023(in millions)Retail — prior year$9,222 Estimated change resulting from —Rates and pricing838 Sales growth53 Weather224 Fuel cost recovery(150)Retail — current year$10,187 $9,222 Wholesale revenues265 188 Other operating revenues879 708 Total operating revenues$11,331 $10,118 

Retail revenues increased $1.0 billion, or 10.5%, 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, base tariff increases in accordance with the 2022 ARP, and higher contributions from commercial and industrial customers with variable demand-driven pricing. See Note 2 to the financial statements under "Georgia Power" for additional information.

See "Energy Sales" herein for a discussion of changes in the volume of energy