Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 3175

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 3175
---
 8 to the financial statements for additional information.

Income Taxes

Income taxes increased $279 million in 2024 as compared to 2023 primarily due to a decrease of $197 million in the flowback of certain excess deferred income taxes, as well as higher pre-tax earnings. See Note 2 to the financial statements under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" and Note 10 to the financial statements for additional information.

Georgia Power

Georgia Power's 2024 net income was $2.5 billion, representing a $0.5 billion, or 22.3%, increase from the previous year. The increase was primarily due to higher retail revenues associated with the inclusion of Plant Vogtle Units 3 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