Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 4328

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 2
Chunk 4328
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forwards, partially offset by an increase of $79 million in the generation of advanced nuclear PTCs and $26 million from the recognition of certain state tax positions from amended returns. See Note 10 to the financial statements for additional information.

Mississippi Power

Mississippi Power's net income was $199 million in 2024 compared to $188 million in 2023. The increase was primarily due to increases in affiliate wholesale capacity revenues, partially offset by increases in income taxes and non-fuel operations and maintenance expenses.

A condensed income statement for Mississippi Power follows:

2024Increase(Decrease)from 2023(in millions)Operating revenues$1,463 $(11)Fuel and purchased power477 (61)Other operations and maintenance370 8 Depreciation and amortization193 3 Taxes other than income taxes127 3 Total operating expenses1,167 (47)Operating income 296 36 Interest expense, net of amounts capitalized77 6 Other income (expense), net27 (8)Income taxes47 11 Net income $199 $11 

Operating Revenues

Operating revenues for 2024 were $1.5 billion, reflecting an $11 million, or 0.7%, decrease from 2023. Details of operating revenues were as follows:

20242023(in millions)Retail — prior year$963 Estimated change resulting from —Rates and pricing11 Sales growth2 Weather7 Fuel and other cost recovery(18)Retail — current year$965 $963 Wholesale revenues —Non-affiliates228 272 Affiliates218 200 Total wholesale revenues446 472 Other operating revenues52 39 Total operating revenues$1,463 $1,474 

II-25

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

Retail revenues for 2024 increased $2 million, or 0.2%, 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 certain regulatory assets that fully amortized in December 2023 and higher ECO Plan rates that became effective in June 2024. See Note 2 to the financial statements under "Mississippi Power – Environmental Compliance Overview Plan" for additional information.

See "Energy Sales" herein for a discussion of changes in