Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 1560

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 1560
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 credit.At both December 31, 2024 and 2023, Southern Power had $106 million of cash collateral posted related to PPA requirements, which is included in other deferred charges and assets on Southern Power's consolidated balance sheets.

Notes PayableThe Registrants, Nicor Gas, and SEGCO make short-term borrowings primarily through commercial paper programs that have the liquidity support of the committed bank credit arrangements described above under "Bank Credit Arrangements." Southern Power's subsidiaries are not parties or obligors to its commercial paper program. Southern Company Gas maintains commercial paper programs at Southern Company Gas Capital and at Nicor Gas. Nicor Gas' commercial paper program supports working capital needs at Nicor Gas as Nicor Gas is not permitted to make money pool loans to affiliates. All of Southern Company Gas' other subsidiaries benefit from Southern Company Gas Capital's commercial paper program. See "Structural Considerations" herein for additional information.In addition, Southern Company and certain of its subsidiaries have entered into various bank term loan agreements. Unless otherwise stated, the proceeds of these loans were used to repay existing indebtedness and for general corporate purposes, including working capital and, for the subsidiaries, their continuous construction programs.Commercial paper and short-term bank term loans are included in notes payable in the balance sheets. Details of short-term borrowings for the applicable Registrants were as follows:Notes Payable at December 31, 2024Notes Payable at December 31, 2023AmountOutstandingWeighted AverageInterest RateAmountOutstandingWeighted AverageInterest Rate(in millions)(in millions)Southern CompanyCommercial paper$1,138 4.7 %$1,794 5.6 %Short-term bank debt200 5.3 520 6.4 Total$1,338 4.8 %$2,314 5.7 %Alabama PowerCommercial paper$— — %$40 5.5 %Georgia PowerCommercial paper$— — %$809 5.6 %Short-term bank debt200 5.3 520 6.4 Total$200 5.3 %$1,329 5.9 %Mississippi PowerCommercial paper$14 4.6 %$— — %Southern PowerCommercial paper$— — %$138 5.5 %Southern Company GasCommercial paper:Southern Company Gas Capital$283 4.7 %$23 5