Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 3522

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 3522
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 certain incurred costs in future rates or of a future reduction in rates based on precedents of the treatment of similar costs under similar circumstances.

•We tested certain incurred costs recorded as regulatory assets or liabilities during the period for completeness and accuracy.

•We obtained representation from management regarding the likelihood of recoverability of incurred costs and potential refund or future reduction in rates for regulatory liabilities to assess management's assertions about the likelihood of recovery, refund, or a future reduction in rates.

•We evaluated Alabama Power's disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments, including where there is a high degree of subjectivity involved in assessing the potential impact of future regulatory orders on incurred costs.

/s/ Deloitte & Touche LLP

Birmingham, Alabama

February 19, 2025

We have served as Alabama Power's auditor since 2002.

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    Table of Contents                                Index to Financial Statements

STATEMENTS OF INCOME

For the Years Ended December 31, 2024, 2023, and 2022

Alabama Power Company

202420232022(in millions)Operating Revenues:Retail revenues$6,639 $6,159 $6,470 Wholesale revenues, non-affiliates337 424 726 Wholesale revenues, affiliates139 60 202 Other revenues439 407 419 Total operating revenues7,554 7,050 7,817 Operating Expenses:Fuel1,358 1,299 1,840 Purchased power, non-affiliates199 253 441 Purchased power, affiliates175 251 360 Other operations and maintenance1,895 1,769 1,935 Depreciation and amortization1,459 1,401 875 Taxes other than income taxes471 442 424 Total operating expenses5,557 5,415 5,875 Operating Income1,997 1,635 1,942 Other Income and (Expense):Allowance for equity funds used during construction57 82 70 Interest expense, net of amounts capitalized(448)(425)(382)Other income (expense), net157 159 144 Total other income and (expense)(234)(184)(168)Earnings Before Income Taxes1,763 1,451 1,774 Income taxes360 81 423 Net Income1,403 1,370 1,