Company: SOJE
Filing Date: 2025-04-21
Form Type: PX14A6G
Source: 0001214659-25-006174
Chunk: 1

Company: SOUTHERN CO
Filing Date: 2025-04-21
Form: PX14A6G
Chunk 1
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 in an evolving energy landscape, whether such investments are financially and technically justified, and whether
they create unjustified climate risk, among others.

Southern’s lack of transparency is drawing criticism and reputational
risk from major stakeholders, including its customer Microsoft, which has publicly raised concerns about the Company’s resource
planning and scenario analyses. Independent energy experts have similarly questioned the need for new gas infrastructure,
pointing instead to the feasibility of meeting demand growth through renewables paired with existing coal and gas resources.
These critiques reinforce investor concerns that Southern’s assumptions may be outdated or misaligned with cost-effective decarbonization
pathways.

Many of Southern’s peers already disclose the key assumptions
guiding their investment strategies—including forward-looking resource costs, capacity forecasts, and greenhouse gas (GHG) emissions
impacts. To build investor trust and demonstrate sound governance, shareholders are urging Southern to fully disclose the core assumptions
informing its energy investments, particularly those justifying new high carbon/fossil fuel investments.

_____________________________

1 https://s27.q4cdn.com/273397814/files/doc_financials/2024/q4/SO-2024-Q4-Earnings-Call-Slides-Final.pdf

2 https://psc.ga.gov/search/facts-document/?documentId=218199

3 https://rmi.org/how-power-couples-can-help-the-united-states-win-the-global-ai-race/

| 2025                                                    
 Proxy Memo                                              
 Southern Co | Disclosing Assumptions Behind High Carbon 
 Investments                                             |

RATIONALE FOR A YES VOTE

| 1. | The requested disclosures will provide important financial and technical information to help investors make informed decisions. |

| 2. | Southern’s proposed high carbon investments appear out of touch with investor needs, technology developments, and climate-related 
 concerns.                                                                                                                         |

| 3. | Southern lags peers in disclosing assumptions behind resource plans. |

DISCUSSION

| 1. | The requested disclosures will provide important financial and technical information to help investors make informed decisions. |

A utility’s resource plans shape investment decisions, often
with long-term consequences. Methane gas plants, for instance, have lifespans of 30 years and commit a utility to long-term emissions
and operational expenses. Southern redacts key information from its resource planning documents, including for example the assumed costs
and technological feasibility of different energy resources, preventing investors from fully understanding the rationale behind its planned
investments.

Additional disclosure from Southern will allow investors to better
ass