Regulatory Matters (Tables)

6 Months Ended

Jun. 30, 2025

The fuel and natural gas cost recovery balances for the traditional electric operating companies and Southern Company Gas, respectively, at June 30, 2025 and December 31, 2024 were as follows:


Regulatory Clause	Balance Sheet Line Item	At June 30, 2025		At December 31, 2024
		(in millions)
Alabama Power







Rate ECR	Other regulatory assets, deferred	$	62	$	—
	Other regulatory liabilities, current	—		29

Georgia Power
Fuel Cost Recovery	Receivables – under recovered retail fuel clause revenues	$	655	$	713
	Deferred under recovered retail fuel clause revenues	325		453


Mississippi Power
Fuel Cost Recovery(*)	Receivables – customer accounts, net	$	28	$	—
	Deferred under recovered retail fuel clause revenues	—		32
	Over recovered retail fuel clause revenues	—		32


Southern Company Gas

Natural Gas Cost Recovery	Natural gas cost over recovery	$	107	$	193

(*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At June 30, 2025 and December 31, 2024, wholesale MRA fuel costs were over recovered $5 million and $19 million, respectively, and were included in other current liabilities on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.

Nuclear Construction Cost and Schedule

Georgia Power's net capital costs incurred through June 30, 2025 in connection with Plant Vogtle Units 3 and 4, and its approximate proportionate share of remaining capital costs to be incurred after June 30, 2025, is as follows:


	(in millions)
Total project capital cost forecast(a)(b)	$	10,732
Net investment at June 30, 2025(b)	(10,690)
Remaining estimate to complete	$	42

(a)Includes approximately $1.2 billion of costs that are not shared with the other Vogtle Owners. Excludes financing costs capitalized through AFUDC of approximately $440 million accrued through Unit 4's in-service date.

(b)Net of $1.7 billion received from Toshiba under the Guarantee Settlement Agreement and approximately $188 million in related customer refunds.

Schedule of Construction Projects

Project

Resource

Approximate Nameplate Capacity

(MW)

Projected COD

Regulatory Approval

Projects Under Construction at June 30, 2025

McGrau Ford

Battery energy storage

265

Fourth quarter 2026

2022 IRP

Plant Yates Units 8 through 10

Combustion turbine

1,326

Fourth quarter 2026 through third quarter 2027

2023 IRP Update

Various facilities

Battery energy storage

500

Second quarter 2026 through fourth quarter 2026

2023 IRP Update