Condensed Consolidated Balance Sheets (Unaudited) - SPC - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 3,341	$ 1,070
Receivables —
Customer accounts, net and Affiliated	2,304	2,228
Other	476	597
Materials and supplies	2,158	2,178
Other current assets	602	476
Total current assets	12,627	10,694
Property, Plant, and Equipment:
In service	143,189	137,143
Less: Accumulated depreciation	42,793	40,126
Plant in service, net of depreciation	100,396	97,017
Construction work in progress	9,239	6,389
Total property, plant, and equipment	110,880	104,689
Other Property and Investments:
Total other property and investments	10,352	10,198
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,378	1,386
Other deferred charges and assets	1,322	1,467
Total deferred charges and other assets	19,389	19,599
Total Assets	153,248	145,180
Current Liabilities:
Securities due within one year	7,541	4,718
Notes payable	144	1,338
Accounts payable —
Accrued interest	602	682
Operating lease obligations	198	200
Other current liabilities	970	1,100
Total current liabilities	16,726	15,993
Long-term Debt	64,621	58,768
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,250	11,730
Accumulated deferred ITCs	1,994	2,056
Operating lease obligations, deferred	1,242	1,253
Other deferred credits and liabilities	1,357	1,350
Total deferred credits and other liabilities	33,627	33,745
Total Liabilities	114,974	108,506
Total Stockholders' Equity (See accompanying statements)	38,274	36,674
Total Liabilities and Stockholders' Equity	153,248	145,180
SOUTHERN POWER CO
Current Assets:
Cash and cash equivalents	1,047	159
Receivables —
Other	33	90
Materials and supplies	117	107
Other current assets	85	82
Total current assets	1,472	599
Property, Plant, and Equipment:
In service	15,019	14,961
Less: Accumulated depreciation	4,999	4,540
Plant in service, net of depreciation	10,020	10,421
Construction work in progress	861	317
Total property, plant, and equipment	10,881	10,738
Other Property and Investments:
Intangible assets, net of amortization	209	223
Net investment in sales-type leases	138	143
Total other property and investments	347	366
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	481	484
Prepaid LTSAs	185	234
Other deferred charges and assets	229	232
Total deferred charges and other assets	895	950
Total Assets	13,595	12,653
Current Liabilities:
Securities due within one year	1,486	500
Accounts payable —
Accrued taxes	70	18
Accrued interest	24	26
Operating lease obligations	29	29
Other current liabilities	82	96
Total current liabilities	1,919	849
Long-term Debt	2,353	2,180
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	590	712
Accumulated deferred ITCs	1,397	1,440
Operating lease obligations, deferred	510	511
Other deferred credits and liabilities	249	279
Total deferred credits and other liabilities	2,746	2,942
Total Liabilities	7,018	5,971
Total Stockholders' Equity (See accompanying statements)	6,577	6,682
Total Liabilities and Stockholders' Equity	13,595	12,653
SOUTHERN POWER CO | Nonrelated Party
Receivables —
Customer accounts, net and Affiliated	151	122
Accounts payable —
Affiliated and Other	168	100
SOUTHERN POWER CO | Related Party
Receivables —
Customer accounts, net and Affiliated	39	39
Accounts payable —
Affiliated and Other	$ 60	$ 80