Balance Sheets - MPC - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 1,639	$ 1,070
Receivables —
Customer accounts, net and affiliated	2,251	2,228
Unbilled revenues	931	825
Other accounts and notes	655	597
Fossil fuel stock	735	803
Materials and supplies	2,202	2,178
Other regulatory assets	709	804
Other current assets	424	476
Total current assets	10,917	10,694
Property, Plant, and Equipment:
In service	146,114	137,143
Less: Accumulated depreciation	43,483	40,126
Plant in service, net of depreciation	102,631	97,017
Construction work in progress	10,534	6,389
Total property, plant, and equipment	114,369	104,689
Other Property and Investments:
Other Property and Investments	10,440	10,198
Deferred Charges and Other Assets:
Deferred charges related to income taxes	948	889
Prepaid pension and other postretirement benefit costs	3,257	2,674
Deferred under recovered retail fuel clause revenues	252	485
Regulatory assets – asset retirement obligations	5,129	5,458
Other regulatory assets, deferred	7,427	7,037
Other deferred charges and assets	1,436	1,467
Total deferred charges and other assets	19,994	19,599
Total Assets	155,720	145,180
Current Liabilities:
Securities due within one year	6,220	4,718
Notes payable	722	1,338
Accounts payable —
Accrued compensation	1,418	1,261
Asset retirement obligations	662	731
Other regulatory liabilities	240	369
Other current liabilities	1,157	1,100
Total current liabilities	16,888	15,993
Long-Term Debt	65,649	58,768
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,133	11,730
Deferred credits related to income taxes	4,712	4,434
Employee benefit obligations	980	1,011
Asset retirement obligations, deferred	8,939	9,203
Other cost of removal obligations	2,036	2,016
Other regulatory liabilities, deferred	722	692
Other deferred credits and liabilities	1,505	1,350
Total deferred credits and other liabilities	34,316	33,745
Total Liabilities	116,853	108,506
Common Stockholders' Equity:
Common stock	5,554	5,446
Paid-in capital	15,740	14,149
Accumulated deficit	14,856	13,750
Accumulated other comprehensive income (loss)	(75)	(78)
Total common stockholders' equity	36,016	33,208
Total Liabilities and Stockholders' Equity	155,720	145,180
Commitments and Contingent Matters
Mississippi Power
Current Assets:
Cash and cash equivalents	26	13
Receivables —
Customer accounts, net and affiliated	50	45
Unbilled revenues	44	39
Other accounts and notes	22	24
Fossil fuel stock	46	56
Materials and supplies	101	103
Other regulatory assets	49	43
Other current assets	10	28
Total current assets	374	384
Property, Plant, and Equipment:
In service	5,972	5,697
Less: Accumulated depreciation	1,922	1,833
Plant in service, net of depreciation	4,050	3,864
Construction work in progress	238	253
Total property, plant, and equipment	4,288	4,117
Other Property and Investments:
Other Property and Investments	143	152
Deferred Charges and Other Assets:
Deferred charges related to income taxes	25	27
Prepaid pension and other postretirement benefit costs	151	124
Deferred under recovered retail fuel clause revenues	40	32
Regulatory assets – asset retirement obligations	229	243
Other regulatory assets, deferred	255	259
Accumulated deferred income taxes	66	82
Other deferred charges and assets	66	74
Total deferred charges and other assets	832	841
Total Assets	5,637	5,494
Current Liabilities:
Securities due within one year	66	12
Notes payable	0	14
Accounts payable —
Affiliated and other	77	83
Accrued taxes	125	115
Accrued compensation	49	46
Asset retirement obligations	21	32
Over recovered retail fuel clause revenues	0	32
Other regulatory liabilities	20	5
Other current liabilities	92	95
Total current liabilities	520	502
Long-Term Debt	1,720	1,681
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	491	492
Deferred credits related to income taxes	211	219
Employee benefit obligations	67	65
Asset retirement obligations, deferred	103	116
Other cost of removal obligations	115	170
Other regulatory liabilities, deferred	141	121
Other deferred credits and liabilities	80	39
Total deferred credits and other liabilities	1,208	1,222
Total Liabilities	3,448	3,405
Common Stockholders' Equity:
Common stock	38	38
Paid-in capital	4,871	4,791
Accumulated deficit	(2,724)	(2,745)
Accumulated other comprehensive income (loss)	4	5
Total common stockholders' equity	2,189	2,089
Total Liabilities and Stockholders' Equity	5,637	5,494
Commitments and Contingent Matters
Mississippi Power | Related Party
Receivables —
Customer accounts, net and affiliated	26	33
Accounts payable —
Affiliated and other	$ 70	$ 68