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REGULATORY MATTERS (Tables)

12 Months Ended

Dec. 31, 2025

Details of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2025 and 2024 are provided in the following tables:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
At December 31, 2025
AROs(*)	$	5,482	$	1,644	$	3,604	$	234	$	—
Retiree benefit plans(*)	2,442		630		836		128		31
Remaining net book value of retired assets	1,052		408		631		13		—
Deferred income tax charges	962		261		675		25		—
Storm damage	941		—		912		29		—
Deferred depreciation	784		428		356		—		—
Under recovered regulatory clause revenues	284		232		—		24		28
Software and cloud computing costs	248		92		146		7		3
Environmental remediation(*)	242		—		13		—		229
Vacation pay(*)	242		90		124		12		16
Loss on reacquired debt	203		30		169		4		—
Nuclear outage	106		59		47		—		—
Regulatory clauses	83		52		—		—		31
Qualifying repairs of natural gas distribution systems	65		—		—		—		65
Fuel-hedging (realized and unrealized) losses	50		18		18		14		—
Long-term debt fair value adjustment	44		—		—		—		44
Plant Daniel Units 3 and 4	21		—		—		21		—
Other regulatory assets	225		65		30		40		90
Deferred income tax credits	(4,725)		(1,585)		(2,238)		(211)		(681)
Other cost of removal obligations	(1,022)		15		999		(115)		(1,921)
Reliability reserves	(243)		(184)		—		(59)		—
Over recovered regulatory clause revenues	(213)		—		(31)		—		(182)
Storm/property damage reserves	(118)		(60)		—		(58)		—

Plant Daniel Units 1 and 2 acquisition	(34)		—		—		(34)		—

Other regulatory liabilities	(234)		(17)		(16)		(3)		(61)
Total regulatory assets (liabilities), net	$	6,887	$	2,178	$	6,275	$	71	$	(2,308)


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
At December 31, 2024
AROs(*)	$	5,810	$	1,906	$	3,658	$	248	$	—
Retiree benefit plans(*)	2,605		680		892		134		44
Remaining net book value of retired assets	1,198		454		729		15		—
Deferred income tax charges	927		264		634		27		—
Storm damage	859		—		827		32		—
Deferred depreciation	535		286		249		—		—
Environmental remediation(*)	249		—		16		—		233
Vacation pay(*)	224		85		112		12		15
Loss on reacquired debt	219		32		183		4		—
Software and cloud computing costs	200		76		116		4		4
Under recovered regulatory clause revenues	167		119		—		17		31
Regulatory clauses	162		82		—		—		80
Nuclear outage	92		39		53		—		—
Fuel-hedging (realized and unrealized losses)	69		23		29		17		—
Qualifying repairs of natural gas distribution systems	53		—		—		—		53
Long-term debt fair value adjustment	52		—		—		—		52
Plant Daniel Units 3 and 4	23		—		—		23		—
Other regulatory assets	184		42		40		30		72
Deferred income tax credits	(4,536)		(1,398)		(2,149)		(219)		(755)
Other cost of removal obligations	(1,176)		24		816		(170)		(1,846)
Over recovered regulatory clause revenues	(285)		(29)		(52)		—		(204)
Reliability reserves	(188)		(131)		—		(57)		—
Storm/property damage reserves	(122)		(70)		—		(52)		—
Nuclear fuel disposal cost recovery	(100)		(100)		—		—		—

Other regulatory liabilities	(180)		(28)		(14)		(6)		(31)
Total regulatory assets (liabilities), net	$	7,041	$	2,356	$	6,139	$	59	$	(2,252)

(*)Generally not earning a return as they are excluded from rate base or are offset in rate base by a corresponding asset or liability.

Unless otherwise noted, the following recovery and amortization periods for these regulatory assets and (liabilities) have been approved by the respective state PSC or regulatory agency:

AROs and other cost of removal obligations – Generally recorded over the related property lives, which may range up to 64 years for Alabama Power, 58 years for Georgia Power, 75 years for Mississippi Power, and 85 years for Southern Company Gas. AROs and other cost of removal obligations are settled and trued up following completion of the related activities. Alabama Power is recovering CCR ARO expenditures over a 38-year period ending in 2054 through Rate CNP Compliance. Georgia Power is recovering CCR ARO expenditures over four-year periods through its ECCR tariff. Mississippi Power is recovering CCR ARO expenditures over a 10-year period ending in 2034 through its ECO Plan. See "Georgia Power – Rate Plans" herein and Note 6 for additional information.

Retiree benefit plans – Recovered and amortized over the average remaining service period, which may range up to 14 years for Alabama Power, Georgia Power, and Mississippi Power and 15 years for Southern Company Gas. Southern Company's balances also include amounts at SCS and Southern Nuclear that are allocated to the applicable regulated utilities. See Note 11 for additional information.

Remaining net book value of retired assets –

Alabama Power: Primarily represents the net book value of Plant Gorgas Unit 10 ($387 million at December 31, 2025) being amortized over a remaining period of 12 years (through 2037) and Plant Barry Unit 4 ($32 million at December 31, 2025) being amortized over a remaining period of nine years (through 2034). See "Alabama Power – Environmental Accounting Order" herein for additional information.

Georgia Power: Net book values of Plant Wansley Units 1 and 2 and Plant Hammond Unit 4 (totaling $348 million and $271 million, respectively, at December 31, 2025) are being amortized over a remaining period of 13 years (through 2038) pursuant to the extension of the 2022 ARP. Balance also includes unusable materials and supplies inventories, for which the Georgia PSC will determine a recovery period in a future base rate case. See "Georgia Power – Rate Plans" herein additional information.

Mississippi Power: Represents net book value of certain environmental compliance assets at Plant Watson and Plant Greene County. The retail portion is being amortized over a remaining period of eight years (through 2033), and the wholesale portion is being amortized over a remaining period of nine years (through 2034). See "Mississippi Power – Environmental Compliance Overview Plan" herein for additional information.

Deferred income tax charges and credits – Charges are recovered and credits are primarily amortized over the related property lives, which may range up to 64 years for Alabama Power, 58 years for Georgia Power, 75 years for Mississippi Power, and 85 years for Southern Company Gas. See Note 10 for additional information. These accounts include certain deferred income tax assets and liabilities not subject to normalization, as described further below:

Alabama Power: Related amounts at December 31, 2025 include certain tax credits which will be returned to customers in a manner determined by the Alabama PSC, as discussed under "Alabama Power – Nuclear Production Tax Credits Order" herein. Related amounts at December 31, 2024 include excess federal deferred income tax liabilities that were returned for the benefit of customers in 2025, as discussed under "Alabama Power – Excess Accumulated Deferred Income Tax Accounting Order" herein.

Georgia Power: For deferred income tax charges, related amounts include deferred income tax assets related to construction costs for Plant Vogtle Units 3 and 4 ($120 million at December 31, 2025) being recovered over a remaining period of nine years (through 2034). For deferred income tax credits, related amounts at December 31, 2025 include $255 million of deferred income tax benefits for certain tax credits and $39 million of excess state deferred income tax liabilities, which are both expected to be amortized over a period of up to three years (through 2028), and related amounts at December 31, 2024 include $102 million of excess state deferred income tax liabilities that were returned to customers in 2025. See "Georgia Power – Rate Plans" and " – Nuclear Construction – Regulatory Matters" herein for additional information.

Mississippi Power: Related amounts at December 31, 2025 include retail excess federal deferred income tax liabilities of $21 million resulting from the Tax Reform Legislation, the flowback of which will be determined by the Mississippi PSC in a future rate proceeding. See "Mississippi Power – Excess Accumulated Deferred Income Tax Accounting Order" herein for additional information.

Southern Company Gas: Related amounts include deferred income tax liabilities ($26 million at December 31, 2025) being amortized over periods generally not exceeding five years, primarily related to excess state deferred income tax liabilities. See "Southern Company Gas – Rate Proceedings" herein for additional information.

Storm damage – See "Georgia Power – Storm Damage Recovery" herein for additional information. Mississippi Power's balance represents deferred storm costs associated with Hurricanes Ida and Zeta being recovered through PEP over a remaining period of nine years (through 2034).

Deferred depreciation –

Alabama Power: Represents deferred depreciation for Plant Barry Unit 5 ($170 million at December 31, 2025) and Plant Barry common coal assets ($73 million at December 31, 2025) to be amortized until 2036 beginning when Alabama Power utilizes updated deprecation rates which is anticipated to be January 1, 2028 and Plant Gaston Unit 5 coal assets ($185 million at December 31, 2025) to be amortized until 2039 beginning when the assets are retired.

Georgia Power: Represents deferred depreciation for Plant Scherer Units 1 through 3 and Plant Bowen Units 1 and 2 (totaling $209 million and $121 million, respectively, at December 31, 2025) to be amortized over 13 years beginning January 1, 2026 (through 2038), both pursuant to the extension of the 2022 ARP, and Plant Vogtle Unit 3 and common facilities ($26 million at December 31, 2025) being amortized over a remaining period of nine years (through 2034). See "Georgia Power – Rate Plans" herein additional information.

Under and over recovered regulatory clause revenues –

Alabama Power: Balances are recorded monthly and expected to be recovered over periods of up to five years. See "Alabama Power – Rate CNP PPA," " – Rate CNP Compliance," and " – Rate ECR" herein for additional information.

Georgia Power: Related to Demand-Side Management (DSM) tariffs. Balances are recorded monthly. Pursuant to the extension of the 2022 ARP, the Georgia PSC will determine a recovery period in a future base rate case. See "Georgia Power – Rate Plans" herein for additional information.

Mississippi Power: At December 31, 2025, $11 million is expected to be recovered through various rate recovery mechanisms over a period to be determined in future rate filings. See "Mississippi Power – Ad Valorem Tax Adjustment" herein for additional information.

Southern Company Gas: Balances are recorded and recovered or amortized over periods generally not exceeding five years. In addition to natural gas cost recovery mechanisms, the natural gas distribution utilities have various other cost recovery mechanisms for the recovery of costs, including those related to infrastructure replacement programs.

Software and cloud computing costs – Represents certain deferred operations and maintenance costs associated with software and cloud computing projects. For Alabama Power, costs are amortized ratably over the life of the related software, which ranges up to 10 years (through 2035). For Georgia Power, costs incurred through 2022 are being amortized over five years (through 2027), and the recovery period for costs incurred after 2022 will be determined in its next base rate case. For Mississippi Power, the recovery period will be determined in Mississippi Power's annual PEP filing process following the completion of the projects and is expected to begin no earlier than 2027. For Southern Company Gas, costs are being amortized ratably over the life of the related software, which ranges up to 10 years (through 2035).

Environmental remediation – Effective January 1, 2023, Georgia Power is recovering $5 million annually for environmental remediation under the 2022 ARP. Southern Company Gas' costs are recovered through environmental cost recovery mechanisms when the remediation work is performed. See Note 3 under "Environmental Remediation" for additional information.

Vacation pay – Recorded as earned by employees and recovered as paid, generally within one year. Includes both vacation and banked holiday pay, if applicable.

Loss on reacquired debt – Recovered over either the remaining life of the original issue or, if refinanced, over the remaining life of the new issue. At December 31, 2025, the remaining amortization periods do not exceed 22 years for Alabama Power, 27 years for Georgia Power, 16 years for Mississippi Power, and two years for Southern Company Gas.

Nuclear outage – Costs are deferred to a regulatory asset when incurred and amortized over a subsequent period of 18 months for Alabama Power and up to 24 months for Georgia Power. See Note 5 for additional information.

Regulatory clauses –

Alabama Power: Effective January 1, 2023, balance is being amortized through Rate RSE over a five-year period ending in 2027.

Southern Company Gas: Represents amounts related to Nicor Gas' volume balancing adjustment rider expected to be recovered over a period of less than two years.

Qualifying repairs of natural gas distribution systems – Represents deferred costs of certain repairs at Atlanta Gas Light being amortized over 20 years.

Fuel-hedging (realized and unrealized) losses and gains – Assets and liabilities are recorded over the life of the underlying hedged purchase contracts. Upon final settlement, actual costs incurred are recovered through the applicable traditional electric operating company's fuel cost recovery mechanism. Purchase contracts generally do not exceed three and a half years for Alabama Power, three years for Georgia Power, and five years for Mississippi Power. Immaterial amounts for fuel-hedging gains at December 31, 2025 and 2024 are included in other regulatory liabilities. See Note 14 for additional information.

Long-term debt fair value adjustment – Recovered over the remaining lives of the original debt issuances at acquisition, which range up to 13 years at December 31, 2025.

Plant Daniel Units 3 and 4 – Represents the difference between Mississippi Power's revenue requirement for Plant Daniel Units 3 and 4 under purchase accounting and operating lease accounting. At December 31, 2025, consists of the $15 million retail portion being amortized through 2046 over the remaining life of the related property and the $7 million wholesale portion being amortized over 10 years (through 2034).

Other regulatory assets – Comprised of numerous immaterial components with remaining amortization periods at December 31, 2025 generally not exceeding 18 years for Alabama Power, nine years for Georgia Power, 10 years for Mississippi Power, and 15 years for Southern Company Gas.

Reliability reserves and storm/property damage reserves – Utilized as related expenses are incurred. See "Alabama Power – Rate NDR" and " – Reliability Reserve Accounting Order," "Georgia Power – Storm Damage Recovery," and "Mississippi Power – System Restoration Rider" and " – Reliability Reserve Accounting Order" herein for additional information.

Plant Daniel Units 1 and 2 acquisition – Represents the incremental cost to Mississippi Power to acquire FP&L's 50% ownership interest in Plant Daniel Units 1 and 2. Utilized as related expenses are incurred. See "Mississippi Power – Plant Daniel" herein for additional information.

Nuclear fuel disposal cost recovery – At December 31, 2024, represents award resulting from litigation related to nuclear fuel disposal costs, of which $93 million was returned to customers through bill credits during the months of January, February, and March 2025 and the remaining $7 million was applied to the NDR balance. See "Alabama Power – Rate NDR" herein and Note 3 under "Nuclear Fuel Disposal Costs" for additional information.

Other regulatory liabilities – Comprised of numerous immaterial components with remaining amortization periods at December 31, 2025 generally not exceeding one year for Alabama Power, three years for Georgia Power, one year for Mississippi Power, and 20 years for Southern Company Gas.

The following table illustrates Southern Company Gas' authorized ratemaking amounts that are not recognized on its balance sheets. These amounts are primarily comprised of an allowed equity rate of return on assets associated with certain regulatory infrastructure programs. These amounts will be recognized as revenues in Southern Company Gas' financial statements in the periods they are billable to customers, the majority of which will be recovered by 2027.


	December 31, 2025		December 31, 2024
	(in millions)
Atlanta Gas Light	$	4	$	11
Virginia Natural Gas	9		10
Chattanooga Gas	7		7
Total	$	20	$	28

Schedule of regulatory liabilities

Details of regulatory assets and (liabilities) reflected in the balance sheets at December 31, 2025 and 2024 are provided in the following tables:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
At December 31, 2025
AROs(*)	$	5,482	$	1,644	$	3,604	$	234	$	—
Retiree benefit plans(*)	2,442		630		836		128		31
Remaining net book value of retired assets	1,052		408		631		13		—
Deferred income tax charges	962		261		675		25		—
Storm damage	941		—		912		29		—
Deferred depreciation	784		428		356		—		—
Under recovered regulatory clause revenues	284		232		—		24		28
Software and cloud computing costs	248		92		146		7		3
Environmental remediation(*)	242		—		13		—		229
Vacation pay(*)	242		90		124		12		16
Loss on reacquired debt	203		30		169		4		—
Nuclear outage	106		59		47		—		—
Regulatory clauses	83		52		—		—		31
Qualifying repairs of natural gas distribution systems	65		—		—		—		65
Fuel-hedging (realized and unrealized) losses	50		18		18		14		—
Long-term debt fair value adjustment	44		—		—		—		44
Plant Daniel Units 3 and 4	21		—		—		21		—
Other regulatory assets	225		65		30		40		90
Deferred income tax credits	(4,725)		(1,585)		(2,238)		(211)		(681)
Other cost of removal obligations	(1,022)		15		999		(115)		(1,921)
Reliability reserves	(243)		(184)		—		(59)		—
Over recovered regulatory clause revenues	(213)		—		(31)		—		(182)
Storm/property damage reserves	(118)		(60)		—		(58)		—

Plant Daniel Units 1 and 2 acquisition	(34)		—		—		(34)		—

Other regulatory liabilities	(234)		(17)		(16)		(3)		(61)
Total regulatory assets (liabilities), net	$	6,887	$	2,178	$	6,275	$	71	$	(2,308)


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Company Gas
	(in millions)
At December 31, 2024
AROs(*)	$	5,810	$	1,906	$	3,658	$	248	$	—
Retiree benefit plans(*)	2,605		680		892		134		44
Remaining net book value of retired assets	1,198		454		729		15		—
Deferred income tax charges	927		264		634		27		—
Storm damage	859		—		827		32		—
Deferred depreciation	535		286		249		—		—
Environmental remediation(*)	249		—		16		—		233
Vacation pay(*)	224		85		112		12		15
Loss on reacquired debt	219		32		183		4		—
Software and cloud computing costs	200		76		116		4		4
Under recovered regulatory clause revenues	167		119		—		17		31
Regulatory clauses	162		82		—		—		80
Nuclear outage	92		39		53		—		—
Fuel-hedging (realized and unrealized losses)	69		23		29		17		—
Qualifying repairs of natural gas distribution systems	53		—		—		—		53
Long-term debt fair value adjustment	52		—		—		—		52
Plant Daniel Units 3 and 4	23		—		—		23		—
Other regulatory assets	184		42		40		30		72
Deferred income tax credits	(4,536)		(1,398)		(2,149)		(219)		(755)
Other cost of removal obligations	(1,176)		24		816		(170)		(1,846)
Over recovered regulatory clause revenues	(285)		(29)		(52)		—		(204)
Reliability reserves	(188)		(131)		—		(57)		—
Storm/property damage reserves	(122)		(70)		—		(52)		—
Nuclear fuel disposal cost recovery	(100)		(100)		—		—		—

Other regulatory liabilities	(180)		(28)		(14)		(6)		(31)
Total regulatory assets (liabilities), net	$	7,041	$	2,356	$	6,139	$	59	$	(2,252)

(*)Generally not earning a return as they are excluded from rate base or are offset in rate base by a corresponding asset or liability.

Unless otherwise noted, the following recovery and amortization periods for these regulatory assets and (liabilities) have been approved by the respective state PSC or regulatory agency:

Remaining net book value of retired assets –

Deferred depreciation –

Under and over recovered regulatory clause revenues –

Vacation pay – Recorded as earned by employees and recovered as paid, generally within one year. Includes both vacation and banked holiday pay, if applicable.

Regulatory clauses –

Alabama Power: Effective January 1, 2023, balance is being amortized through Rate RSE over a five-year period ending in 2027.

Southern Company Gas: Represents amounts related to Nicor Gas' volume balancing adjustment rider expected to be recovered over a period of less than two years.

Qualifying repairs of natural gas distribution systems – Represents deferred costs of certain repairs at Atlanta Gas Light being amortized over 20 years.

Long-term debt fair value adjustment – Recovered over the remaining lives of the original debt issuances at acquisition, which range up to 13 years at December 31, 2025.

At December 31, 2025 and 2024, the environmental remediation liability and the balance of under recovered environmental remediation costs were reflected in the balance sheets of Southern Company, Georgia Power, and Southern Company Gas as shown in the table below. Alabama Power and Mississippi Power did not have environmental remediation liabilities at December 31, 2025 or 2024.


	Southern Company		Georgia Power		Southern Company Gas
	(in millions)
At December 31, 2025:
Environmental remediation liability:
Other current liabilities	$	34	$	14	$	20
Accrued environmental remediation	207		—		207
Under recovered environmental remediation costs:
Other regulatory assets, current	$	28	$	5	$	23
Other regulatory assets, deferred	214		8		206

At December 31, 2024:
Environmental remediation liability:
Other current liabilities	$	37	$	13	$	24
Accrued environmental remediation	198		—		198
Under recovered environmental remediation costs:
Other regulatory assets, current	$	37	$	5	$	32
Other regulatory assets, deferred	212		11		201

Public utilities general disclosures


Tariff	2024		2025
	(millions)
Traditional base(a)	$	275	$	194
ECCR	(99)		126
DSM	10		(22)
MFF	5		9
Total(b)	$	191	$	306

(a)For 2025, net of $122 million related to the Georgia state tax rate reduction.

(b)Totals may not add due to rounding.

The following table provides regulatory information for Southern Company Gas' natural gas distribution utilities:

Nicor

Gas

Atlanta Gas

Light

Virginia

Natural Gas

Chattanooga

Gas

Authorized ROE at December 31, 2025

9.60%

10.25%

9.85%

9.80%

Weather normalization mechanisms(a)

Decoupled, including straight-fixed-variable rates(b)

Regulatory infrastructure program rate(c)

Bad debt rider(d)

Energy efficiency plan(e)

Annual base rate adjustment mechanism(f)

Year of last base rate case decision

2025

2019

2025

2018

(a)Designed to help stabilize operating results by allowing recovery of costs in the event of unseasonal weather, but are not direct offsets to the potential impacts on earnings of weather and customer consumption.

(b)Allows for recovery of fixed customer service costs separately from assumed natural gas volumes used by customers and provides a benchmark level of revenue for recovery.

(c)See "Infrastructure Replacement Programs and Capital Projects" herein for additional information. Chattanooga Gas' pipeline replacement program costs are recovered through its annual base rate review mechanism.

(d)The recovery (refund) of bad debt expense over (under) an established benchmark expense. The gas portion of bad debt expense is recovered through purchased gas adjustment mechanisms. Nicor Gas also has a rider to recover the non-gas portion of bad debt expense.

(e)Recovery of costs associated with plans to achieve specified energy savings goals.

(f)Regulatory mechanism allowing annual adjustments to base rates up or down based on authorized ROE and/or ROE range.

The following table and discussions provide updates on the infrastructure replacement programs and capital projects at the natural gas distribution utilities at December 31, 2025. These programs are risk-based and designed to update and replace cast iron, bare

steel, and mid-vintage plastic materials or expand Southern Company Gas' distribution systems to improve reliability and meet operational flexibility and growth.


Utility	Program	Recovery	Capital Expenditures in 2025		Capital Expenditures Since Project Inception		Pipe Installed Since Project Inception	Scope of Program	Program Duration	Last Year of Program
			(in millions)				(miles)	(miles)	(years)
Virginia Natural Gas	SAVE	Rider	$	72	$	633	620	938	18	2029
Atlanta Gas Light	System Reinforcement Rider	Rider	131		410		43	N/A	6	2027
Chattanooga Gas	Pipeline Replacement Program	Rate Base	13		41		37	73	10	2031
			$	216	$	1,084	700	1,011

The following table provides a summary of QIP capital investments during the nine-year program:


Year	Status of QIP Annual Review Proceeding	Capital Investments			Disallowed			Month of Disallowance
		(in millions)
2015 – 2018	Complete	$	1,246		$	—
2019	Complete	415			32			June 2023
2020	Filed March 2021	402		(a)
2021	Filed March 2022	392		(a)
2022	Filed March 2023	408		(a)	6		(b)	November 2023
2023	Filed March 2024	365		(a)	25		(b)	November 2023
		$	3,228		$	63

(a)Capital investments are subject to the required QIP annual review proceeding; years 2020 through 2023 are pending with the Illinois Commission.

(b)Disallowed in Nicor Gas' 2023 general base rate case proceeding. See "Rate Proceedings – Nicor Gas" herein for additional information regarding the Illinois Commission's disallowance of certain capital investments.

Schedule of revised cost and schedule

Georgia Power's final net investment in connection with Plant Vogtle Units 3 and 4 is $10.670 billion, which excludes capitalized AFUDC of approximately $440 million accrued through Unit 4's in-service date.

Schedule of construction projects


Resource/Project	Approximate Nameplate Capacity (MW)	Projected COD
Projects Under Construction at December 31, 2025
Battery Energy Storage
McGrau Ford Phase 1	265	Fourth quarter 2026
Twiggs County	200	Fourth quarter 2027
Wadley	260	Fourth quarter 2027
Plant Bowen Phase 1	250	Fourth quarter 2028
Plant Bowen Phase 2	250	Fourth quarter 2029
South Hall	250	Fourth quarter 2028
Plant Wansley	500	Fourth quarter 2028
Plant Yates Phase 1	320	Fourth quarter 2028
Plant Yates Phase 2	250	Fourth quarter 2028
Thomson	500	Fourth quarter 2029
Hammond Phase 2	193	Fourth quarter 2030
Plant McIntosh	250	Fourth quarter 2030
Various facilities	500	Second quarter 2026 through fourth quarter 2026
Solar with Battery Energy Storage
Laurens County	200	Fourth quarter 2028
Plant Mitchell	150	Fourth quarter 2028
Combined Cycle
Plant Bowen Unit 7	741	Fourth quarter 2029
Plant Bowen Unit 8	741	Second quarter 2030
Plant McIntosh Unit 12	757	Fourth quarter 2030
Plant Wansley Unit 10	727	Fourth quarter 2029
Plant Wansley Unit 11	727	Second quarter 2030
Combustion Turbine
Plant Yates Unit 8(*)	442	Fourth quarter 2026
Plant Yates Unit 9(*)	442	Second quarter 2027
Plant Yates Unit 10(*)	442	Third quarter 2027

(*)Pursuant to the 2023 IRP Update, cost recovery over the certified amount is limited.

Project
Facility

Resource

Approximate Nameplate Capacity (MW)

Location

Actual/Projected COD

PPA Contract Period

Projects Under Construction at December 31, 2025

Millers Branch

Phase I

Solar

200

Haskell County, TX

February 2026(*)

20 years

Phase II

Solar

180

Haskell County, TX

Second quarter 2026

15 years

Phase III

Solar

132

Haskell County, TX

Fourth quarter 2026

15 years

Projects Completed During 2024

South Cheyenne

Solar

150

Laramie County, WY

April 2024

20 years

(*)Subsequent to December 31, 2025, Southern Power completed construction of the 200-MW first phase of the Millers Branch solar facility.