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DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of energy-related derivatives
At December 31, 2025, the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows:
Net
Purchased
mmBtu		Longest
Hedge
Date		Longest
Non-Hedge
Date
(in millions)
Southern Company(*)
43120302029
Alabama Power1262028—
Georgia Power1282028—
Mississippi Power1062030—
Southern Power820302026
Southern Company Gas(*)
6320282029
(*)Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of long natural gas positions of 72 million mmBtu and short natural gas positions of 9 million mmBtu at December 31, 2025, which is also included in Southern Company's total volume.
Notional amount of interest rate derivatives
At December 31, 2025, the following interest rate derivatives were outstanding:
Notional
Amount
Weighted Average
Interest Rate Paid
Interest
Rate
Received		Hedge
Maturity
Date		Fair Value
Gain (Loss) at
December 31, 2025
(in millions)(in millions)
Fair Value Hedges of Existing Debt
Southern Company parent$400 
1-day SOFR + 0.80%
1.75%March 2028$(24)
Southern Company parent1,000 
1-day SOFR + 2.48%
3.70%April 2030(95)
Southern Company parent565 
1-day SOFR + 1.56%
6.50%March 2045(1)
Southern Company Gas500 
1-day SOFR + 0.49%
1.75%January 2031(59)
Southern Company$2,465 $(179)
Schedule of foreign exchange contracts
At December 31, 2025, the following foreign currency derivatives were outstanding:
Pay
Notional
Pay Rate
Receive
Notional
Receive
Rate
Hedge
Maturity Date
Fair Value
Gain (Loss) at
December 31, 2025
(in millions)(in millions)(in millions)
Cash Flow Hedges of Existing Debt
Southern Power$564 3.78%€500 1.85%June 2026$17 
Fair Value Hedges of Existing Debt
Southern Company parent1,476 3.39%1,250 1.88%September 2027(18)
Southern Company$2,040 €1,750 $(1)
Fair value of energy-related derivatives and interest rate derivatives
The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected as either assets or liabilities in the balance sheets (included in "Other" or shown separately as "Risk Management Activities") as follows:
At December 31, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$24 $64 $33 $82 
Non-current
31 35 42 40 
Total derivatives designated as hedging instruments for regulatory purposes55 99 75 122 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current
1 6 4 3 
Non-current
2 1 4 — 
Interest rate derivatives:
Current
8 48 — 61 
Non-current
— 139 — 208 
Foreign currency derivatives:
Current
17 22 — 36 
Non-current
4 — — 182 
Total derivatives designated as hedging instruments in cash flow and fair value hedges32 216 8 490 
Energy-related derivatives not designated as hedging instruments
Current
6 6 5 3 
Non-current
— — 1 — 
Total derivatives not designated as hedging instruments6 6 6 3 
Gross amounts recognized 93 321 89 615 
Gross amounts offset(a)
(21)(54)(44)(61)
Net amounts recognized in the Balance Sheets(b)
$72 $267 $45 $554 
Alabama Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$9 $18 $11 $30 
Non-current
10 13 15 12 
Total derivatives designated as hedging instruments for regulatory purposes19 31 26 42 
Gross amounts offset(13)(13)(19)(19)
Net amounts recognized in the Balance Sheets$6 $18 $7 $23 
At December 31, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Georgia Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$7 $23 $6 $32 
Non-current
10 10 13 9 
Total derivatives designated as hedging instruments for regulatory purposes17 33 19 41 
Energy-related derivatives not designated as hedging instruments
Current
1 — — 1 
Gross amounts recognized18 33 19 42 
Gross amounts offset(14)(14)(15)(15)
Net amounts recognized in the Balance Sheets$4 $19 $4 $27 
Mississippi Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$3 $15 $5 $15 
Non-current
11 12 14 19 
Total derivatives designated as hedging instruments for regulatory purposes14 27 19 34 
Gross amounts offset(13)(13)(17)(17)
Net amounts recognized in the Balance Sheets$1 $14 $2 $17 
Southern Power
Derivatives designated as hedging instruments in cash flow hedges
Energy-related derivatives:
Current
$1 $1 $1 $— 
Non-current
2 — 3 — 
Foreign currency derivatives:
Current
17 — — 11 
Non-current
— — — 40 
Total derivatives designated as hedging instruments in cash flow hedges
20 1 4 51 
Energy-related derivatives not designated as hedging instruments
Current
1 — — — 
Net amounts recognized in the Balance Sheets$21 $1 $4 $51 
At December 31, 2025At December 31, 2024
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company Gas
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$5 $8 $11 $5 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current
— 5 3 3 
Non-current
— 1 1 — 
Interest rate derivatives:
Current
— 13 — 17 
Non-current
— 46 — 67 
Total derivatives designated as hedging instruments in cash flow and fair value hedges— 65 4 87 
Energy-related derivatives not designated as hedging instruments
Current
4 6 5 2 
Non-current
— — 1 — 
Total derivatives not designated as hedging instruments4 6 6 2 
Gross amounts recognized9 79 21 94 
Gross amounts offset(a)
19 (14)7 (10)
Net amounts recognized in the Balance Sheets(b)
$28 $65 $28 $84 
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $33 million and $17 million at December 31, 2025 and 2024, respectively.
(b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives at December 31, 2025 and 2024.
Pre-tax effects on the balance sheets
At December 31, 2025 and 2024, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheets
Derivative Category and Balance Sheet
Location		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power
Southern
Company
Gas
 (in millions)
At December 31, 2025:
Energy-related derivatives:
Other regulatory assets, current$(48)$(13)$(17)$(12)$(6)
Other regulatory assets, deferred(8)(5)(1)(2)— 
Other regulatory liabilities, current7 4 1 — 2 
Other regulatory liabilities, deferred4 2 1 1 — 
Total energy-related derivative gains (losses)$(45)$(12)$(16)$(13)$(4)
At December 31, 2024:
Energy-related derivatives:
Other regulatory assets, current$(61)$(23)$(26)$(11)$(1)
Other regulatory assets, deferred(5)— — (5)— 
Other regulatory liabilities, current8 4 — — 4 
Other regulatory liabilities, deferred8 3 4 1 — 
Total energy-related derivative gains (losses)$(50)$(16)$(22)$(15)$3 
Pre-tax effects of hedging on AOCI
For the years ended December 31, 2025, 2024, and 2023, the pre-tax effects of cash flow and fair value hedge accounting on AOCI for the applicable Registrants were as follows:
Gain (Loss) From Derivatives Recognized in OCI202520242023
(in millions)
Southern Company
Cash flow hedges:
Energy-related derivatives$(8)$(7)$(81)
Interest rate derivatives6 23 (12)
Foreign currency derivatives58 (40)14 
Fair value hedges(*):
Foreign currency derivatives(22)16 21 
Total$34 $(8)$(58)
Georgia Power
Cash flow hedges:
Interest rate derivatives$4 $24 $(2)
Mississippi Power
Cash flow hedges:
Interest rate derivatives$(1)$7 $— 
Southern Power
Cash flow hedges:
Energy-related derivatives$(1)$(1)$(18)
Foreign currency derivatives58 (40)14 
Total$57 $(41)$(4)
Southern Company Gas
Cash flow hedges:
Energy-related derivatives$(6)$(6)$(63)
Interest rate derivatives2 (5)— 
Total$(4)$(11)$(63)
(*)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
Pre-tax effect of interest rate and energy related derivatives
The pre-tax effects of cash flow and fair value hedge accounting on income for the years ended December 31, 2025, 2024, and 2023 were as follows:
Gain (Loss)
Statements of Income Location
Derivative Category
202520242023
(in millions)
Southern Company
Fuel
Energy-related cash flow hedges
$1 $(6)$(23)
Cost of natural gas
Energy-related cash flow hedges
(3)(40)(44)
Other operations and maintenance
Energy-related cash flow hedges
— (2)(2)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
(13)(16)(35)
Foreign currency cash flow hedges
(10)(12)(11)
Interest rate fair value hedges
90 (4)37 
Other income (expense), net
Foreign currency cash flow hedges
68 (33)19 
Foreign currency fair value hedges
149 2 69 
Amount excluded from effectiveness testing recognized in earnings
22 (16)(21)
Southern Power
Fuel
Energy-related cash flow hedges
$1 $(6)$(23)
Interest expense, net of amounts capitalized
Foreign currency cash flow hedges
(10)(12)(11)
Other income (expense), net
Foreign currency cash flow hedges
68 (33)19 
Southern Company Gas
Cost of natural gas
Energy-related cash flow hedges
$(3)$(40)$(44)
Other operations and maintenance
Energy-related cash flow hedges
— (2)(2)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
(1)(1)(19)
Interest rate fair value hedges
25 (5)6 
Schedule of fair value hedging instruments, statements of financial performance and financial position, location
At December 31, 2025 and 2024, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
Carrying Amount of
the Hedged Item
Cumulative Amount of Fair Value
Hedging Adjustment included in
Carrying Amount of the Hedged Item
Balance Sheet Location of Hedged ItemsAt December 31, 2025At December 31, 2024At December 31, 2025At December 31, 2024
(in millions)(in millions)
Southern Company
Long-term debt$(3,742)$(2,936)$156 $242 
Southern Company Gas
Long-term debt$(446)$(422)$51 $75