Georgia Power Co 8-K, filed May 2, 2024
Georgia Power Co (GPJA)
8-K
2024-05-02
For: 2024-05-02
View Original
Added on
April 10, 2026
About this 8-K
Georgia Power Co filed this 8-K on May 2, 2024.
Items reported
- Item 2.02: Financial results
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | ||||||||
| Commission File Number | Registrant, State of Incorporation, Address and Telephone Number | I.R.S. Employer Identification No. | ||||||||||||||||||
(A Delaware Corporation)
(404 ) 506-5000
(An Alabama Corporation)
(205 ) 257-1000
(A Georgia Corporation)
(404 ) 506-6526
(A Mississippi Corporation)
(228 ) 864-1211
(A Delaware Corporation)
(404 ) 506-5000
(A Georgia Corporation)
(404 ) 584-4000
The names and addresses of the registrants have not changed since the last report.
This combined Form 8-K is furnished separately by six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company and Southern Company Gas. Information contained herein relating to each registrant is furnished by each registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
| The Southern Company | |||||||||||
| The Southern Company | |||||||||||
| The Southern Company | |||||||||||
| The Southern Company | |||||||||||
| The Southern Company | |||||||||||
| Georgia Power Company | |||||||||||
| Southern Power Company | |||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). (Response applicable to each registrant)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition | ||||
The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On May 2, 2024, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the three-month period ended March 31, 2024, including certain additional information regarding the financial results for such period. A copy of this release is being furnished as Exhibit 99 to this Current Report on Form 8-K.
Use of Non-GAAP Financial Measures
Exhibit 99 to this Current Report on Form 8-K includes earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the three-month periods ended March 31, 2024 and 2023. The exhibit also includes earnings and earnings per share (1) for the three-month periods ended March 31, 2024 and 2023, excluding charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to plants under construction and (2) for the three-month period ended March 31, 2023, excluding costs associated with the extinguishment of debt at Southern Company. The attached exhibit includes additional information regarding these excluded items, as well as reconciliations of each non-GAAP financial measure to the most comparable financial measure under GAAP. Southern Company believes the presentation of earnings and earnings per share, excluding these items, is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company’s ongoing business activities. Southern Company management also uses earnings and earnings per share, excluding the effect of these items, to evaluate the performance of Southern Company’s ongoing business activities. The presentation of this
additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.
Exhibits
Exhibit 99 contains business segment information for Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company and Southern Company Gas. Accordingly, this report is also being furnished on behalf of each such registrant.
| Exhibit 99 | ||||||||
| Exhibit 104 | Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document. | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 2, 2024 | THE SOUTHERN COMPANY | |||||||
| By | /s/David P. Poroch | |||||||
| David P. Poroch Comptroller | ||||||||
| ALABAMA POWER COMPANY GEORGIA POWER COMPANY MISSISSIPPI POWER COMPANY SOUTHERN POWER COMPANY SOUTHERN COMPANY GAS | ||||||||
| By | /s/Melissa K. Caen | |||||||
| Melissa K. Caen Assistant Secretary | ||||||||
3
Exhibit 99
Page 1
 | ||||||||
| News | ||||||||
| Media Contact: | Southern Company Media Relations | |||||||
| 404-506-5333 or 1-866-506-5333 | ||||||||
southerncompany.com | ||||||||
| Investor Relations Contact: | ||||||||
| Scott Gammill | ||||||||
| 404-506-0901 | ||||||||
| sagammil@southernco.com | ||||||||
| May 2, 2024 | ||||||||
Southern Company reports first-quarter 2024 earnings
ATLANTA – Southern Company today reported first-quarter earnings of $1.1 billion, or $1.03 per share, in 2024 compared with earnings of $862 million, or 79 cents per share, in the first quarter of 2023.
Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.1 billion, or $1.03 per share, during the first quarter of 2024, compared with $867 million, or 79 cents per share, during the first quarter of 2023.
| Non-GAAP Financial Measures | Three Months Ended March | ||||||||||||||||
Net Income – Excluding Items (in millions) | 2024 | 2023 | |||||||||||||||
Net Income – As Reported | $ | 1,129 | $ | 862 | |||||||||||||
| Less: | |||||||||||||||||
| Estimated Loss on Plants Under Construction | (4) | (2) | |||||||||||||||
| Tax Impact | 1 | 1 | |||||||||||||||
Loss on Extinguishment of Debt | — | (5) | |||||||||||||||
| Tax Impact | — | 1 | |||||||||||||||
Net Income – Excluding Items | $ | 1,132 | $ | 867 | |||||||||||||
Average Shares Outstanding – (in millions) | 1,094 | 1,091 | |||||||||||||||
| Basic Earnings Per Share - Excluding Items | $ | 1.03 | $ | 0.79 | |||||||||||||
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Adjusted earnings drivers for the first quarter 2024, as compared with 2023, were higher utility revenues, partially offset by increased interest expense and depreciation and amortization.
First-quarter 2024 operating revenues were $6.6 billion, compared with $6.5 billion for the first quarter of 2023, an increase of 2.6%.
Page 2
“All our businesses experienced a strong start to 2024,” said Chairman, President and CEO Christopher C. Womack. “This performance was driven by a variety of factors, including investments in our state-regulated utilities, weather that was less mild than the first quarter of last year and higher weather-adjusted sales in our electric utilities' commercial customer class, a fact that speaks to strong local economies and increased usage by many existing data center customers.”
“We were also pleased to announce earlier this week that Plant Vogtle Unit 4 has achieved commercial operation,” added Womack. “New units 3 and 4 are now positioned to deliver more than 2,200 megawatts of reliable, carbon-free energy for decades to come. With all four units operational, Plant Vogtle is now the largest generator of clean energy in the United States. This monumental achievement is a testament not only to the commitment and perseverance of our Southern Company team, but to the hard work and dedication of thousands of American craft workers and engineers, our Plant Vogtle co-owners and enlightened regulators who championed the development of new nuclear generation.”
Southern Company’s first-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.
Southern Company’s financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer Daniel S. Tucker will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy distribution company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers’ and communities’ needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.com.
###
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| Southern Company | |||||||||||||||||||||||
| Financial Highlights | |||||||||||||||||||||||
(In Millions Except Earnings Per Share) | |||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||
Net Income – As Reported | 2024 | 2023 | |||||||||||||||||||||
| Traditional Electric Operating Companies | $ | 819 | $ | 610 | |||||||||||||||||||
| Southern Power | 96 | 102 | |||||||||||||||||||||
| Southern Company Gas | 409 | 309 | |||||||||||||||||||||
| Total | 1,324 | 1,021 | |||||||||||||||||||||
| Parent Company and Other | (195) | (159) | |||||||||||||||||||||
Net Income – As Reported | $ | 1,129 | $ | 862 | |||||||||||||||||||
Basic Earnings Per Share(1) | $ | 1.03 | $ | 0.79 | |||||||||||||||||||
Average Shares Outstanding | 1,094 | 1,091 | |||||||||||||||||||||
| Non-GAAP Financial Measures | Three Months Ended March | ||||||||||||||||||||||
Net Income – Excluding Items | 2024 | 2023 | |||||||||||||||||||||
Net Income – As Reported | $ | 1,129 | $ | 862 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
Estimated Loss on Plants Under Construction(2) | (4) | (2) | |||||||||||||||||||||
| Tax Impact | 1 | 1 | |||||||||||||||||||||
Loss on Extinguishment of Debt(3) | — | (5) | |||||||||||||||||||||
| Tax Impact | — | 1 | |||||||||||||||||||||
Net Income – Excluding Items | $ | 1,132 | $ | 867 | |||||||||||||||||||
Basic Earnings Per Share – Excluding Items | $ | 1.03 | $ | 0.79 | |||||||||||||||||||
See Notes on the following page.
Page 4
Southern Company
Financial Highlights
Notes
(1)Dilution is not material in any period presented. Diluted earnings per share was $1.03 and $0.79 for the three months ended March 31, 2024 and 2023, respectively.
(2)Earnings for the three months ended March 31, 2024 and 2023 include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025. Additionally, further charges and/or credits related to estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.
(3)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
Page 5
| Southern Company | |||||||||||||||||||||||||||||||||||
| Significant Factors Impacting EPS | |||||||||||||||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||
Earnings Per Share – | |||||||||||||||||||||||||||||||||||
As Reported(1) | $ | 1.03 | $ | 0.79 | $ | 0.24 | |||||||||||||||||||||||||||||
| Significant Factors: | |||||||||||||||||||||||||||||||||||
| Traditional Electric Operating Companies | $ | 0.19 | |||||||||||||||||||||||||||||||||
| Southern Power | (0.01) | ||||||||||||||||||||||||||||||||||
| Southern Company Gas | 0.09 | ||||||||||||||||||||||||||||||||||
| Parent Company and Other | (0.03) | ||||||||||||||||||||||||||||||||||
| Increase in Shares | — | ||||||||||||||||||||||||||||||||||
Total – As Reported | $ | 0.24 | |||||||||||||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||||||||||||||
| Non-GAAP Financial Measures | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Earnings Per Share – | |||||||||||||||||||||||||||||||||||
Excluding Items | $ | 1.03 | $ | 0.79 | $ | 0.24 | |||||||||||||||||||||||||||||
Total – As Reported | $ | 0.24 | |||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Estimated Loss on Plants Under Construction(2) | — | ||||||||||||||||||||||||||||||||||
Loss on Extinguishment of Debt(3) | — | ||||||||||||||||||||||||||||||||||
Total – Excluding Items | $ | 0.24 | |||||||||||||||||||||||||||||||||
See Notes on the following page.
Page 6
Southern Company
Significant Factors Impacting EPS
Notes
(1)Dilution is not material in any period presented. Diluted earnings per share was $1.03 and $0.79 for the three months ended March 31, 2024 and 2023, respectively.
(2)Earnings for the three months ended March 31, 2024 and 2023 include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025. Additionally, further charges and/or credits related to estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.
(3)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
Page 7
| Southern Company | |||||||||||
| EPS Earnings Analysis | |||||||||||
| Three Months Ended March 2024 vs. March 2023 | |||||||||||
| Description | Cents | ||||||||||
| Retail Sales | 4¢ | ||||||||||
| Retail Revenue Impacts | 16 | ||||||||||
| Weather | 6 | ||||||||||
Wholesale and Other Operating Revenues | 3 | ||||||||||
| Depreciation and Amortization | (2) | ||||||||||
| Interest Expense and Other | (5) | ||||||||||
| Income Taxes | (3) | ||||||||||
| Total Traditional Electric Operating Companies | 19¢ | ||||||||||
| Southern Power | (1) | ||||||||||
| Southern Company Gas | 9 | ||||||||||
| Parent Company and Other | (3) | ||||||||||
| Total Change in EPS (Excluding Items) | 24¢ | ||||||||||
Estimated Loss on Plants Under Construction(1) | — | ||||||||||
Loss on Extinguishment of Debt(2) | — | ||||||||||
| Total Change in EPS (As Reported) | 24¢ | ||||||||||
See Notes on the following page.
Page 8
Southern Company
EPS Earnings Analysis
Notes
(1)Earnings for the three months ended March 31, 2024 and 2023 include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025. Additionally, further charges and/or credits related to estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.
(2)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
Page 9
| Southern Company | |||||||||||||||||||||||||||||||||||
| Consolidated Earnings | |||||||||||||||||||||||||||||||||||
| As Reported | |||||||||||||||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | Change | |||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Retail electric revenues: | |||||||||||||||||||||||||||||||||||
| Fuel | $ | 1,011 | $ | 1,050 | $ | (39) | |||||||||||||||||||||||||||||
| Non-fuel | 2,930 | 2,549 | 381 | ||||||||||||||||||||||||||||||||
| Wholesale electric revenues | 571 | 599 | (28) | ||||||||||||||||||||||||||||||||
| Other electric revenues | 199 | 190 | 9 | ||||||||||||||||||||||||||||||||
| Natural gas revenues | 1,707 | 1,875 | (168) | ||||||||||||||||||||||||||||||||
| Other revenues | 228 | 217 | 11 | ||||||||||||||||||||||||||||||||
| Total operating revenues | 6,646 | 6,480 | 166 | ||||||||||||||||||||||||||||||||
| Fuel and purchased power | 1,194 | 1,292 | (98) | ||||||||||||||||||||||||||||||||
| Cost of natural gas | 605 | 898 | (293) | ||||||||||||||||||||||||||||||||
| Cost of other sales | 131 | 127 | 4 | ||||||||||||||||||||||||||||||||
Non-fuel operations and maintenance | 1,472 | 1,440 | 32 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,145 | 1,111 | 34 | ||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 396 | 394 | 2 | ||||||||||||||||||||||||||||||||
| Total operating expenses | 4,943 | 5,262 | (319) | ||||||||||||||||||||||||||||||||
| Operating income | 1,703 | 1,218 | 485 | ||||||||||||||||||||||||||||||||
| Allowance for equity funds used during construction | 58 | 65 | (7) | ||||||||||||||||||||||||||||||||
| Earnings from equity method investments | 45 | 48 | (3) | ||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | 665 | 582 | 83 | ||||||||||||||||||||||||||||||||
| Other income (expense), net | 153 | 147 | 6 | ||||||||||||||||||||||||||||||||
| Income taxes | 223 | 97 | 126 | ||||||||||||||||||||||||||||||||
| Net income | 1,071 | 799 | 272 | ||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | (58) | (63) | 5 | ||||||||||||||||||||||||||||||||
| Net income attributable to Southern Company | $ | 1,129 | $ | 862 | $ | 267 | |||||||||||||||||||||||||||||
Certain prior year data may have been reclassified to conform with current year presentation.
Page 10
| Southern Company | |||||||||||||||||||||||||||||||||||||||||||||||
| Kilowatt-Hour Sales and Customers | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | Weather Adjusted % Change | ||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| Kilowatt-Hour Sales | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Sales | 46,529 | 46,725 | (0.4) | % | |||||||||||||||||||||||||||||||||||||||||||
| Total Retail Sales | 35,254 | 33,382 | 5.6 | % | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Residential | 11,876 | 10,630 | 11.7 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Commercial | 11,474 | 10,883 | 5.4 | % | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||
| Industrial | 11,768 | 11,724 | 0.4 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
| Other | 136 | 145 | (6.5) | % | (7.2) | % | |||||||||||||||||||||||||||||||||||||||||
| Total Wholesale Sales | 11,275 | 13,343 | (15.5) | % | N/A | ||||||||||||||||||||||||||||||||||||||||||
| Period Ended March | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Regulated Utility Customers | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Regulated Utility Customers | 8,900 | 8,824 | 0.9% | ||||||||||||||||||||||||||||||||||||||||||||
| Traditional Electric Operating Companies | 4,502 | 4,449 | 1.2% | ||||||||||||||||||||||||||||||||||||||||||||
| Southern Company Gas | 4,398 | 4,375 | 0.5% | ||||||||||||||||||||||||||||||||||||||||||||
Page 11
| Southern Company | |||||||||||||||||||||||||||||||||||
| Financial Overview | |||||||||||||||||||||||||||||||||||
| As Reported | |||||||||||||||||||||||||||||||||||
| Three Months Ended March | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Southern Company – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 6,646 | $ | 6,480 | 2.6 | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 1,294 | 896 | 44.4 | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 1,129 | 862 | 31.0 | % | |||||||||||||||||||||||||||||||
| Alabama Power – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 1,791 | $ | 1,647 | 8.7 | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 418 | 253 | 65.2 | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 333 | 255 | 30.6 | % | |||||||||||||||||||||||||||||||
| Georgia Power – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 2,398 | $ | 2,176 | 10.2 | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 516 | 349 | 47.9 | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 437 | 296 | 47.6 | % | |||||||||||||||||||||||||||||||
| Mississippi Power – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 342 | $ | 390 | (12.3) | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 60 | 71 | (15.5) | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 50 | 58 | (13.8) | % | |||||||||||||||||||||||||||||||
| Southern Power – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 473 | $ | 508 | (6.9) | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 24 | 32 | (25.0) | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 96 | 102 | (5.9) | % | |||||||||||||||||||||||||||||||
| Southern Company Gas – | |||||||||||||||||||||||||||||||||||
| Operating Revenues | $ | 1,707 | $ | 1,875 | (9.0) | % | |||||||||||||||||||||||||||||
| Earnings Before Income Taxes | 547 | 412 | 32.8 | % | |||||||||||||||||||||||||||||||
| Net Income Available to Common | 409 | 309 | 32.4 | % | |||||||||||||||||||||||||||||||
See Financial Highlights pages for discussion of certain significant items occurring during the periods.