Filing Analysis
The Southern Company and its subsidiaries issued a combined 8-K to report earnings results for the three-month and six-month periods ended June 30, 2026. The filing includes GAAP and non-GAAP financial measures, specifically excluding one-time or non-recurring items such as debt extinguishment costs and specific regulatory/legal charges.
🚩 Red Flags
- None identified in this earnings release filing.
📋 Key Facts
- Reporting period: Three-month and six-month periods ended June 30, 2026.
- The filing is a combined report for The Southern Company and five subsidiaries (Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas).
- Non-GAAP adjustments include excluding accelerated depreciation/decommissioning costs for wind facilities at Southern Power Company.
- Exclusions also cover legal expenses, tax impacts related to plants under construction, and specific Nicor Gas capital investment losses disallowed by the Illinois Commerce Commission.
Georgia Power Company entered into underwriting agreements on May 19, 2026, to issue and sell a total of $1.3 billion in senior notes. The offering consists of $150 million in additional 4.85% senior notes due 2031, $600 million in floating rate senior notes due 2027, and $550 million in 4.60% senior notes due 2029.
📋 Key Facts
- On May 19, 2026, the Company agreed to sell an additional $150,000,000 aggregate principal amount of its Series 2025B 4.85% Senior Notes due March 15, 2031, bringing the total outstanding of this series to $900,000,000.
- The Company also agreed to sell $600,000,000 aggregate principal amount of Series 2026A Floating Rate Senior Notes due November 22, 2027.
- The Company also agreed to sell $550,000,000 aggregate principal amount of Series 2026B 4.60% Senior Notes due June 15, 2029.
- The notes were registered under the Securities Act of 1933 pursuant to shelf registration statement No. 333-285111.
- Underwriters for the transactions include BMO Capital Markets Corp., Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, and SMBC Nikko Securities America, Inc.
Georgia Power and its parent, The Southern Company, announced Q1 2026 financial results, including non-GAAP reconciliations for specific regulatory and operational charges. The filing details earnings for the period ended March 31, 2026, and addresses impacts from debt extinguishment and regulatory disallowances.
🚩 Red Flags
- Regulatory disallowance of capital investments by the Illinois Commerce Commission impacting Southern Company Gas.
- Ongoing legal expenses and charges (net of salvage) related to plants under construction.
📋 Key Facts
- Reported earnings for the three-month period ended March 31, 2026.
- Southern Company Gas recognized an estimated loss related to Nicor Gas capital investments disallowed by the Illinois Commerce Commission.
- Non-GAAP earnings exclude accelerated depreciation from repowering wind facilities at Southern Power Company.
- Results also exclude costs associated with debt extinguishment and legal expenses related to plants under construction.
- The filing is a joint report for The Southern Company and its major utility subsidiaries including Alabama Power and Mississippi Power.
Georgia Power and Alabama Power, subsidiaries of The Southern Company, entered into multi-billion dollar loan guarantee agreements with the U.S. Department of Energy (DOE) and the Federal Financing Bank (FFB) to fund energy infrastructure projects.
🚩 Red Flags
- Creation of massive long-term financial obligations totaling up to $26.5 billion.
- Strict compliance requirements under the DOE Loan Guarantee Program, including Davis-Bacon Act and Cargo Preference Act compliance.
- Requirement to maintain investment-grade credit ratings to continue requesting advances.
📋 Key Facts
- Georgia Power entered into a credit facility for up to approximately $22.4 billion.
- Alabama Power entered into a credit facility for up to approximately $4.1 billion.
- The facilities fund up to 80% of eligible project costs, including nuclear upgrades, battery storage, and transmission system enhancements.
- Borrowings are full recourse, senior unsecured obligations maturing December 10, 2055.
- Interest rates are set at the applicable U.S. Treasury rate plus a spread of 0.375%.
- Georgia Power requested an initial advance of approximately $1.0 billion on February 20, 2026, expected in March 2026.
The Southern Company (parent of Georgia Power) filed a combined 8-K on February 19, 2026 to furnish its Q4 and full-year 2025 earnings press release under Item 2.02. The filing covers routine earnings disclosure for six registrants including Georgia Power Company (ticker GPJA). No material adverse events, going concern language, or red flags were identified.
🚩 Red Flags
- Nicor Gas (Southern Company Gas subsidiary) faced capital investment disallowances by the Illinois Commerce Commission, resulting in an estimated loss excluded from non-GAAP figures — suggests regulatory risk at the parent level
- Multiple non-GAAP exclusions across subsidiaries could obscure underlying earnings quality
📋 Key Facts
- Combined 8-K filed on behalf of six registrants: The Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas
- Reports earnings for Q4 (three-month) and full-year (twelve-month) periods ended December 31, 2025
- Filing furnished (not filed) under Item 2.02 — information is not deemed incorporated by reference under Securities Act
- Non-GAAP adjustments exclude: (a) charges/credits related to plants under construction, (b) accelerated depreciation for wind facility repowering at Southern Power, (c) debt extinguishment costs at Southern Company, (d) estimated loss at Southern Company Gas from Nicor Gas capital investment disallowances by Illinois Commerce Commission, (e) tax benefit from 2017 TCJA deferred tax adjustment at Southern Company Gas, (f) disposition impacts from sale of multi-use commercial facility at Alabama Power
- Georgia Power's specific security is the Series 2017A 5.00% Junior Subordinated Notes due 2077 (GPJA) listed on NYSE
- Signed by Matthew M. Kim (Comptroller, Southern Company) and Melissa K. Caen (Assistant Secretary, subsidiaries)
Georgia Power Company has reached a settlement agreement with the Georgia Public Service Commission (PSC) regarding its capacity certification for the 2028-2031 period. The settlement approves all requested resources and outlines significant projected capital investments and customer rate impacts.
🚩 Red Flags
- Significant capital expenditure requirement ($16.3 billion) creates substantial liquidity and financing needs over the next several years.
📋 Key Facts
- The Georgia PSC approved all 9,885 megawatts of requested resources in the All-Source Certification Proceeding.
- Company-owned projects involve approximately $16.3 billion in projected capital investment (excluding construction funds).
- Approximately $14 billion of that capital is expected to be incurred between 2026 and 2029.
- The settlement includes a commitment to ensure downward pressure on incremental revenue from large load customers, providing at least $556 million per year in benefits (approx. $102/year for typical residential customers) during 2029-2031.
- Georgia PSC will perform construction monitoring on the approved company-owned projects.
Georgia Power Company has reached a settlement agreement with the Georgia Public Service Commission (PSC) regarding capacity certification for 2028-2031. The agreement involves significant capital investment and potential rate impact adjustments to mitigate costs for large load customers.
🚩 Red Flags
- Significant capital expenditure requirement ($14B in the next 3 years) introduces execution and cost overrun risks.
- Regulatory uncertainty: The agreement is subject to final approval by the Georgia PSC on December 19, 2025.
📋 Key Facts
- Settlement covers the 2029-2031 All-Source Request for Proposals and 2028-2031 Supplemental Resources capacity certification.
- All 9,885 megawatts of requested resources would be approved at their respective project costs if PSC approves.
- Company-owned projects involve approximately $16.3 billion in projected capital investment (excluding construction funds).
- $14 billion of that investment is expected to occur between 2026 and 2029.
- The agreement includes a provision to ensure incremental revenue from large load customers provides downward pressure on rates by at least $556 million per year for 2029-2031.
The Southern Company and its subsidiaries (including Georgia Power Co) issued a combined 8-K to furnish earnings results for the three-month and nine-month periods ended September 30, 2025. The filing includes non-GAAP financial measures intended to provide insight into ongoing business activities by excluding specific one-time or non-recurring items.
🚩 Red Flags
- None identified in this earnings release filing.
📋 Key Facts
- Reporting period: Three-month and nine-month periods ended September 30, 2025.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management provided non-GAAP earnings per share (EPS) excluding specific items such as legal expenses, tax impacts of plants under construction, and debt extinguishment costs.
- Specific exclusions noted for 2025 include accelerated depreciation from wind facility repowering at Southern Power Company and disposition impacts at Alabama Power Company.
Georgia Power Company entered into multiple underwriting agreements on September 24, 2025, to issue various series of senior notes totaling $1.5 billion in new debt. These offerings include additional Series 2025B notes and the introduction of Series 2025D and 2025E notes.
🚩 Red Flags
- None identified; this is a standard debt issuance for a large utility company.
📋 Key Facts
- Entered into underwriting agreements for an additional $250,000,000 of Series 2025B 4.85% Senior Notes due March 15, 2031 (bringing total Series 2025B principal to $750,000,000).
- Entered into underwriting agreements for $750,000,000 of Series 2025D 4.00% Senior Notes due October 1, 2028.
- Entered into underwriting agreements for $500,000,000 of Series 2025E 5.50% Senior Notes due October 1, 2055.
- All issuances are being conducted under a previously existing shelf registration statement (Registration No. 333-285111).
- Underwriters include Barclays Capital Inc., Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc., and U.S. Bancorp Investments, Inc.
The Southern Company and its subsidiaries issued a combined 8-K to furnish earnings results for the three-month and six-month periods ended June 30, 2025. The filing includes non-GAAP financial measures intended to provide clarity on ongoing business performance by excluding specific one-time or non-recurring items.
🚩 Red Flags
- None identified in this earnings release filing.
📋 Key Facts
- Earnings release covers the three-month and six-month periods ended June 30, 2025.
- The filing is a combined report for The Southern Company and five subsidiaries: Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management provided non-GAAP earnings per share (EPS) excluding charges/credits from legal expenses, tax impacts of plants under construction, and debt extinguishment costs.
- Non-GAAP measures also exclude accelerated depreciation related to wind facility repowering at Southern Power Company.
Georgia Power Company and The Southern Company announced that the Georgia Public Service Commission (PSC) approved a settlement agreement extending their existing alternate rate plan through December 31, 2028. This extension maintains specific return on equity (ROE) targets and prevents base rate increases until at least 2028, with provisions for storm damage cost recovery.
🚩 Red Flags
- No earnings shortfall below 9.50% ROE will be recovered on an actual basis (though interim cost recovery mechanisms exist).
- Revenue stability is tied to the successful amortization of regulatory assets and liabilities through 2028.
📋 Key Facts
- The ARP Extension period runs from current date through December 31, 2028.
- Retail ROE set point remains at 10.50%, with an approved range of 9.50% to 11.90%.
- No base rate adjustments will occur in 2026, 2027, or 2028, except for storm damage costs.
- Storm damage costs incurred through Dec 31, 2025, will be recovered via a separate proceeding filed between Feb and July 2026.
- Earnings above the 11.90% ROE upper limit are subject to a sharing mechanism (40% regulatory assets, 40% customer refund, 20% retained by company).
- The company is prohibited from filing for a base rate increase while the ARP Extension is in effect; a full base rate case must be filed by July 1, 2028.
Georgia Power Company and the Georgia PSC Public Interest Advocacy Staff have reached a settlement agreement to extend the current alternate rate plan (2022 ARP) through December 31, 2028. The agreement maintains key financial metrics including a 10.50% ROE set point and provides mechanisms for storm damage cost recovery.
🚩 Red Flags
- Settlement is subject to Georgia PSC approval; if not approved, a full base rate case must be filed by July 1, 2025.
- Uncertainty regarding the final outcome of regulatory proceedings and potential for different terms in the final agreement.
📋 Key Facts
- Settlement extends the alternate rate plan (2022 ARP) through December 31, 2028.
- Retail base rates will not be adjusted in 2026, 2027, or 2028, except for storm damage costs incurred through Dec 31, 2025.
- Retail Return on Common Equity (ROE) set point remains at 10.50% with an equity ratio of 56%.
- Earnings above the upper ROE limit (11.90%) will be shared: 40% to regulatory assets, 40% refunded to customers, and 20% retained by Georgia Power.
- The agreement includes provisions for amortizing Investment Tax Credits (ITCs) and Production Tax Credits (PTCs).
- Georgia PSC is scheduled to vote on the settlement on or before July 1, 2025.
The Southern Company and its subsidiaries issued a combined 8-K to furnish quarterly earnings results for the three-month period ended March 31, 2025. The filing includes GAAP and non-GAAP financial measures used to evaluate ongoing business performance.
🚩 Red Flags
- None identified. This is a routine quarterly earnings announcement.
📋 Key Facts
- Reporting period: Three months ended March 31, 2025.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management provided non-GAAP earnings per share (EPS) excluding specific items like legal expenses, tax impacts of plants under construction, and accelerated depreciation related to the Kay Wind facility repowering.
- The filing includes business segment information for all five subsidiaries in Exhibit 99.
Georgia Power Company entered into underwriting agreements to issue three tranches of senior notes totaling $1.6 billion in aggregate principal amount. The offering includes floating rate notes due 2026 and fixed-rate notes due 2031 and 2035.
🚩 Red Flags
- Significant increase in total debt load via $1.6 billion new issuance.
📋 Key Facts
- Entered into Underwriting Agreements on February 24, 2025.
- Series 2025A: $400,000,000 Floating Rate Senior Notes due September 15, 2026.
- Series 2025B: $500,000,000 4.85% Senior Notes due March 15, 2031.
- Series 2025C: $700,000,000 5.20% Senior Notes due March 15, 2035.
- Underwriters include Barclays Capital Inc., Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC.
The Southern Company and its subsidiaries issued a combined 8-K to furnish earnings results for the three-month and twelve-month periods ended December 31, 2024. The filing includes GAAP and non-GAAP financial measures via an attached press release.
🚩 Red Flags
- None identified; this is a standard earnings release filing.
📋 Key Facts
- Reporting period: Three-month and twelve-month periods ended December 31, 2024.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management provided non-GAAP financial measures excluding specific items such as legal expenses, tax impacts of plants under construction, and impairment losses from discontinued developments.
Georgia Power Company entered into an underwriting agreement to issue and sell $600 million in Series 2024D 4.55% Senior Notes due March 15, 2030. The offering is being conducted under a previously established shelf registration statement.
📋 Key Facts
- Aggregate principal amount of the new notes: $600,000,000
- Interest rate: 4.55%
- Maturity date: March 15, 2030
- Underwriters include J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, and Truist Securities, Inc.
- The notes are being issued under a shelf registration statement (Registration No. 333-262855).
Georgia Power Company entered into an underwriting agreement to issue and sell $117,087,000 in Series 2024C Floating Rate Senior Notes due November 15, 2074. The offering is being conducted via a shelf registration statement.
📋 Key Facts
- Entered into Underwriting Agreement on November 8, 2024.
- Aggregate principal amount of issuance: $117,087,000.
- Security type: Series 2024C Floating Rate Senior Notes.
- Maturity date: November 15, 2074.
- Underwriters include Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, and UBS Securities LLC.
The Southern Company and its subsidiaries (including Georgia Power Co) issued a combined 8-K to furnish earnings results for the three-month and nine-month periods ended September 30, 2024. The filing includes non-GAAP financial measures designed to highlight ongoing business performance by excluding specific one-time or non-recurring items.
🚩 Red Flags
- None identified in this earnings release filing.
📋 Key Facts
- Reporting period: Three-month and nine-month periods ended September 30, 2024.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management provided non-GAAP earnings per share (EPS) excluding legal expenses, tax impacts related to plants under construction, and an impairment loss at Alabama Power Company.
The Southern Company and its subsidiaries (including Georgia Power Co) issued a combined 8-K to furnish their earnings press release for the three-month and six-month periods ended June 30, 2024. The filing includes non-GAAP financial measures intended to provide clarity on ongoing business performance by excluding specific one-time or non-recurring items.
🚩 Red Flags
- None identified; this is a routine earnings release.
📋 Key Facts
- Reporting period: Three-month and six-month periods ended June 30, 2024.
- The filing is a combined report for The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Management utilizes non-GAAP earnings per share to exclude charges/credits related to legal expenses, tax impacts of plants under construction, and debt extinguishment costs.
- The filing includes business segment information for the various subsidiaries in Exhibit 99.
The Southern Company and its subsidiaries issued a combined 8-K to furnish their quarterly earnings press release for the three-month period ended March 31, 2024. The filing includes GAAP and non-GAAP financial measures used to evaluate ongoing business performance.
🚩 Red Flags
- None identified; this is a routine quarterly earnings announcement.
📋 Key Facts
- Reporting period: Three months ended March 31, 2024.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Includes non-GAAP financial measures excluding charges related to salvage proceeds, legal expenses, and tax impacts of plants under construction.
- The filing includes business segment information for all subsidiaries in Exhibit 99.
Georgia Power Company announced that Plant Vogtle Unit 4 has reached commercial operation and has been placed in service as of April 29, 2024. This is a regulatory notification sent to the Georgia Public Service Commission.
📋 Key Facts
- Plant Vogtle Unit 4 has officially reached commercial operation.
- The unit has been placed in service as of April 29, 2024.
- Notification was provided to the Georgia Public Service Commission.
Georgia Power Company entered into underwriting agreements to issue two tranches of senior notes totaling $1.4 billion. The offering includes Series 2024A Senior Notes due 2027 and Series 2024B Senior Notes due 2034.
📋 Key Facts
- Entered into underwriting agreements on February 20, 2024.
- Issuance of $500,000,000 in Series 2024A 5.004% Senior Notes due February 23, 2027.
- Issuance of $900,000,000 in Series 2024B 5.250% Senior Notes due March 15, 2034.
- Securities are registered under shelf registration statement No. 333-262855.
- Underwriters include Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., and Truist Securities, Inc.
The Southern Company and its subsidiaries (including Georgia Power Co) filed a combined 8-K to furnish earnings results for the three-month and twelve-month periods ended December 31, 2023. The filing includes GAAP and non-GAAP financial measures, including reconciliations for various excluded items such as legal expenses and plant construction tax impacts.
🚩 Red Flags
- None identified; this is a routine earnings release.
📋 Key Facts
- Reporting period: Three-month and twelve-month periods ended December 31, 2023.
- The filing is a combined report for six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.
- Includes non-GAAP financial measures excluding charges/credits related to legal expenses, salvage proceeds, tax impacts of plants under construction, acquisition/disposition impacts, and debt extinguishment costs.
- Exhibits provided include Financial Highlights (99.02), Significant Factors Impacting EPS (99.03), and Kilowatt-Hour Sales and Customers (99.06).
Georgia Power Company announced a delay in the in-service date for Plant Vogtle Unit 4 due to remediated piping vibrations identified during start-up testing. The unit is now projected to enter service in Q2 2024.
🚩 Red Flags
- Potential for significant monthly earnings impact ($30M/month) if commercial operation misses the March 31, 2024, milestone.
- Risk of additional base capital costs (up to $15M/month) if delays extend beyond Q2 2024.
- Uncertainty regarding future challenges including contractor management, material availability, and potential equipment failures during testing.
📋 Key Facts
- Vibrations were identified and remediated in certain piping within the cooling system of Plant Vogtle Unit 4.
- The issue is similar to vibrations experienced during pre-operational testing for Unit 3 and other AP1000 units.
- Projected in-service date for Unit 4 has been moved to the second quarter (Q2) of 2024.
- If commercial operation is not achieved by March 31, 2024, Georgia Power's return on equity used for tariff calculations will be reduced to zero.
- Failure to meet the March 31 deadline results in an estimated negative earnings impact of approximately $30 million per month.
The company is refiling a redacted version of an Amended and Restated Services Agreement to comply with Regulation S-K requirements. This filing transitions the agreement from confidential treatment (which expired on December 31, 2023) to a public exhibit with non-material confidential portions omitted.
📋 Key Facts
- The filing is for the purpose of transitioning a previously-filed exhibit under Item 601(b)(10) of Regulation S-K.
- The agreement in question is an Amended and Restated Services Agreement dated June 20, 2017.
- Confidential treatment for this agreement expired on December 31, 2023.
- Parties to the agreement include Georgia Power Company (acting as agent for several entities), Westinghouse Electric Company LLC, and WECTEC Global Project Services, Inc.