南方电力 2025年季度报告

FORM10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Registrant,State of Incorporation,Address and Telephone Number 58-0690070 1-3526 (ADelawareCorporation)30 Ivan Allen Jr. Boulevard, N.W.Atlanta,Georgia30308(404)506-5000 1-3164 63-0004250 (AnAlabamaCorporation)600 North 18th StreetBirmingham,Alabama35203(205)257-1000 001-37803 58-2598670 (ADelawareCorporation)30 Ivan Allen Jr. Boulevard, N.W.Atlanta,Georgia30308(404)506-5000 58-2210952 1-14174 (AGeorgiaCorporation)Ten Peachtree Place, N.E.Atlanta,Georgia30309(404)584-4000 Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file suchreports), and (2) have been subject to such filing requirements for the past 90 days.YesþNo¨ Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required tosubmit such files).YesþNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodforcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐Noþ(Response applicable to all registrants.) This combined Form 10-Q is separately filed by The Southern Company, Alabama Power Company, Georgia Power Company,Mississippi Power Company, Southern Power Company, and Southern Company Gas. Information contained herein relating to anyindividual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating tothe other registrants. TABLE OF CONTENTS PageDefinitions4Cautionary Statement Regarding Forward-Looking Information7 PART I—FINANCIAL INFORMATION Item1.Financial Statements (Unaudited)9Item2.Management's Discussion and Analysis of Financial Condition and Results of Operations82Item3.Quantitative and Qualitative Disclosures about Market Risk121Item4.Controls and Procedures121 PART II—OTHER INFORMATION Item1.Legal Proceedings122Item1A.Risk Factors122Item2.Unregistered Sales of Equity Securities and Use of ProceedsInapplicableItem3.Defaults Upon Senior SecuritiesInapplicableItem4.Mine Safety DisclosuresInapplicableItem5.Other Information122Item6.Exhibits122Signatures126 DEFINITIONS DEFINITIONS(continued) DEFINITIONS(continued) CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements include, among other things,statements concerning regulated rates, the strategic goals for the business, customer and sales growth, economic conditions, includinginflation, cost recovery and other rate actions, current and proposed environmental regulations and related compliance plans andestimated expenditures, pending or potential litigation matters, access to sources of capital, financing activities, completion dates andcosts of construction projects, matters related to the abandonment of the Kemper IGCC, completion of announced acquisitions, filingswith state and federal regulatory authorities, and estimated construction plans and expenditures. In some cases, forward-lookingstatements can be identified by terminology such as "may," "will," "could," "would," "should," "expects," "plans," "anticipates,""believes," "estimates," "projects," "predicts," "potential," or "continue" or the negative of these terms or other similar terminology.There are various factors that could cause actual results to differ materially from those suggested by the forward-looking statements;accordingly, there can be no assurance that such indicated results will be realized. These factors include: •the impact of recent and future federal and state regulatory changes, including tax, environmental, and other laws andregulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws andregulations;•the extent and timing of costs and legal requirements related to CCR;•current and future litigation or regula