南方电力 2025年度报告

Registrant,State of Incorporation,Address and Telephone Number 1-3526 58-0690070 (A Delaware Corporation)30 Ivan Allen Jr. Boulevard, N.W.Atlanta, Georgia 30308(404) 506-5000 Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. YesNo(Response applicable to all registrants.) Indicate by check mark whether the registrants (1)have filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (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 90days. YesNo 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). YesNo 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 has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No(Response applicable to all registrants.) Aggregate market value of The Southern Company's common stock held by non-affiliates of The Southern Company at June 30, 2025:$101.0 billion. All of the common stock of the other registrants is held by The Southern Company. A description of each registrant'scommon stock follows: Documents incorporated by reference: specified portions of The Southern Company's Definitive Proxy Statement on Schedule 14Arelating to the 2026 Annual Meeting of Stockholders are incorporated by reference into PART III. Each of Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, andSouthern Company Gas meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is thereforefiling this Form 10-K with the reduced disclosure format specified in General Instructions I(2)(b), (c), and (d) of Form 10-K. This combined Form 10-K 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 PageDefinitionsiiCautionary Statement Regarding Forward-Looking InformationviPARTIItem1BusinessI-1The Southern Company SystemI-1Construction ProgramsI-4Financing ProgramsI-5Fuel SupplyI-5Territory and CustomersServed by the Southern Company SystemI-6CompetitionI-8SeasonalityI-10RegulationI-10Rate MattersI-11Human CapitalI-13Item1ARisk FactorsI-15Item1BUnresolved Staff CommentsI-28Item 1CCybersecurityI-28Item2PropertiesI-32Item3Legal ProceedingsI-38Item4Mine Safety DisclosuresI-39Information about Our Executive Officers – Southern CompanyI-40PARTIIItem5Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesII-1Item6ReservedII-1Item7Management's Discussion and Analysis of Financial Condition and Results of OperationsII-2Item7AQuantitative and Qualitative Disclosures about Market RiskII-2Item8Financial Statements and Su