Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2026

The recovery balances for retail fuel and storm/property damage for the traditional electric operating companies and natural gas cost for Southern Company Gas at March 31, 2026 and December 31, 2025 were as follows:


Recovery/Regulatory Clause	Balance Sheet Location	At March 31, 2026		At December 31, 2025
		(in millions)
Alabama Power







Rate ECR	Other regulatory assets, deferred	$	200	$	146


NDR	Other regulatory liabilities, deferred	52		60
Georgia Power
Fuel cost recovery	Receivables – under recovered retail fuel clause revenues	$	234	$	310
	Deferred under recovered retail fuel clause revenues	210		212


Storm damage recovery	Other regulatory assets, current	31		31
	Other regulatory assets, deferred	962		880
Mississippi Power
Fuel cost recovery(*)	Receivables – customer accounts, net	$	55	$	—
	Deferred under recovered retail fuel clause revenues	—		40

Property damage reserve	Other regulatory liabilities, deferred	57		57


Southern Company Gas

Natural gas cost recovery	Natural gas cost over recovery	$	131	$	158

(*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At March 31, 2026 and December 31, 2025, wholesale MRA fuel cost under recovery was $9 million and $6 million, respectively, and was included in customer accounts receivable, net on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.

Schedule of Construction Projects


Resource/Project	Approximate Nameplate Capacity (MW)	Actual/Projected COD
Projects Under Construction at March 31, 2026
Battery Energy Storage
McGrau Ford Phase 1	265	Fourth quarter 2026
Twiggs County	200	Fourth quarter 2027
Wadley	260	Fourth quarter 2027
Bowen Phase 1	250	Fourth quarter 2028
Bowen Phase 2	250	Fourth quarter 2029
South Hall	250	Fourth quarter 2028
Wansley	500	Fourth quarter 2028
Yates Phase 1	320	Fourth quarter 2028
Yates Phase 2	250	Fourth quarter 2028
Thomson	500	Fourth quarter 2029
Hammond Phase 2	193	Fourth quarter 2030
McIntosh	250	Fourth quarter 2030
Various facilities(a)	372	Second quarter 2026 through fourth quarter 2026
Solar with Battery Energy Storage
Laurens County	200	Fourth quarter 2028
Plant Mitchell	150	Fourth quarter 2028
Combined Cycle
Plant Bowen Unit 7	741	Fourth quarter 2029
Plant Bowen Unit 8	741	Second quarter 2030
Plant McIntosh Unit 12	757	Fourth quarter 2030
Plant Wansley Unit 10	727	Fourth quarter 2029
Plant Wansley Unit 11	727	Second quarter 2030
Combustion Turbine
Plant Yates Unit 8(b)	442	Fourth quarter 2026
Plant Yates Unit 9(b)	442	Second quarter 2027
Plant Yates Unit 10(b)	442	Third quarter 2027
Projects Completed During the Three Months Ended March 31, 2026
Battery Energy Storage
Robins	128	March 2026

(a)Subsequent to March 31, 2026, Georgia Power completed construction of the 50-MW Moody battery energy storage facility.

(b)Pursuant to the 2023 IRP Update, cost recovery over the certified amount is limited.