Risk Sleuth
SO · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Southern Company

31 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers and large load customers

earns from · approximately nine GWs of electric loadnamed as a risk
Since 2023, the traditional electric operating companies have contracted with new data centers and other large load customers covering approximately nine GWs of electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs, that have been signed by the parties and/or reviewed by the state regulatory commissions.Business (Item 1)

Also named by AEP, EVRG, PPL

Southern Power top three customers

earns from · approximately 25% of Southern Power's total revenuesnamed as a risk
Most of Southern Power's generating capacity has been sold to purchasers under PPAs with Southern Power's top three customers comprising approximately 25% of Southern Power's total revenues for the year ended December 31, 2025.Risk factors (Item 1A)

Mississippi Power wholesale cooperatives and municipality

earns from · 12.9% of Mississippi Power's total operating revenues
The contracts with these wholesale customers represented 12.9% of Mississippi Power's total operating revenues in 2025.Business (Item 1)

PowerSouth Energy Cooperative

earns from · approximately 100 MWs
In accordance with an agreement executed in 2021, Alabama Power began providing approximately 100 MWs of year-round capacity service to PowerSouth on February 1, 2024.Business (Item 1)

Alabama Municipal Electric Authority (AMEA)

earns from
As of December 31, 2025, Alabama Power's sales contract with AMEA expired, thus eliminating wholesale sales to 11 municipally-owned electric distribution systems previously served indirectly through sales to AMEA.Business (Item 1)

Partners and platforms

Southern Natural Gas (SNG)

50% interestnamed as a risk
Southern Company Gas, through SNG, has approved a significant investment in a pipeline development project.Risk factors (Item 1A)

Southeast Energy Exchange Market (SEEM)

The pending appeals have been withdrawn in accordance with the settlement, which concludes all pending challenges to SEEM's approval.Business (Item 1)

Other companies

International Brotherhood of Electrical Workers (IBEW)

approximately 32% of Southern Company system employees
At December 31, 2025, approximately 32% of Southern Company system employees were covered by agreements with unions, with agreements expiring between 2026 and 2030.Business (Item 1)

Also named by AEE, EIX, ES, EVRG, FE, MYRG, NEE, PNW and 2 more

U.S. Department of Energy (DOE)

named as a risk
Georgia Power's loan guarantee agreement with the DOE contains additional covenants, events of default, and mandatory prepayment events relating to the ongoing operation of Plant Vogtle Units 3 and 4.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

Places

Illinois

operates in · 2,294named as a risk
For example, beginning in 2024, Nicor Gas' regulator, the Illinois Commission, has conducted "future of natural gas" proceedings to explore the recommendations involved with decarbonization of the gas distribution system in Illinois.Risk factors (Item 1A)

Also named by AEE, ALL, AWK, CASY, CINF, DRVN, FPI, NNN and 4 more

Georgia

operates in · 2,834
Georgia Power is engaged in the generation, transmission, distribution, and purchase of electricity and the sale of electric service within the state of Georgia, at retail in over 530 cities and towns (including Athens, Atlanta, Augusta, Columbus, Macon, Rome, and Savannah), as well as in rural areas, and at wholesale to OPC, MEAG Power, Dalton, various EMCs, and non-affiliated utilities.Business (Item 1)

Also named by ABR, ACHR, AXP, BRO, CNC, ELV, IMKTA, MKL and 7 more

Alabama

operates in
The territory in which the traditional electric operating companies provide retail electric service comprises most of the states of Alabama and Georgia, together with southeastern Mississippi.Business (Item 1)

Also named by ALL, HCC, RF

Hazards

Hurricane Helene

approximately $880 millionnamed as a risk
The incremental restoration costs related to this hurricane totaled approximately $880 million, of which approximately $780 million was deferred in the regulatory asset for storm damage, approximately $75 million was capitalized to property, plant, and equipment, and approximately $25 million was deferred as future billings to open access transmission tariff customers.Risk factors (Item 1A)

Also named by BAX, BWXT, IMKTA, MNST, SYM

Atlantic and Gulf Coast hurricanes

concentrated innamed as a risk
The Subsidiary Registrants have significant investments in the Atlantic and Gulf Coast regions and Southern Power and Southern Company Gas have investments in various states that could be subject to severe weather and natural disasters, including hurricanes, wildfires, and extreme temperatures.Risk factors (Item 1A)

Commodities and inputs

Henry Hub natural gas

exposed to its price · 644 Bcfnamed as a risk
For 2026, SCS has contracted for 644 Bcf of natural gas supply under agreements with remaining terms up to nine years.Business (Item 1)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

Coal

depends onnamed as a risk
The traditional electric operating companies are also dependent on coal, and related coal supply contracts, for a portion of their electric generating capacity.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Fuel oil

depends onnamed as a risk
Over the last few years, related cost increases and supply chain challenges have become more common and may increase the risk of reliability challenges.Risk factors (Item 1A)

Uranium / nuclear fuel

depends on
Alabama Power and Georgia Power have multiple contracts covering their nuclear fuel needs for uranium, conversion services, enrichment services, and fuel fabrication with remaining terms up to 10 years.Business (Item 1)

Also named by PEG, TLN

Regulators

U.S. Nuclear Regulatory Commission (NRC)

subject to · approximately 22% and 36% of the total KWHs generated by Alabama Power and Georgia Powernamed as a risk
The eight units are operated by Southern Nuclear and represented approximately 22% and 36% of the total KWHs generated by Alabama Power and Georgia Power, respectively, in the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

Georgia Public Service Commission

subject to · $19.5 billionnamed as a risk
The certified costs of these Georgia Power projects total $19.5 billion, and these projects are projected to be placed in service through 2030.Business (Item 1)

Also named by CORZ

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk
The traditional electric operating companies, Southern Power Company and certain of its generation subsidiaries, and SEGCO are all public utilities engaged in wholesale sales of energy in interstate commerce and, therefore, are subject to the rate jurisdiction of the FERC under the Federal Power Act.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Illinois Commerce Commission

subject tonamed as a risk
The Illinois Commission's final report is expected by the end of 2026.Risk factors (Item 1A)

Also named by AEE, EXC, WEC

Alabama Public Service Commission

subject tonamed as a risk
Under State of Alabama law, a CCN must be obtained from the Alabama PSC before Alabama Power constructs any new generating facility, unless such construction is an ordinary extension of an existing system in the usual course of business.Business (Item 1)

Mississippi Public Service Commission

subject to
Triennially, Mississippi Power must file an IRP with the Mississippi PSC, as well as an update at approximately the mid-point of the three-year cycle.Business (Item 1)

Also named by ATO, ETR

Laws and programs

Inflation Reduction Act corporate alternative minimum tax

subject to · 15% CAMTnamed as a risk
The IRA, among other items, imposes a 15% CAMT on adjusted financial statement income, as defined in the law, and is subject to the issuance of additional guidance by the U.S. Treasury and the IRS.Risk factors (Item 1A)

Also named by EXE, HESM, JXN, KLAC, NRG, Q, RRC, TRGP and 2 more

EPA Coal Combustion Residuals (CCR) Rule

subject to · $653 millionnamed as a risk
Estimated costs for 2026 total $653 million for Southern Company, primarily consisting of $256 million for Alabama Power, $360 million for Georgia Power, and $18 million for Mississippi Power.Business (Item 1)

Also named by AES, D, ETR, LNT, MDU, NI, PEG, PNW and 1 more

Georgia Power large load revenue commitment

subject to · at least $556 million per yearnamed as a risk
In particular, Georgia Power has agreed to file its next base rate case in a manner that will ensure the incremental revenue from large load customers has downward pressure, on a levelized basis, of at least $556 million per year for the years 2029, 2030, and 2031.Risk factors (Item 1A)

One Big Beautiful Bill Act (OBBB)

subject tonamed as a risk
Any loss of, reduction in, or impacts on tax incentives, including transferability of tax credits, due to the OBBB could have a material adverse effect on the Registrants.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Coosa River hydroelectric license

subject tonamed as a risk
Alabama Power continues to operate the Coosa River developments under annual licenses issued by the FERC.Business (Item 1)

Federal ITCs and PTCs

depends onnamed as a risk
At December 31, 2025, Southern Power had seven tax equity partnership arrangements where the tax equity investors receive substantially all of the tax benefits from the facilities, including ITCs and PTCs.Business (Item 1)

Georgia Territorial Electric Service Act of 1973

subject to
The retail service rights of all electric suppliers in the state of Georgia are regulated by the Territorial Electric Service Act of 1973.Business (Item 1)