ADDED
MPUS Mississippi Public Utilities Staff MRA Municipal and Rural Associations MW Megawatt natural gas distribution utilities Southern Company Gas' natural gas distribution utilities (Nicor Gas, Atlanta Gas Light, Virginia Natural Gas, and Chattanooga Gas) NCCR Georgia Power's Nuclear Construction Cost Recovery tariff NDR Alabama Power's Natural Disaster Reserve Nicor Gas Northern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas NRC U.S.
economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts; prolonged or recurring U.S.
The traditional electric operating companies Alabama Power, Georgia Power, and Mississippi Power are each vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast.
Southern Holdings is an intermediate holding company subsidiary, which, through its subsidiaries, invests in various projects and insures various risk exposures of Southern Company and its subsidiaries.
Additionally, the traditional electric operating companies have entered into various reliability agreements with certain neighboring utilities, each of which provides for the establishment and periodic review of principles and procedures for planning and operation of generation and transmission facilities, maintenance schedules, load retention programs, emergency operations, and other matters affecting the reliability of bulk power supply.
Circuit related to the FERC's initial approval of SEEM, on March 14, 2025, the FERC issued a further order affirming its initial approval of the SEEM market platform, subject to a later compliance filing.
The FERC accepted the required compliance filing on June 26, 2025.
Circuit while the FERC considered the court's earlier remand.
On January 6, 2026, the FERC issued an order accepting a settlement agreement between SEEM members and petitioners in the ongoing appeal proceedings to resolve all pending appeals, subject to a compliance filing to modify the SEEM agreement in accordance with the settlement.
The pending appeals have been withdrawn in accordance with the settlement, which concludes all pending challenges to SEEM's approval.
REMOVED
The traditional electric operating companies Alabama Power, Georgia Power, and Mississippi Power are each operating public utility companies providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast.
Southern Holdings is an intermediate holding company subsidiary, which invests in various projects.
Alabama Power, Georgia Power, and Mississippi Power each operate with one reportable business segment, since substantially all of their business is providing electric service to customers.
Southern Power also operates its business with one reportable business segment, the sale of electricity in the competitive wholesale market.
The traditional electric operating companies have joined with other utilities in the Southeast to form the SERC to augment further the reliability and adequacy of bulk power supply.
Circuit vacated certain FERC orders related to SEEM and remanded the proceeding to the FERC.
Southern Power seeks opportunities to execute its strategy to create value through various transactions including acquisitions, dispositions, and sales of partnership interests, development and construction of new generating facilities, and entry into PPAs, including contracts for differences that provide the owner of a renewable facility a certain fixed price for electricity sold to the grid, primarily with investor-owned utilities, IPPs, municipalities, electric cooperatives, and other load-serving entities, as well as commercial and industrial customers.
The electricity from the natural gas generating facilities owned by Southern Power is primarily sold under long-term, fixed-price capacity PPAs both with unaffiliated wholesale purchasers as well as with the traditional electric operating companies.
However, Southern Power's future earnings will depend on the parameters of the wholesale market and the efficient operation of its wholesale generating assets, as well as Southern Power's ability to execute its growth strategy and to develop and construct generating facilities.
For additional information on Southern Power's business activities, see MANAGEMENT'S DISCUSSION AND ANALYSIS OVERVIEW "Business Activities" in Item 7 herein.