Georgia Power Issues New Junior Subordinated Notes

TL;DR

Georgia Power just dropped new debt – check the rates and maturity dates!

AI Summary

Georgia Power Company, a subsidiary of Southern Co., announced on December 9, 2025, the issuance of new junior subordinated notes. These include Series 2017B 5.25% Junior Subordinated Notes due 2077, Series 2020A 4.95% Junior Subordinated Notes due 2080, Series 2020C 4.20% Junior Subordinated Notes due 2060, and Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081.

Why It Matters

This filing indicates Georgia Power is raising capital through long-term debt, which could impact its financial leverage and future interest expenses.

Risk Assessment

Risk Level: medium — Issuing new debt increases financial leverage and interest obligations, which can be a risk if the company's future earnings are insufficient to cover these costs.

Key Numbers

• 5.25% — Interest Rate (Series 2017B Junior Subordinated Notes)
• 4.95% — Interest Rate (Series 2020A Junior Subordinated Notes)
• 4.20% — Interest Rate (Series 2020C Junior Subordinated Notes)
• 1.875% — Interest Rate (Series 2021B Junior Subordinated Notes)

Key Players & Entities

• Georgia Power Co. (company) — Filer and issuer of notes
• Southern Co. (company) — Parent company
• Series 2017B 5.25% Junior Subordinated Notes Due 2077 (dollar_amount) — Debt issuance
• Series 2020A 4.95% Junior Subordinated Notes Due 2080 (dollar_amount) — Debt issuance
• Series 2020C 4.20% Junior Subordinated Notes Due 2060 (dollar_amount) — Debt issuance
• Series 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due 2081 (dollar_amount) — Debt issuance

FAQ

Key Financial Figures

• $5 — outhern Company Common Stock, par value $5 per share SO New York Stock Exchange T
• $16.3 billion — y-owned projects totaling approximately $16.3 billion of projected capital investment, exclud
• $14 billion — ng construction, of which approximately $14 billion is expected to be incurred in 2026 thro
• $556 million — sure, on a levelized basis, of at least $556 million per year, which is equivalent to $8.50
• $8.50 — illion per year, which is equivalent to $8.50 per month (or approximately $102 per ye
• $102 — nt to $8.50 per month (or approximately $102 per year) to the typical residential cu

Filing Documents

• so-20251209.htm (8-K) — 49KB
• 0000092122-25-000098.txt ( ) — 263KB
• so-20251209.xsd (EX-101.SCH) — 4KB
• so-20251209_def.xml (EX-101.DEF) — 20KB
• so-20251209_lab.xml (EX-101.LAB) — 39KB
• so-20251209_pre.xml (EX-101.PRE) — 21KB
• so-20251209_htm.xml (XML) — 10KB

01 Other Events

Item 8.01 Other Events. On December 9, 2025, Georgia Power Company ("Georgia Power" or the "Company") and the Georgia Public Service Commission ("PSC") Public Interest Advocacy Staff reached a settlement agreement (the "Settlement Agreement") that, if approved by the Georgia PSC, would resolve the Company's Application for the Certification of Capacity from the 2029-2031 All-Source Request for Proposals and Application for the Certification of Supplemental Resources for 2028-2031 Capacity (collectively, the "All-Source Certification Proceeding"). Under the terms of the Settlement Agreement, all 9,885 megawatts of requested resources in the All-Source Certification Proceeding would be approved and certified at their respective individual project cost. Included in these resources are the Company-owned projects totaling approximately $16.3 billion of projected capital investment, excluding allowance for funds used during construction, of which approximately $14 billion is expected to be incurred in 2026 through 2029. The Company-owned projects would require construction monitoring by the Georgia PSC. The Company would agree 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, which is equivalent to $8.50 per month (or approximately $102 per year) to the typical residential customer using an average of 1,000 kilowatt-hours per month, for the years 2029, 2030 and 2031. The Settlement Agreement must be approved by the Georgia PSC. Accordingly, the terms of the Settlement Agreement are subject to change and the terms of any final agreement approved by the Georgia PSC may differ materially from the terms of the Settlement Agreement. The Georgia PSC is scheduled to vote on December 19, 2025 to resolve all matters in the All-Source Certification Proceeding, including the Settlement Agreement. The ultimate outcome of this matter cannot b

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 10, 2025 THE SOUTHERN COMPANY GEORGIA POWER COMPANY By /s/Melissa K. Caen Melissa K. Caen Assistant Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR