Alabama Power Files 10-Q for Q3 2024
Sentiment: neutral
Topics: 10-Q, utility, filing-update
TL;DR
Alabama Power's Q3 10-Q is in. Check financials for Southern Co. subsidiaries.
AI Summary
Alabama Power Company, a subsidiary of Southern Co., filed its 10-Q report for the period ending September 30, 2024. The filing details financial performance and operational updates for the electric utility. Key entities involved include Southern Co., Georgia Power Co., and Southern Power Co., all operating within the electric services sector.
Why It Matters
This filing provides investors and stakeholders with crucial financial and operational information for Alabama Power, impacting investment decisions and regulatory oversight.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a regulated utility.
Key Players & Entities
- ALABAMA POWER CO (company) — Filer of the 10-Q
- SOUTHERN CO (company) — Parent company of Alabama Power Co.
- GEORGIA POWER CO (company) — Related subsidiary of Southern Co.
- SOUTHERN POWER CO (company) — Related subsidiary of Southern Co.
- 20240930 (date) — End of the reporting period
- 20241031 (date) — Filing date
FAQ
What is the primary business of Alabama Power Company?
Alabama Power Company operates in the Electric Services industry, as indicated by its SIC code [4911].
Who is the parent company of Alabama Power Company?
The parent company of Alabama Power Company is Southern Co., with Central Index Key 0000092122.
What is the reporting period for this 10-Q filing?
The Conformed Period of Report for this 10-Q filing is 20240930, meaning it covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on 20241031.
Are there other related companies mentioned in this filing's header information?
Yes, Georgia Power Co. and Southern Power Co. are also listed with their respective company data, indicating they are related entities, likely under Southern Co.
Filing Stats: 4,357 words · 17 min read · ~15 pages · Grade level 20 · Accepted 2024-10-30 18:17:34
Key Financial Figures
- $5 — outhern Company Common Stock, par value $5 per share SO New York Stock Exchange (
- $40 — 84,180 Alabama Power Company Par Value $40 Per Share 30,537,500 Georgia Power Com
- $0.01 — 1,000 Southern Power Company Par Value $0.01 Per Share 1,000 Southern Company Gas P
Filing Documents
- so-20240930.htm (10-Q) — 7152KB
- ex4-f3nicorsupplementalind.htm (EX-4.F3) — 205KB
- x31a1-q32024so.htm (EX-31.A1) — 10KB
- x31a2-q32024so.htm (EX-31.A2) — 10KB
- x31b1-q32024apc.htm (EX-31.B1) — 10KB
- x31b2-q32024apc.htm (EX-31.B2) — 10KB
- x31c1-q32024gpc.htm (EX-31.C1) — 10KB
- x31c2-q32024gpc.htm (EX-31.C2) — 10KB
- x31d1-q32024mpc.htm (EX-31.D1) — 10KB
- x31d2-q32024mpc.htm (EX-31.D2) — 10KB
- x31e1-q32024spc.htm (EX-31.E1) — 10KB
- x31e2-q32024spc.htm (EX-31.E2) — 10KB
- x31f1-q32024gas.htm (EX-31.F1) — 10KB
- x31f2-q32024gas.htm (EX-31.F2) — 10KB
- x32a-q32024so.htm (EX-32.A) — 6KB
- x32b-q32024apc.htm (EX-32.B) — 6KB
- x32c-q32024gpc.htm (EX-32.C) — 6KB
- x32d-q32024mpc.htm (EX-32.D) — 6KB
- x32e-q32024spc.htm (EX-32.E) — 6KB
- x32f-q32024gas.htm (EX-32.F) — 6KB
- image.jpg (GRAPHIC) — 31KB
- notorypublic.jpg (GRAPHIC) — 23KB
- 0000092122-24-000089.txt ( ) — 29335KB
- so-20240930.xsd (EX-101.SCH) — 134KB
- so-20240930_cal.xml (EX-101.CAL) — 148KB
- so-20240930_def.xml (EX-101.DEF) — 1209KB
- so-20240930_lab.xml (EX-101.LAB) — 1126KB
- so-20240930_pre.xml (EX-101.PRE) — 1481KB
- so-20240930_htm.xml (XML) — 5694KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 92
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 146
Controls and Procedures
Item 4. Controls and Procedures 146
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 147
Risk Factors
Item 1A. Risk Factors 147
Unregistered Sales of Equity Securities and Use of Proceeds Inapplicable
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Inapplicable
Defaults Upon Senior Securities Inapplicable
Item 3. Defaults Upon Senior Securities Inapplicable
Mine Safety Disclosures Inapplicable
Item 4. Mine Safety Disclosures Inapplicable
Other Information
Item 5. Other Information 147
Exhibits
Item 6. Exhibits 147
Signatures
Signatures 150 3 Table of Contents Index to Financial Statements DEFINITIONS Term Meaning 2022 ARP Alternate Rate Plan approved by the Georgia PSC in 2022 for Georgia Power for the years 2023 through 2025 AFUDC Allowance for funds used during construction Alabama Power Alabama Power Company ARO Asset retirement obligation Atlanta Gas Light Atlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas CCN Certificate of convenience and necessity CCR Coal combustion residuals Chattanooga Gas Chattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas CO 2 Carbon dioxide COD Commercial operation date Cooperative Energy Electric generation and transmission cooperative in Mississippi COVID-19 The novel coronavirus disease declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention in March 2020 CWIP Construction work in progress Dalton City of Dalton, Georgia, an incorporated municipality in the State of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners Dalton Pipeline A pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest DOE U.S. Department of Energy ECO Plan Mississippi Power's environmental compliance overview plan ELG Effluent limitations guidelines EPA U.S. Environmental Protection Agency EPC Contractor Westinghouse and its affiliate, WECTEC Global Project Services Inc.; the former engineering, procurement, and construction contractor for Plant Vogtle Units 3 and 4 FCC Federal Communications Commission FERC Federal Energy Regulatory Commission FFB Federal Financing Bank First Solar First Solar Electric, LLC Fitch Fitch Ratings, Inc. Form 10-K Annual Report on Form 10-K of Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas for the year ended December 31, 2023, as applicable GAAP U.S. generally accepted ac
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited). Page The Southern Company and Subsidiary Companies: Condensed Consolidated Statements of Income 10 Condensed Consolidated Statements of Comprehensive Income 11 Condensed Consolidated Statements of Cash Flows 12 Condensed Consolidated Balance Sheets 13 Condensed Consolidated Statements of Stockholders' Equity 15 Alabama Power Company: Condensed Statements of Income 17 Condensed Statements of Comprehensive Income 17 Condensed Statements of Cash Flows 18 Condensed Balance Sheets 19 Condensed Statements of Common Stockholder's Equity 21 Georgia Power Company: Condensed Statements of Income 22 Condensed Statements of Comprehensive Income 22 Condensed Statements of Cash Flows 23 Condensed Balance Sheets 24 Condensed Statements of Common Stockholder's Equity 26 Mississippi Power Company: Condensed Statements of Income 27 Condensed Statements of Comprehensive Income 27 Condensed Statements of Cash Flows 28 Condensed Balance Sheets 29 Condensed Statements of Common Stockholder's Equity 31 Southern Power Company and Subsidiary Companies: Condensed Consolidated Statements of Income 32 Condensed Consolidated Statements of Comprehensive Income 32 Condensed Consolidated Statements of Cash Flows 33 Condensed Consolidated Balance Sheets 34 Condensed Consolidated Statements of Stockholders' Equity 36 Southern Company Gas and Subsidiary Companies: Condensed Consolidated Statements of Income 37 Condensed Consolidated Statements of Comprehensive Income 37 Condensed Consolidated Statements of Cash Flows 38 Condensed Consolidated Balance Sheets 39 Condensed Consolidated Statements of Stockholder's Equity 41 Combined Notes to the Condensed Financial Statements 42 9 Table of Contents Index to Financial Statements THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months E