SOUTHERN CO 8-K

What Happened

• On December 19, 2025 Southern Company reported that the Georgia Public Service Commission approved a settlement (filed Dec. 9, 2025) resolving Georgia Power’s All-Source Certification Proceeding.
• The settlement certifies all 9,885 megawatts requested in the proceeding and approves the individual project costs. Company-owned projects in the approval total about $16.3 billion of projected capital investment (excluding AFUDC), with roughly $14 billion expected to be spent in 2026–2029. The projects will be subject to Georgia PSC construction monitoring.

Key Details

• 9,885 MW of resources approved and certified at their individual project costs.
• Approximately $16.3 billion projected capital investment for company-owned projects (AFUDC excluded).
• About $14 billion of that investment expected to be incurred from 2026 through 2029.
• Georgia Power agreed to structure its next base rate case so incremental revenue from large load customers yields at least $556 million per year in levelized customer benefits (equivalent to ~$8.50/month, or ~$102/year for a typical residential customer using 1,000 kWh/month) for 2029–2031.

Why It Matters

• This regulatory approval clears the way for large planned capacity additions and significant capital spending by Georgia Power, which can affect the company’s near‑term construction activity and financing plans.
• The PSC’s construction monitoring and the rate‑case commitment mean increased regulatory oversight and a specified level of customer benefit tied to large‑load revenues, both of which can influence future rates and investor expectations.
• The filing contains forward‑looking statements and a range of risks (regulatory, construction, market, economic and other factors) that could cause actual results to differ from the projections in the settlement. Investors should consider these risks when assessing the impact.