南方电力 2026年季度报告

FORM 10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Registrant,State of Incorporation,Address and Telephone Number 58-0690070 1-3526 (A Delaware Corporation)30 Ivan Allen Jr. Boulevard, N.W.Atlanta, Georgia 30308(404) 506-5000 63-0004250 1-3164 (An Alabama Corporation)600 North 18th StreetBirmingham, Alabama 35203(205) 257-1000 58-0257110 1-6468 001-37803 58-2598670 (A Delaware Corporation)30 Ivan Allen Jr. Boulevard, N.W.Atlanta, Georgia 30308(404) 506-5000 58-2210952 1-14174 (A Georgia Corporation)Ten Peachtree Place, N.E.Atlanta, Georgia 30309(404) 584-4000 Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file suchreports), and (2) have been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required tosubmit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodforcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No(Response applicable to all registrants.) This combined Form 10-Q is separately filed by The Southern Company, Alabama Power Company, Georgia Power Company,Mississippi Power Company, Southern Power Company, and Southern Company Gas. Information contained herein relating to anyindividual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating tothe other registrants. TABLE OF CONTENTS PageDefinitions4Cautionary Statement Regarding Forward-Looking Information7 PART I—FINANCIAL INFORMATION Item1.Financial Statements (Unaudited)9Item2.Management's Discussion and Analysis of Financial Condition and Results of Operations83Item3.Quantitative and Qualitative Disclosures about Market Risk122Item4.Controls and Procedures122 PART II—OTHER INFORMATION Item1.Legal Proceedings123Item1A.Risk Factors123Item2.Unregistered Sales of Equity Securities and Use of ProceedsInapplicableItem3.Defaults Upon Senior SecuritiesInapplicableItem4.Mine Safety DisclosuresInapplicableItem5.Other Information123Item6.Exhibits123Signatures126 DEFINITIONS DEFINITIONS(continued) DEFINITIONS(continued) TermMeaningSP SolarSP Solar Holdings I, LP, a limited partnership indirectly owning substantially all of Southern Power'ssolar and battery energy storage facilities, in which Southern Power has a 67% ownership interestSP WindSP Wind Holdings II, LLC, a holding company owning a portfolio of eight operating wind facilitiesand wholly owned by Southern Power as of December 31, 2025, was previously in a tax equityarrangement where Southern Power was the controlling partner through December 31, 2025SRRMississippi Power's System Restoration Rider, a tariff for retail property damage cost recovery andreserveSubsidiary RegistrantsAlabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gastraditional electric operatingcompaniesAlabama Power, Georgia Power, and Mississippi PowerU.S. TreasuryU.S. Department of the TreasuryVIEVariable interest entityVirginia Natural GasVirginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company GasVogtle OwnersGeorgia Power, OPC, MEAG Power, and Dalton CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements include, among other things,statements concerning regulated rates, the strategic goals for the business, customer and sales growth, economic conditions, includinginterest rates, tariffs, and inflation, cost recovery and other rate actions, current and proposed environmental regulations and relatedcompliance plans and estimated expenditures, pending or potential litigation matters, access to sources of capital, financing activities,completion dates and costs of construction projec