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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. Included in the wholesale electric revenues of the traditional electric operating companies and Southern Power are revenues associated with affiliate transactions. These revenues are generated through long-term PPAs or short-term energy sales made in accordance with the IIC, as approved by the FERC. Amounts related to these affiliate revenues are eliminated in consolidation for Southern Company. See Note 1 under "Affiliate Transactions" and "Revenues" for additional information. See Notes 9 and 14 for additional information on revenue accounted for under lease and derivative accounting guidance, respectively.
The following table disaggregates revenue from contracts with customers for the periods presented:
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
2024
Operating revenues
Retail electric revenues
Residential$8,276 $3,133 $4,835 $308 $— $— 
Commercial6,585 2,042 4,219 324 — — 
Industrial3,892 1,742 1,808 342 — — 
Other124 13 102 9 — — 
Total retail electric revenues18,877 6,930 10,964 983 — — 
Natural gas distribution revenues
Residential1,753 — — — — 1,753 
Commercial417 — — — — 417 
Transportation1,295 — — — — 1,295 
Industrial 34 — — — — 34 
Other316 — — — — 316 
Total natural gas distribution revenues3,815 — — — — 3,815 
Wholesale electric revenues
PPA energy revenues1,059 206 94 4 778 — 
PPA capacity revenues641 108 136 63 400 — 
Non-PPA revenues226 139 5 375 230 — 
Total wholesale electric revenues1,926 453 235 442 1,408 — 
Other natural gas revenues
Gas marketing services507 — — — — 507 
Other
18 — — — — 18 
Total other natural gas revenues
525 — — — — 525 
Other revenues1,621 240 721 52 37 — 
Total revenue from contracts with customers26,764 7,623 11,920 1,477 1,445 4,340 
Other revenue sources(*)
(40)(69)(589)(14)569 116 
Total operating revenues$26,724 $7,554 $11,331 $1,463 $2,014 $4,456 
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
2023
Operating revenues
Retail electric revenues
Residential$7,309 $2,904 $4,105 $300 $— $— 
Commercial5,860 1,928 3,624 308 — — 
Industrial3,613 1,721 1,558 334 — — 
Other112 12 91 9 — — 
Total retail electric revenues16,894 6,565 9,378 951 — — 
Natural gas distribution revenues
Residential1,981 — — — — 1,981 
Commercial505 — — — — 505 
Transportation1,184 — — — — 1,184 
Industrial 45 — — — — 45 
Other324 — — — — 324 
Total natural gas distribution revenues4,039 — — — — 4,039 
Wholesale electric revenues
PPA energy revenues1,107 234 87 20 790 — 
PPA capacity revenues624 156 51 45 376 — 
Non-PPA revenues250 65 35 407 409 — 
Total wholesale electric revenues1,981 455 173 472 1,575 — 
Other natural gas revenues
Gas marketing services528 — — — — 528 
Other
31 — — — — 31 
Total other natural gas revenues559 — — — — 559 
Other revenues1,355 213 578 39 55 — 
Total revenue from contracts with customers24,828 7,233 10,129 1,462 1,630 4,598 
Other revenue sources(*)
425 (183)(11)12 559 104 
Total operating revenues$25,253 $7,050 $10,118 $1,474 $2,189 $4,702 
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
2022
Operating revenues
Retail electric revenues
Residential$6,604 $2,638 $3,664 $302 $— $— 
Commercial5,369 1,685 3,385 299 — — 
Industrial3,764 1,507 1,921 336 — — 
Other102 14 79 9 — — 
Total retail electric revenues15,839 5,844 9,049 946 — — 
Natural gas distribution revenues
Residential2,843 — — — — 2,843 
Commercial763 — — — — 763 
Transportation1,186 — — — — 1,186 
Industrial84 — — — — 84 
Other342 — — — — 342 
Total natural gas distribution revenues5,218 — — — — 5,218 
Wholesale electric revenues
PPA energy revenues2,274 489 130 16 1,673 — 
PPA capacity revenues596 194 47 4 356 — 
Non-PPA revenues250 200 30 690 740 — 
Total wholesale electric revenues3,120 883 207 710 2,769 — 
Other natural gas revenues
Gas marketing services636 — — — — 636 
Other
51 — — — — 51 
Total other natural gas revenues687 — — — — 687 
Other revenues1,077 194 446 47 36 — 
Total revenue from contracts with customers25,941 6,921 9,702 1,703 2,805 5,905 
Other revenue sources(*)
3,338 896 1,882 (9)564 57 
Total operating revenues$29,279 $7,817 $11,584 $1,694 $3,369 $5,962 
(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs at Southern Company Gas, and cost recovery mechanisms and revenues (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies.
Contract Balances
The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at December 31, 2024 and 2023:
Southern CompanyAlabama PowerGeorgia PowerMississippi PowerSouthern PowerSouthern Company Gas
(in millions)
Accounts Receivable
At December 31, 2024$3,048 $783 $1,244 $113 $106 $660 
At December 31, 20232,820 821 1,011 90 122 684 
Contract Assets
At December 31, 2024$323 $3 $184 $— $— $72 
At December 31, 2023271 2 121 — — 56 
Contract Liabilities
At December 31, 2024$140 $11 $34 $— $2 $3 
At December 31, 2023116 — 1 — 4 — 
Contract assets for Georgia Power primarily relate to retail customer fixed bill programs, where the payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over a one-year contract term, and unregulated service agreements, where payment is contingent on project completion. Contract liabilities for Georgia Power primarily relate to cash collections recognized in advance of revenue for unregulated service agreements. Southern Company Gas' contract assets relate to work performed on an energy efficiency enhancement and upgrade contract with the U.S. General Services Administration. Southern Company Gas receives cash advances from a third-party financial institution to fund work performed, of which approximately $68 million had been received at December 31, 2024. These advances have been accounted for as long-term debt on the balance sheets. See Note 1 under "Affiliate Transactions" for additional information regarding the construction contract. At December 31, 2024 and 2023, Southern Company's unregulated distributed generation business had contract assets of $67 million and $91 million, respectively, and contract liabilities of $95 million and $115 million, respectively, for outstanding performance obligations, all of which are expected to be satisfied within one year.
Revenues recognized in 2024 and 2023, which were included in contract liabilities at December 31, 2023 and 2022, respectively, were $98 million and $36 million respectively, for Southern Company and immaterial for the other Registrants. Contract liabilities are primarily classified as current on the balance sheets as the corresponding revenues are generally expected to be recognized within one year.
Remaining Performance Obligations
Southern Company's subsidiaries may enter into long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For the traditional electric operating companies and Southern Power, these contracts primarily relate to PPAs whereby electricity and generation capacity are provided to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. For Southern Company Gas, these contracts primarily relate to the U.S. General Services Administration contract described above. Southern Company's unregulated distributed generation business also has partially
satisfied performance obligations related to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at December 31, 2024 are expected to be recognized as follows:
20252026202720282029Thereafter
(in millions)
Southern Company$937 $427 $371 $343 $309 $2,636 
Alabama Power11 — — — — — 
Georgia Power69 30 15 16 2 27 
Mississippi Power(*)
63 66 69 73 — — 
Southern Power(*)
340 331 340 316 312 2,609 
Southern Company Gas2 — — — — — 
(*)Includes performance obligations related to affiliate PPAs with Georgia Power. See Note 1 under "Affiliate Transactions" for additional information.