Southern Co (NYSE: SO) is a regulated utility company that generates, transmits, and distributes electricity and natural gas to customers across the southeastern United States. It earns revenue primarily through rate-regulated electric and gas sales, with rates set by state public service commissions and the Federal Energy Regulatory Commission. The Southern Company system operates through principal subsidiaries including Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas, each a wholly-owned subsidiary filing under the same combined 10-K (filed 2026-02-19, accession 000009212226000006). Georgia Power is subject to the Georgia PSC's Alternate Rate Plan covering 2023 through 2025. Southern Company Gas includes Atlanta Gas Light Company as a wholly-owned subsidiary. The business is capital-intensive, carrying long-lived regulated assets and financing construction programs through debt and equity, consistent with standard utility capital structure.

Revenue model

Rate-regulated electric utility revenue from residential, commercial, and industrial customers served by Alabama Power, Georgia Power, and Mississippi Power; wholesale electric sales through Southern Power; and regulated natural gas distribution revenue through Southern Company Gas subsidiaries including Atlanta Gas Light.

Products and services

Regulated electricity generation, transmission, and distribution; regulated natural gas distribution; wholesale electric power sales.

Customers and end markets

Residential, commercial, and industrial electricity customers in Alabama, Georgia, and Mississippi; wholesale electricity buyers served by Southern Power; natural gas distribution customers served by Southern Company Gas and Atlanta Gas Light.

Value-chain role

Vertically integrated regulated utility: generation, transmission, distribution, and gas distribution serving end customers directly within franchised service territories.

Geographic exposure

Southeastern United States, primarily Alabama, Georgia, and Mississippi for electric operations; natural gas distribution through Southern Company Gas subsidiaries.

Source: SEC 10-K, filed 2026-02-19

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