Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN CO |
Entity Central Index Key | 92122 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 908,261,371 |
Alabama Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | ALABAMA POWER CO |
Entity Central Index Key | 3153 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 30,537,500 |
Georgia Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | GEORGIA POWER CO |
Entity Central Index Key | 41091 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 9,261,500 |
Gulf Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | GULF POWER CO |
Entity Central Index Key | 44545 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 5,642,717 |
Mississippi Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | MISSISSIPPI POWER CO |
Entity Central Index Key | 66904 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,121,000 |
Southern Power [Member] | |
Document Information [Line Items] | |
Entity Registrant Name | SOUTHERN POWER CO |
Entity Central Index Key | 1160661 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Operating Revenues: | ||||
Total operating revenues | $4,183 | $4,644 | ||
Other Income and (Expense): | ||||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 508 | [1],[2] | 351 | [1],[2] |
Southern Company [Member] | ||||
Operating Revenues: | ||||
Retail revenues | 3,542 | 3,858 | ||
Wholesale revenues | 467 | 604 | ||
Other electric revenues | 163 | 165 | ||
Other revenues | 11 | 17 | ||
Total operating revenues | 4,183 | 4,644 | ||
Operating Expenses: | ||||
Fuel | 1,212 | 1,647 | ||
Purchased power | 144 | 187 | ||
Other operations and maintenance | 1,122 | 986 | ||
Depreciation and amortization | 487 | 497 | ||
Taxes other than income taxes | 252 | 247 | ||
Estimated loss on Kemper IGCC | 9 | 380 | ||
Total operating expenses | 3,226 | 3,944 | ||
Operating Income (Loss) | 957 | 700 | ||
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 63 | 57 | ||
Interest expense, net of amounts capitalized | -213 | -206 | ||
Other income (expense), net | -8 | -7 | ||
Total other income and (expense) | -158 | -156 | ||
Earnings (Loss) Before Income Taxes | 799 | 544 | ||
Income taxes (benefit) | 274 | 176 | ||
Net Income (Loss) | 525 | 368 | ||
Dividends on preferred and preference stock of subsidiaries | 17 | 17 | ||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 508 | 351 | ||
Earnings per share (EPS) - | ||||
Basic EPS (in dollars per share) | $0.56 | $0.39 | ||
Diluted EPS (in dollars per share) | $0.56 | $0.39 | ||
Average number of shares of common stock outstanding (in millions) | ||||
Basic (in shares) | 910 | 890 | ||
Diluted (in shares) | 915 | 893 | ||
Cash dividends paid per share of common stock (in dollars per share) | $0.53 | $0.51 | ||
Alabama Power [Member] | ||||
Operating Revenues: | ||||
Retail revenues | 1,268 | 1,297 | ||
Wholesale revenues, non-affiliates | 65 | 85 | ||
Wholesale revenues, affiliates | 15 | 69 | ||
Other revenues | 53 | 57 | ||
Total operating revenues | 1,401 | 1,508 | ||
Operating Expenses: | ||||
Fuel | 310 | 432 | ||
Purchased power, non-affiliates | 41 | 57 | ||
Purchased power, affiliates | 53 | 49 | ||
Other operations and maintenance | 399 | 325 | ||
Depreciation and amortization | 158 | 175 | ||
Taxes other than income taxes | 94 | 89 | ||
Total operating expenses | 1,055 | 1,127 | ||
Operating Income (Loss) | 346 | 381 | ||
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 15 | 10 | ||
Interest expense, net of amounts capitalized | -65 | -62 | ||
Other income (expense), net | -4 | -5 | ||
Total other income and (expense) | -54 | -57 | ||
Earnings (Loss) Before Income Taxes | 292 | 324 | ||
Income taxes (benefit) | 113 | 127 | ||
Net Income (Loss) | 179 | 197 | ||
Dividends on preferred and preference stock of subsidiaries | 10 | 10 | ||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 169 | 187 | ||
Georgia Power [Member] | ||||
Operating Revenues: | ||||
Retail revenues | 1,814 | 2,050 | ||
Wholesale revenues, non-affiliates | 68 | 109 | ||
Wholesale revenues, affiliates | 8 | 21 | ||
Other revenues | 88 | 89 | ||
Total operating revenues | 1,978 | 2,269 | ||
Operating Expenses: | ||||
Fuel | 526 | 752 | ||
Purchased power, non-affiliates | 60 | 79 | ||
Purchased power, affiliates | 149 | 184 | ||
Other operations and maintenance | 474 | 427 | ||
Depreciation and amortization | 216 | 208 | ||
Taxes other than income taxes | 99 | 103 | ||
Total operating expenses | 1,524 | 1,753 | ||
Operating Income (Loss) | 454 | 516 | ||
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 15 | 6 | ||
Interest expense, net of amounts capitalized | -89 | -84 | ||
Other income (expense), net | 0 | -2 | ||
Total other income and (expense) | -74 | -80 | ||
Earnings (Loss) Before Income Taxes | 380 | 436 | ||
Income taxes (benefit) | 140 | 166 | ||
Net Income (Loss) | 240 | 270 | ||
Dividends on preferred and preference stock of subsidiaries | 4 | 4 | ||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 236 | 266 | ||
Gulf Power [Member] | ||||
Operating Revenues: | ||||
Retail revenues | 293 | 303 | ||
Wholesale revenues, non-affiliates | 25 | 36 | ||
Wholesale revenues, affiliates | 22 | 53 | ||
Other revenues | 17 | 15 | ||
Total operating revenues | 357 | 407 | ||
Operating Expenses: | ||||
Fuel | 110 | 168 | ||
Purchased power, non-affiliates | 25 | 15 | ||
Purchased power, affiliates | 9 | 7 | ||
Other operations and maintenance | 93 | 84 | ||
Depreciation and amortization | 20 | 32 | ||
Taxes other than income taxes | 28 | 27 | ||
Total operating expenses | 285 | 333 | ||
Operating Income (Loss) | 72 | 74 | ||
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 4 | 2 | ||
Interest expense, net of amounts capitalized | -13 | -13 | ||
Other income (expense), net | -1 | -1 | ||
Total other income and (expense) | -10 | -12 | ||
Earnings (Loss) Before Income Taxes | 62 | 62 | ||
Income taxes (benefit) | 23 | 23 | ||
Net Income (Loss) | 39 | 39 | ||
Dividends on preferred and preference stock of subsidiaries | 2 | 2 | ||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 37 | 37 | ||
Mississippi Power [Member] | ||||
Operating Revenues: | ||||
Retail revenues | 167 | 207 | ||
Wholesale revenues, non-affiliates | 77 | 97 | ||
Wholesale revenues, affiliates | 27 | 23 | ||
Other revenues | 5 | 4 | ||
Total operating revenues | 276 | 331 | ||
Operating Expenses: | ||||
Fuel | 114 | 147 | ||
Purchased power, non-affiliates | 2 | 11 | ||
Purchased power, affiliates | 2 | 9 | ||
Other operations and maintenance | 73 | 66 | ||
Depreciation and amortization | 27 | 23 | ||
Taxes other than income taxes | 25 | 20 | ||
Estimated loss on Kemper IGCC | 9 | 380 | ||
Total operating expenses | 252 | 656 | ||
Operating Income (Loss) | 24 | -325 | ||
Other Income and (Expense): | ||||
Allowance for equity funds used during construction | 28 | 38 | ||
Interest expense, net of amounts capitalized | -11 | -12 | ||
Other income (expense), net | -2 | -3 | ||
Total other income and (expense) | 15 | 23 | ||
Earnings (Loss) Before Income Taxes | 39 | -302 | ||
Income taxes (benefit) | 4 | -130 | ||
Net Income (Loss) | 35 | -172 | ||
Dividends on preferred and preference stock of subsidiaries | 0 | 0 | ||
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries | 35 | -172 | ||
Southern Power [Member] | ||||
Operating Revenues: | ||||
Wholesale revenues, non-affiliates | 232 | 278 | ||
Wholesale revenues, affiliates | 114 | 72 | ||
Other revenues | 2 | 1 | ||
Total operating revenues | 348 | 351 | ||
Operating Expenses: | ||||
Fuel | 138 | 125 | ||
Purchased power, non-affiliates | 16 | 28 | ||
Purchased power, affiliates | 10 | 29 | ||
Other operations and maintenance | 52 | 53 | ||
Depreciation and amortization | 59 | 51 | ||
Taxes other than income taxes | 6 | 6 | ||
Total operating expenses | 281 | 292 | ||
Operating Income (Loss) | 67 | 59 | ||
Other Income and (Expense): | ||||
Interest expense, net of amounts capitalized | -22 | -22 | ||
Earnings (Loss) Before Income Taxes | 45 | 37 | ||
Income taxes (benefit) | 12 | 3 | ||
Net Income (Loss) | 33 | 34 | ||
Less: Net income attributable to noncontrolling interests | 0 | 1 | ||
Net income attributable to Southern Power Company | $33 | $33 | ||
[1] | Segment net income (loss) for the traditional operating companies for the three months ended March 31, 2015 and March 31, 2014 includes a $9 million pre-tax charge ($6 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information. | |||
[2] | After dividends on preferred and preference stock of subsidiaries. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | ($15) | $2 |
Southern Company [Member] | ||
Net Income (loss) | 525 | 368 |
Qualifying hedges: | ||
Changes in fair value, net of tax | -18 | 0 |
Reclassification adjustment for amounts included in net income, net of tax | 1 | 1 |
Pension and other post retirement benefit plans: | ||
Reclassification adjustment for amounts included in net income, net of tax | 2 | 1 |
Total other comprehensive income (loss) | -15 | 2 |
Dividends on preferred and preference stock of subsidiaries | -17 | -17 |
Comprehensive Income (Loss) | 493 | 353 |
Alabama Power [Member] | ||
Net Income (loss) | 179 | 197 |
Qualifying hedges: | ||
Changes in fair value, net of tax | -4 | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | -4 | 0 |
Dividends on preferred and preference stock of subsidiaries | -10 | -10 |
Comprehensive Income (Loss) | 175 | 197 |
Georgia Power [Member] | ||
Net Income (loss) | 240 | 270 |
Qualifying hedges: | ||
Changes in fair value, net of tax | -14 | 0 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | -14 | 0 |
Dividends on preferred and preference stock of subsidiaries | -4 | -4 |
Comprehensive Income (Loss) | 226 | 270 |
Gulf Power [Member] | ||
Net Income (loss) | 39 | 39 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | 0 |
Dividends on preferred and preference stock of subsidiaries | -2 | -2 |
Comprehensive Income (Loss) | 39 | 39 |
Mississippi Power [Member] | ||
Net Income (loss) | 35 | -172 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | 0 |
Dividends on preferred and preference stock of subsidiaries | 0 | 0 |
Comprehensive Income (Loss) | 35 | -172 |
Southern Power [Member] | ||
Net Income (loss) | 33 | 34 |
Pension and other post retirement benefit plans: | ||
Total other comprehensive income (loss) | 0 | 0 |
Less: Comprehensive income attributable to noncontrolling interest/Dividends on preferred and preference stock of subsidiaries | 0 | 1 |
Comprehensive Income (Loss) | $33 | $33 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Southern Company [Member] | ||
Changes in fair value, tax | ($11) | $0 |
Reclassification adjustment for amounts of qualifying hedges included in net income, tax | 1 | 1 |
Reclassification adjustment for amounts of pension and other post retirement benefit plans included in net income, tax | 1 | 0 |
Alabama Power [Member] | ||
Changes in fair value, tax | -2 | 0 |
Georgia Power [Member] | ||
Changes in fair value, tax | ($9) | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Southern Company [Member] | ||
Operating Activities: | ||
Net income (loss) | $525 | $368 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 578 | 587 |
Deferred income taxes | 113 | -37 |
Allowance for equity funds used during construction | -63 | -57 |
Stock based compensation expense | 56 | 28 |
Estimated loss on Kemper IGCC | 9 | 380 |
Other, net | 4 | -42 |
Changes in certain current assets and liabilities -- | ||
-Receivables | 180 | -128 |
-Fossil fuel stock | 76 | 441 |
-Materials and supplies | 4 | -5 |
-Other current assets | -89 | -114 |
-Accounts payable | -426 | -109 |
-Accrued taxes | 197 | -44 |
-Accrued compensation | -381 | -144 |
-Mirror CWIP | 40 | 34 |
-Other current liabilities | 90 | -55 |
Net cash provided from operating activities | 913 | 1,103 |
Investing Activities: | ||
Property additions | -1,097 | -1,180 |
Distribution of restricted cash | 0 | 9 |
Nuclear decommissioning trust fund purchases | -290 | -231 |
Nuclear decommissioning trust fund sales | 284 | 229 |
Cost of removal, net of salvage | -36 | -22 |
Change in construction payables | 65 | 51 |
Prepaid long-term service agreement | -37 | -64 |
Other investing activities | 4 | -7 |
Net cash used for investing activities | -1,107 | -1,215 |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 597 | -884 |
Proceeds -- | ||
Long-term debt issuances | 550 | 1,251 |
Interest-bearing refundable deposit | 0 | 75 |
Common stock issuances | 112 | 128 |
Short-term borrowings | 280 | 0 |
Redemptions -- | ||
Long-term debt | -333 | -9 |
Common stock repurchased | -115 | -4 |
Payment of common stock dividends | -478 | -451 |
Payment of dividends on preferred and preference stock of subsidiaries | -17 | -17 |
Other financing activities | 0 | -46 |
Net cash provided from (used for) financing activities | 596 | 43 |
Net Change in Cash and Cash Equivalents | 402 | -69 |
Cash and Cash Equivalents at Beginning of Period | 710 | 659 |
Cash and Cash Equivalents at End of Period | 1,112 | 590 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 207 | 186 |
Income taxes, net | -289 | -7 |
Noncash transactions - Accrued property additions at end of period | 347 | 450 |
Alabama Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 179 | 197 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 196 | 210 |
Deferred income taxes | 16 | 25 |
Allowance for equity funds used during construction | -15 | -10 |
Other, net | 2 | -22 |
Changes in certain current assets and liabilities -- | ||
-Receivables | -3 | -17 |
-Fossil fuel stock | 0 | 99 |
-Materials and supplies | 12 | 3 |
-Other current assets | -80 | -81 |
-Accounts payable | -229 | -139 |
-Accrued taxes | 246 | 147 |
-Accrued compensation | -89 | -37 |
-Retail fuel cost over recovery - short-term | 34 | -20 |
-Other current liabilities | 21 | -3 |
Net cash provided from operating activities | 290 | 352 |
Investing Activities: | ||
Property additions | -325 | -287 |
Nuclear decommissioning trust fund purchases | -129 | -56 |
Nuclear decommissioning trust fund sales | 129 | 56 |
Cost of removal, net of salvage | -13 | -12 |
Change in construction payables | 34 | 49 |
Other investing activities | -9 | -5 |
Net cash used for investing activities | -313 | -255 |
Proceeds -- | ||
Senior notes issuances | 550 | 0 |
Capital contributions from parent company | 6 | 7 |
Redemptions -- | ||
Senior notes | -250 | 0 |
Payment of preferred and preference stock dividends | -10 | -10 |
Payment of common stock dividends | -143 | -137 |
Other financing activities | -8 | 0 |
Net cash provided from (used for) financing activities | 145 | -140 |
Net Change in Cash and Cash Equivalents | 122 | -43 |
Cash and Cash Equivalents at Beginning of Period | 273 | 295 |
Cash and Cash Equivalents at End of Period | 395 | 252 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 68 | 61 |
Income taxes, net | -136 | -28 |
Noncash transactions - Accrued property additions at end of period | 41 | 66 |
Georgia Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 240 | 270 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 256 | 250 |
Deferred income taxes | -7 | 96 |
Allowance for equity funds used during construction | -15 | -6 |
Retail fuel cost over recovery - long-term | 0 | -44 |
Deferred expenses | 33 | 33 |
Pension, postretirement, and other employee benefits | 6 | -4 |
Other, net | -2 | -10 |
Changes in certain current assets and liabilities -- | ||
-Receivables | 166 | -83 |
-Fossil fuel stock | 67 | 257 |
-Prepaid income taxes | 170 | -11 |
-Other current assets | -13 | -12 |
-Accounts payable | -261 | -28 |
-Accrued taxes | -217 | -166 |
-Accrued compensation | -81 | -38 |
-Retail fuel cost over recovery - short-term | 0 | -14 |
-Other current liabilities | 21 | 9 |
Net cash provided from operating activities | 363 | 499 |
Investing Activities: | ||
Property additions | -422 | -460 |
Nuclear decommissioning trust fund purchases | -161 | -175 |
Nuclear decommissioning trust fund sales | 155 | 173 |
Change in construction payables, net of joint owner portion | 37 | 28 |
Prepaid long-term service agreement | -9 | -44 |
Other investing activities | -5 | -2 |
Net cash used for investing activities | -405 | -480 |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 434 | -749 |
Proceeds -- | ||
Capital contributions from parent company | 11 | 12 |
FFB loan | 0 | 1,000 |
Short-term borrowings | 250 | 0 |
Redemptions -- | ||
Payment of preferred and preference stock dividends | -4 | -4 |
Payment of common stock dividends | -259 | -238 |
FFB loan issuance costs | 0 | -49 |
Other financing activities | -1 | -3 |
Net cash provided from (used for) financing activities | 431 | -31 |
Net Change in Cash and Cash Equivalents | 389 | -12 |
Cash and Cash Equivalents at Beginning of Period | 24 | 30 |
Cash and Cash Equivalents at End of Period | 413 | 18 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 79 | 71 |
Income taxes, net | -34 | 11 |
Noncash transactions - Accrued property additions at end of period | 177 | 229 |
Gulf Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 39 | 39 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 22 | 34 |
Deferred income taxes | 27 | 14 |
Allowance for equity funds used during construction | -4 | -2 |
Other, net | 11 | 2 |
Changes in certain current assets and liabilities -- | ||
-Receivables | 12 | -25 |
-Fossil fuel stock | -2 | 46 |
-Prepaid income taxes | 3 | 10 |
-Other current assets | 2 | 1 |
-Accounts payable | -28 | 6 |
-Accrued taxes | 5 | 9 |
-Accrued compensation | -16 | -5 |
-Other current liabilities | 10 | 13 |
Net cash provided from operating activities | 81 | 142 |
Investing Activities: | ||
Property additions | -84 | -79 |
Cost of removal, net of salvage | -5 | -3 |
Other investing activities | -3 | -1 |
Net cash used for investing activities | -92 | -83 |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 40 | -75 |
Proceeds -- | ||
Common stock issuances | 20 | 50 |
Redemptions -- | ||
Payment of preferred and preference stock dividends | -2 | -2 |
Payment of common stock dividends | -33 | -31 |
Other financing activities | 2 | 0 |
Net cash provided from (used for) financing activities | 27 | -58 |
Net Change in Cash and Cash Equivalents | 16 | 1 |
Cash and Cash Equivalents at Beginning of Period | 39 | 22 |
Cash and Cash Equivalents at End of Period | 55 | 23 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 3 | 5 |
Income taxes, net | -8 | -6 |
Noncash transactions - Accrued property additions at end of period | 41 | 33 |
Mississippi Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 35 | -172 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 26 | 24 |
Deferred income taxes | 141 | -124 |
Allowance for equity funds used during construction | -28 | -38 |
Regulatory assets associated with Kemper IGCC | -27 | -13 |
Estimated loss on Kemper IGCC | 9 | 380 |
Other, net | 11 | 8 |
Changes in certain current assets and liabilities -- | ||
-Receivables | 17 | -14 |
-Fossil fuel stock | 4 | 37 |
-Prepaid income taxes | 44 | -33 |
-Other current assets | -3 | -5 |
-Accounts payable | -22 | 15 |
-Accrued taxes | -54 | -55 |
-Accrued interest | 9 | 8 |
-Accrued compensation | -20 | -2 |
-Over recovered regulatory clause revenues | 22 | -18 |
-Mirror CWIP | 40 | 34 |
Net cash provided from operating activities | 204 | 32 |
Investing Activities: | ||
Property additions | -213 | -324 |
Change in construction payables | -14 | -31 |
Other investing activities | -6 | -6 |
Net cash used for investing activities | -233 | -361 |
Proceeds -- | ||
Capital contributions from parent company | 76 | 1 |
Interest-bearing refundable deposit | 0 | 75 |
Other long-term debt issuances | 0 | 250 |
Short-term borrowings | 30 | 0 |
Redemptions -- | ||
Other long-term debt | -75 | 0 |
Payment of preferred and preference stock dividends | 0 | 0 |
Return of capital | 0 | -55 |
Other financing activities | -1 | -2 |
Net cash provided from (used for) financing activities | 30 | 269 |
Net Change in Cash and Cash Equivalents | 1 | -60 |
Cash and Cash Equivalents at Beginning of Period | 133 | 145 |
Cash and Cash Equivalents at End of Period | 134 | 85 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | -1 | 3 |
Income taxes, net | -180 | 26 |
Noncash transactions - Accrued property additions at end of period | 100 | 132 |
Southern Power [Member] | ||
Operating Activities: | ||
Net income (loss) | 33 | 34 |
Adjustments to reconcile net income (loss) to net cash provided from operating activities -- | ||
Depreciation and amortization, total | 60 | 53 |
Deferred income taxes | -54 | -14 |
Investment tax credits | 0 | 26 |
Amortization of investment tax credits | -4 | -2 |
Deferred revenues | -20 | -20 |
Other, net | 3 | 3 |
Changes in certain current assets and liabilities -- | ||
-Receivables | 2 | 21 |
-Fossil fuel stock | 6 | 2 |
-Prepaid income taxes | -2 | 15 |
-Other current assets | 0 | -1 |
-Accounts payable | -25 | 2 |
-Accrued taxes | -4 | 6 |
-Accrued interest | -15 | -15 |
-Other current liabilities | 1 | 0 |
Net cash provided from operating activities | -19 | 110 |
Investing Activities: | ||
Property additions | -38 | -5 |
Change in construction payables | 17 | 1 |
Payments pursuant to long-term service agreements | -16 | -10 |
Other investing activities | -1 | -1 |
Net cash used for investing activities | -38 | -15 |
Financing Activities: | ||
Increase (decrease) in notes payable, net | 38 | 0 |
Redemptions -- | ||
Payment of common stock dividends | -33 | -33 |
Other financing activities | 0 | -2 |
Net cash provided from (used for) financing activities | 5 | -35 |
Net Change in Cash and Cash Equivalents | -52 | 60 |
Cash and Cash Equivalents at Beginning of Period | 75 | 69 |
Cash and Cash Equivalents at End of Period | 23 | 129 |
Cash paid (received) during the period for -- | ||
Interest (net of capitalized amounts) | 36 | 36 |
Income taxes, net | 79 | -44 |
Noncash transactions - Accrued property additions at end of period | $16 | $5 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Southern Company [Member] | ||
Net cash paid for capitalized interest | $32 | $22 |
Alabama Power [Member] | ||
Net cash paid for capitalized interest | 5 | 4 |
Georgia Power [Member] | ||
Net cash paid for capitalized interest | 6 | 3 |
Gulf Power [Member] | ||
Net cash paid for capitalized interest | 2 | 1 |
Mississippi Power [Member] | ||
Interest paid | 17 | 17 |
Net cash paid for capitalized interest | 18 | 14 |
Southern Power [Member] | ||
Net cash paid for capitalized interest | $0 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Deferred Charges and Other Assets: | ||
Total Assets | $71,610 | $70,923 |
Common Stockholders' Equity: | ||
Total Stockholders' Equity | 20,994 | 20,926 |
Southern Company [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 1,112 | 710 |
Receivables -- | ||
Customer accounts receivable | 1,117 | 1,090 |
Unbilled revenues | 374 | 432 |
Under recovered regulatory clause revenues | 159 | 136 |
Other accounts and notes receivable | 241 | 307 |
Accumulated provision for uncollectible accounts | -19 | -18 |
Fossil fuel stock, at average cost | 855 | 930 |
Materials and supplies, at average cost | 1,050 | 1,039 |
Vacation pay | 178 | 177 |
Prepaid expenses | 299 | 665 |
Deferred income taxes, current | 578 | 506 |
Other regulatory assets, current | 363 | 346 |
Other current assets | 65 | 50 |
Total current assets | 6,372 | 6,370 |
Property, Plant, and Equipment: | ||
In service | 70,279 | 70,013 |
Less accumulated provision for depreciation | 24,307 | 24,059 |
Plant in service, net of depreciation | 45,972 | 45,954 |
Other utility plant, net | 275 | 211 |
Nuclear fuel, at amortized cost | 914 | 911 |
Construction work in progress | 8,314 | 7,792 |
Total property, plant, and equipment | 55,475 | 54,868 |
Other Property and Investments: | ||
Nuclear decommissioning trusts, at fair value | 1,574 | 1,546 |
Leveraged leases | 749 | 743 |
Miscellaneous property and investments | 204 | 203 |
Total other property and investments | 2,527 | 2,492 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 1,527 | 1,510 |
Unamortized debt issuance expense | 200 | 202 |
Unamortized loss on reacquired debt | 239 | 243 |
Other regulatory assets, deferred | 4,462 | 4,334 |
Other deferred charges and assets | 808 | 904 |
Total deferred charges and other assets | 7,236 | 7,193 |
Total Assets | 71,610 | 70,923 |
Current Liabilities: | ||
Securities due within one year | 3,306 | 3,333 |
Interest-bearing refundable deposit | 275 | 275 |
Notes payable | 1,679 | 803 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | 1,289 | 1,593 |
Customer deposits | 395 | 390 |
Accrued taxes -- | ||
Accrued income taxes | 198 | 151 |
Other accrued taxes | 248 | 487 |
Accrued interest | 286 | 295 |
Accrued vacation pay | 222 | 223 |
Accrued compensation | 186 | 576 |
Dividends on preferred and preference stock of subsidiaries | 17 | |
Mirror CWIP | 311 | 271 |
Other current liabilities | 790 | 570 |
Total current liabilities | 9,185 | 8,967 |
Long-term Debt | 21,093 | 20,841 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 11,706 | 11,568 |
Deferred credits related to income taxes | 185 | 192 |
Accumulated deferred investment tax credits | 1,198 | 1,208 |
Employee benefit obligations | 2,416 | 2,432 |
Asset retirement obligations | 2,151 | 2,168 |
Other cost of removal obligations | 1,209 | 1,215 |
Other regulatory liabilities, deferred | 439 | 398 |
Other deferred credits and liabilities | 619 | 594 |
Total deferred credits and other liabilities | 19,923 | 19,775 |
Total Liabilities | 50,201 | 49,583 |
Redeemable Preferred Stock of Subsidiaries | 375 | 375 |
Redeemable Noncontrolling Interest | 40 | 39 |
Common Stockholders' Equity: | ||
Common stock | 4,555 | 4,539 |
Paid-in capital | 6,108 | 5,955 |
Treasury, at cost | -142 | -26 |
Retained earnings (accumulated deficit) | 9,639 | 9,609 |
Accumulated other comprehensive income (loss) | -143 | -128 |
Total common stockholders' equity | 20,017 | 19,949 |
Preferred and Preference Stock of Subsidiaries | 756 | 756 |
Noncontrolling Interest | 221 | 221 |
Total Stockholders' Equity | 20,994 | 20,926 |
Total Liabilities and Stockholders' Equity | 71,610 | 70,923 |
Alabama Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 395 | 273 |
Receivables -- | ||
Customer accounts receivable | 374 | 345 |
Unbilled revenues | 115 | 138 |
Under recovered regulatory clause revenues | 16 | 74 |
Other accounts and notes receivable | 24 | 23 |
Affiliated companies | 36 | 37 |
Accumulated provision for uncollectible accounts | -10 | -9 |
Fossil fuel stock, at average cost | 268 | 268 |
Materials and supplies, at average cost | 410 | 406 |
Vacation pay | 66 | 65 |
Prepaid expenses | 134 | 244 |
Other regulatory assets, current | 91 | 84 |
Other current assets | 4 | 5 |
Total current assets | 1,923 | 1,953 |
Property, Plant, and Equipment: | ||
In service | 23,254 | 23,080 |
Less accumulated provision for depreciation | 8,627 | 8,522 |
Plant in service, net of depreciation | 14,627 | 14,558 |
Nuclear fuel, at amortized cost | 359 | 348 |
Construction work in progress | 1,089 | 1,006 |
Total property, plant, and equipment | 16,075 | 15,912 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 67 | 66 |
Nuclear decommissioning trusts, at fair value | 770 | 756 |
Miscellaneous property and investments | 85 | 84 |
Total other property and investments | 922 | 906 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 523 | 525 |
Deferred under recovered regulatory clause revenues | 87 | 31 |
Other regulatory assets, deferred | 1,065 | 1,063 |
Other deferred charges and assets | 161 | 162 |
Total deferred charges and other assets | 1,836 | 1,781 |
Total Assets | 20,756 | 20,552 |
Current Liabilities: | ||
Securities due within one year | 734 | 454 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Affiliated accounts payable | 225 | 248 |
Other accounts payable | 273 | 443 |
Customer deposits | 88 | 87 |
Accrued taxes -- | ||
Accrued income taxes | 37 | 2 |
Other accrued taxes | 59 | 37 |
Accrued interest | 59 | 66 |
Accrued vacation pay | 54 | 54 |
Accrued compensation | 44 | 131 |
Other regulatory liabilities, current | 2 | 2 |
Dividends on preferred and preference stock of subsidiaries | 10 | |
Other current liabilities | 114 | 80 |
Total current liabilities | 1,689 | 1,604 |
Long-term Debt | 6,193 | 6,176 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 3,890 | 3,874 |
Deferred credits related to income taxes | 71 | 72 |
Accumulated deferred investment tax credits | 123 | 125 |
Employee benefit obligations | 322 | 326 |
Asset retirement obligations | 840 | 829 |
Other cost of removal obligations | 743 | 744 |
Other regulatory liabilities, deferred | 242 | 239 |
Deferred over recovered regulatory clause revenues | 81 | 47 |
Other deferred credits and liabilities | 88 | 79 |
Total deferred credits and other liabilities | 6,400 | 6,335 |
Total Liabilities | 14,282 | 14,115 |
Redeemable Preferred Stock | 342 | 342 |
Preference Stock | 343 | 343 |
Common Stockholders' Equity: | ||
Common stock | 1,222 | 1,222 |
Paid-in capital | 2,318 | 2,304 |
Retained earnings (accumulated deficit) | 2,281 | 2,255 |
Accumulated other comprehensive income (loss) | -32 | -29 |
Total common stockholders' equity | 5,789 | 5,752 |
Total Liabilities and Stockholders' Equity | 20,756 | 20,552 |
Georgia Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 413 | 24 |
Receivables -- | ||
Customer accounts receivable | 642 | 553 |
Unbilled revenues | 174 | 201 |
Joint owner accounts receivable | 47 | 121 |
Other accounts and notes receivable | 70 | 61 |
Affiliated companies | 16 | 18 |
Accumulated provision for uncollectible accounts | -7 | -6 |
Fossil fuel stock, at average cost | 372 | 439 |
Materials and supplies, at average cost | 443 | 438 |
Vacation pay | 91 | 91 |
Prepaid income taxes | 86 | 278 |
Other regulatory assets, current | 142 | 136 |
Other current assets | 85 | 74 |
Total current assets | 2,574 | 2,428 |
Property, Plant, and Equipment: | ||
In service | 31,425 | 31,083 |
Less accumulated provision for depreciation | 11,326 | 11,222 |
Plant in service, net of depreciation | 20,099 | 19,861 |
Other utility plant, net | 197 | 211 |
Nuclear fuel, at amortized cost | 555 | 563 |
Construction work in progress | 4,193 | 4,031 |
Total property, plant, and equipment | 25,044 | 24,666 |
Other Property and Investments: | ||
Equity investments in unconsolidated subsidiaries | 60 | 58 |
Nuclear decommissioning trusts, at fair value | 804 | 789 |
Miscellaneous property and investments | 37 | 38 |
Total other property and investments | 901 | 885 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 696 | 698 |
Deferred under recovered regulatory clause revenues | 62 | 197 |
Other regulatory assets, deferred | 1,796 | 1,753 |
Other deferred charges and assets | 443 | 403 |
Total deferred charges and other assets | 2,997 | 3,051 |
Total Assets | 31,516 | 31,030 |
Current Liabilities: | ||
Securities due within one year | 1,600 | 1,154 |
Notes payable | 840 | 156 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Affiliated accounts payable | 364 | 451 |
Other accounts payable | 469 | 555 |
Customer deposits | 256 | 253 |
Accrued taxes -- | ||
Other accrued taxes | 116 | 332 |
Accrued interest | 100 | 96 |
Accrued vacation pay | 62 | 63 |
Accrued compensation | 54 | 153 |
Dividends on preferred and preference stock of subsidiaries | 4 | |
Liabilities from risk management activities | 52 | 32 |
Other current liabilities | 388 | 225 |
Total current liabilities | 4,301 | 3,470 |
Long-term Debt | 8,393 | 8,683 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 5,471 | 5,507 |
Deferred credits related to income taxes | 104 | 106 |
Accumulated deferred investment tax credits | 193 | 196 |
Employee benefit obligations | 891 | 903 |
Asset retirement obligations | 1,223 | 1,223 |
Other deferred credits and liabilities | 268 | 255 |
Total deferred credits and other liabilities | 8,150 | 8,190 |
Total Liabilities | 20,844 | 20,343 |
Redeemable Preferred Stock | 45 | 45 |
Preference Stock | 221 | 221 |
Common Stockholders' Equity: | ||
Common stock | 398 | 398 |
Paid-in capital | 6,218 | 6,196 |
Retained earnings (accumulated deficit) | 3,812 | 3,835 |
Accumulated other comprehensive income (loss) | -22 | -8 |
Total common stockholders' equity | 10,406 | 10,421 |
Total Liabilities and Stockholders' Equity | 31,516 | 31,030 |
Gulf Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 55 | 39 |
Receivables -- | ||
Customer accounts receivable | 79 | 73 |
Unbilled revenues | 52 | 58 |
Under recovered regulatory clause revenues | 53 | 57 |
Other accounts and notes receivable | 9 | 8 |
Affiliated companies | 1 | 10 |
Accumulated provision for uncollectible accounts | -2 | -2 |
Fossil fuel stock, at average cost | 104 | 101 |
Materials and supplies, at average cost | 54 | 56 |
Prepaid expenses | 38 | 40 |
Other regulatory assets, current | 77 | 74 |
Other current assets | 2 | 2 |
Total current assets | 522 | 516 |
Property, Plant, and Equipment: | ||
In service | 4,405 | 4,495 |
Less accumulated provision for depreciation | 1,236 | 1,296 |
Plant in service, net of depreciation | 3,169 | 3,199 |
Other utility plant, net | 79 | 0 |
Construction work in progress | 474 | 465 |
Total property, plant, and equipment | 3,722 | 3,664 |
Other Property and Investments: | ||
Total other property and investments | 15 | 15 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 59 | 56 |
Other regulatory assets, deferred | 423 | 416 |
Other deferred charges and assets | 37 | 41 |
Total deferred charges and other assets | 519 | 513 |
Total Assets | 4,778 | 4,708 |
Current Liabilities: | ||
Securities due within one year | 23 | 0 |
Notes payable | 150 | 110 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Affiliated accounts payable | 68 | 87 |
Other accounts payable | 49 | 56 |
Customer deposits | 35 | 35 |
Accrued taxes -- | ||
Other accrued taxes | 14 | 9 |
Accrued interest | 21 | 11 |
Accrued compensation | 7 | 23 |
Deferred capacity expense, current | 22 | 22 |
Dividends on preferred and preference stock of subsidiaries | 2 | |
Liabilities from risk management activities | 37 | 37 |
Other current liabilities | 24 | 23 |
Total current liabilities | 450 | 413 |
Long-term Debt | 1,347 | 1,370 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 836 | 800 |
Employee benefit obligations | 120 | 121 |
Other cost of removal obligations | 218 | 235 |
Other regulatory liabilities, deferred | 45 | 49 |
Deferred capacity expense | 158 | 163 |
Other deferred credits and liabilities | 120 | 101 |
Total deferred credits and other liabilities | 1,497 | 1,469 |
Total Liabilities | 3,294 | 3,252 |
Preference Stock | 147 | 147 |
Common Stockholders' Equity: | ||
Common stock | 503 | 483 |
Paid-in capital | 563 | 560 |
Retained earnings (accumulated deficit) | 272 | 267 |
Accumulated other comprehensive income (loss) | -1 | -1 |
Total common stockholders' equity | 1,337 | 1,309 |
Total Liabilities and Stockholders' Equity | 4,778 | 4,708 |
Mississippi Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 134 | 133 |
Receivables -- | ||
Customer accounts receivable | 38 | 43 |
Unbilled revenues | 33 | 35 |
Other accounts and notes receivable | 13 | 11 |
Affiliated companies | 40 | 51 |
Accumulated provision for uncollectible accounts | -1 | -1 |
Fossil fuel stock, at average cost | 96 | 100 |
Materials and supplies, at average cost | 64 | 62 |
Prepaid income taxes | 162 | 191 |
Other regulatory assets, current | 74 | 73 |
Other current assets | 6 | 6 |
Total current assets | 659 | 704 |
Property, Plant, and Equipment: | ||
In service | 4,396 | 4,378 |
Less accumulated provision for depreciation | 1,194 | 1,173 |
Plant in service, net of depreciation | 3,202 | 3,205 |
Construction work in progress | 2,361 | 2,161 |
Total property, plant, and equipment | 5,563 | 5,366 |
Other Property and Investments: | ||
Total other property and investments | 6 | 5 |
Deferred Charges and Other Assets: | ||
Deferred charges related to income taxes | 243 | 226 |
Other regulatory assets, deferred | 419 | 385 |
Other deferred charges and assets | 57 | 71 |
Total deferred charges and other assets | 719 | 682 |
Total Assets | 6,947 | 6,757 |
Current Liabilities: | ||
Securities due within one year | 3 | 778 |
Interest-bearing refundable deposit | 275 | 275 |
Notes payable | 30 | 0 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Affiliated accounts payable | 80 | 86 |
Other accounts payable | 148 | 178 |
Accrued taxes -- | ||
Accrued income taxes | 185 | 142 |
Other accrued taxes | 29 | 84 |
Accrued interest | 86 | 76 |
Accrued compensation | 6 | 26 |
Dividends on preferred and preference stock of subsidiaries | 0 | |
Over recovered regulatory clause liabilities | 23 | 1 |
Mirror CWIP | 311 | 271 |
Other current liabilities | 61 | 61 |
Total current liabilities | 1,237 | 1,978 |
Long-term Debt | 2,328 | 1,630 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 397 | 285 |
Accumulated deferred investment tax credits | 282 | 283 |
Employee benefit obligations | 148 | 148 |
Asset retirement obligations | 49 | 48 |
Other cost of removal obligations | 168 | 166 |
Other regulatory liabilities, deferred | 65 | 64 |
Other deferred credits and liabilities | 43 | 38 |
Total deferred credits and other liabilities | 1,152 | 1,032 |
Total Liabilities | 4,717 | 4,640 |
Redeemable Preferred Stock | 33 | 33 |
Common Stockholders' Equity: | ||
Common stock | 38 | 38 |
Paid-in capital | 2,690 | 2,612 |
Retained earnings (accumulated deficit) | -524 | -559 |
Accumulated other comprehensive income (loss) | -7 | -7 |
Total common stockholders' equity | 2,197 | 2,084 |
Total Liabilities and Stockholders' Equity | 6,947 | 6,757 |
Southern Power [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 23 | 75 |
Receivables -- | ||
Customer accounts receivable | 71 | 77 |
Other accounts and notes receivable | 14 | 15 |
Affiliated companies | 37 | 34 |
Fossil fuel stock, at average cost | 16 | 22 |
Materials and supplies, at average cost | 59 | 58 |
Prepaid service agreements - current | 10 | 8 |
Prepaid expenses | 10 | 8 |
Deferred income taxes, current | 379 | 306 |
Assets from risk management activities | 0 | 5 |
Prepaid income taxes | 21 | 19 |
Total current assets | 640 | 627 |
Property, Plant, and Equipment: | ||
In service | 5,658 | 5,657 |
Less accumulated provision for depreciation | 1,093 | 1,035 |
Plant in service, net of depreciation | 4,565 | 4,622 |
Construction work in progress | 48 | 11 |
Total property, plant, and equipment | 4,613 | 4,633 |
Other Property and Investments: | ||
Goodwill | 2 | 2 |
Other intangible assets, net of amortization of $9 and $8 at March 31, 2015 and December 31, 2014, respectively | 46 | 47 |
Total other property and investments | 48 | 49 |
Deferred Charges and Other Assets: | ||
Prepaid long-term service agreements | 137 | 124 |
Other deferred charges and assets -- affiliated | 13 | 5 |
Other deferred charges and assets | 113 | 112 |
Total deferred charges and other assets | 263 | 241 |
Total Assets | 5,564 | 5,550 |
Current Liabilities: | ||
Securities due within one year | 525 | 525 |
Notes payable | 233 | 195 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Affiliated accounts payable | 69 | 78 |
Other accounts payable | 32 | 30 |
Accrued taxes -- | ||
Accrued income taxes | 65 | 72 |
Accrued interest | 15 | 30 |
Other current liabilities | 19 | 17 |
Total current liabilities | 958 | 947 |
Long-term Debt | 1,095 | 1,095 |
Deferred Credits and Other Liabilities: | ||
Accumulated deferred income taxes | 882 | 863 |
Accumulated deferred investment tax credits | 596 | 601 |
Deferred capacity revenues -- affiliated | 5 | 15 |
Other deferred credits and liabilities — affiliated | 0 | 1 |
Other deferred credits and liabilities | 16 | 18 |
Total deferred credits and other liabilities | 1,499 | 1,498 |
Total Liabilities | 3,552 | 3,540 |
Redeemable Noncontrolling Interest | 40 | 39 |
Common Stockholders' Equity: | ||
Common stock | 0 | 0 |
Paid-in capital | 1,176 | 1,176 |
Retained earnings (accumulated deficit) | 574 | 573 |
Accumulated other comprehensive income (loss) | 3 | 3 |
Total common stockholders' equity | 1,753 | 1,752 |
Noncontrolling Interest, Total | 219 | 219 |
Total Stockholders' Equity | 1,972 | 1,971 |
Total Liabilities and Stockholders' Equity | $5,564 | $5,550 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Southern Company [Member] | ||
Common stock, par value (in dollars per share) | $5 | $5 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 912,000,000 | 909,000,000 |
Treasury shares at cost | 3,300,000 | 700,000 |
Alabama Power [Member] | ||
Common stock, par value (in dollars per share) | $40 | $40 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 30,537,500 | 30,537,500 |
Georgia Power [Member] | ||
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 9,261,500 | 9,261,500 |
Gulf Power [Member] | ||
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 5,642,717 | 5,442,717 |
Mississippi Power [Member] | ||
Common stock, no par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized | 1,130,000 | 1,130,000 |
Common stock, shares outstanding | 1,121,000 | 1,121,000 |
Southern Power [Member] | ||
Other intangible assets, accumulated amortization | $9 | $8 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Introduction
Introduction | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
INTRODUCTION | INTRODUCTION | |||||||
The condensed quarterly financial statements of each registrant included herein have been prepared by such registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets as of December 31, 2014 have been derived from the audited financial statements of each registrant. In the opinion of each registrant's management, the information regarding such registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the three-month periods ended March 31, 2015 and 2014. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each registrant believes that the disclosures regarding such registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year. | ||||||||
Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. | ||||||||
On February 6, 2015, Gulf Power announced plans to retire its coal-fired generation at Plant Smith Units 1 and 2 (357 MWs) by March 31, 2016. In connection with this retirement, Gulf Power reclassified the net carrying value of these units from plant in service, net of depreciation, to other utility plant, net at March 31, 2015. Gulf Power expects to recover through its rates the remaining book value of the retired units and certain costs associated with the retirements; however, recovery will be considered by the Florida PSC in future rate proceedings. | ||||||||
Recently Issued Accounting Standards | ||||||||
In May 2014, the Financial Accounting Standards Board (FASB) issued ASC 606, Revenue from Contracts with Customers. ASC 606 revises the accounting for revenue recognition. On April 29, 2015, the FASB issued an exposure draft proposing the standard be effective for fiscal years beginning after December 15, 2017. The registrants continue to evaluate the requirements of ASC 606. The ultimate impact of the new standard has not yet been determined. | ||||||||
On February 18, 2015, the FASB issued Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis, which makes certain changes to both the variable interest model and the voting model, including changes to the identification of variable interests, the variable interest entity characteristics for a limited partnership or similar entity, and the primary beneficiary determination. This ASU is effective for fiscal years beginning after December 15, 2015. Southern Power is currently evaluating these requirements. The ultimate impact of this ASU on Southern Power has not yet been determined. | ||||||||
On April 7, 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability and is effective for fiscal years beginning after December 15, 2015. Southern Company currently reflects unamortized debt issuance costs in unamortized debt issuance expense on its balance sheet. The traditional operating companies and Southern Power currently reflect unamortized debt issuance costs in other deferred charges and assets on their balance sheets. Upon adoption, the reclassification will not have a material impact on the results of operations, financial position, or cash flows of any registrant. | ||||||||
Asset Retirement Obligations | ||||||||
See Note 1 to the financial statements of Southern Company, Alabama Power, Georgia Power, Gulf Power, and Mississippi Power under "Asset Retirement Obligations and Other Costs of Removal" in Item 8 of the Form 10-K for additional information regarding the EPA's regulation of CCR. | ||||||||
On April 17, 2015, the EPA published the Disposal of Coal Combustion Residuals from Electric Utilities final rule (CCR Rule) in the Federal Register, setting October 14, 2015 as the effective date of the CCR Rule. The ultimate impact of the CCR Rule cannot be determined at this time and will depend on the traditional operating companies' ongoing review of the CCR Rule, the results of initial and ongoing minimum criteria assessments, and the outcome of legal challenges. | ||||||||
In the second quarter 2015, Southern Company and the traditional operating companies expect to record incremental asset retirement obligations (ARO) related to the CCR Rule in amounts currently estimated to fall within the following ranges: | ||||||||
Low | High | |||||||
(in millions) | ||||||||
Southern Company | $ | 525 | $ | 575 | ||||
Alabama Power | $ | 330 | $ | 350 | ||||
Georgia Power | $ | 10 | $ | 20 | ||||
Gulf Power | $ | 70 | $ | 80 | ||||
Mississippi Power | $ | 75 | $ | 85 | ||||
Contingencies_and_Regulatory_M
Contingencies and Regulatory Matters | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
CONTINGENCIES AND REGULATORY MATTERS | CONTINGENCIES AND REGULATORY MATTERS | |||||||||||
See Note 3 to the financial statements of the registrants in Item 8 of the Form 10-K for information relating to various lawsuits, other contingencies, and regulatory matters. | ||||||||||||
General Litigation Matters | ||||||||||||
Each registrant is subject to certain claims and legal actions arising in the ordinary course of business. In addition, business activities of Southern Company's subsidiaries are subject to extensive governmental regulation related to public health and the environment, such as regulation of air emissions and water discharges. Litigation over environmental issues and claims of various types, including property damage, personal injury, common law nuisance, and citizen enforcement of environmental requirements such as air quality and water standards, has occurred throughout the U.S. This litigation has included claims for damages alleged to have been caused by CO2 and other emissions, CCR, and alleged exposure to hazardous materials, and/or requests for injunctive relief in connection with such matters. | ||||||||||||
The ultimate outcome of such pending or potential litigation against each registrant and any subsidiaries cannot be predicted at this time; however, for current proceedings not specifically reported herein or in Note 3 to the financial statements of each registrant in Item 8 of the Form 10-K, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such registrant's financial statements. | ||||||||||||
Environmental Matters | ||||||||||||
New Source Review Actions | ||||||||||||
As part of a nationwide enforcement initiative against the electric utility industry which began in 1999, the EPA brought civil enforcement actions in federal district court against Alabama Power and Georgia Power alleging violations of the New Source Review (NSR) provisions of the Clean Air Act at certain coal-fired electric generating units, including units co-owned by Gulf Power and Mississippi Power. These civil actions seek penalties and injunctive relief, including orders requiring installation of the best available control technologies at the affected units. The case against Georgia Power (including claims related to a unit co-owned by Gulf Power) has been administratively closed in the U.S. District Court for the Northern District of Georgia since 2001. The case against Alabama Power (including claims involving a unit co-owned by Mississippi Power) has been actively litigated in the U.S. District Court for the Northern District of Alabama, resulting in a settlement in 2006 of the alleged NSR violations at Plant Miller; voluntary dismissal of certain claims by the EPA; and a grant of summary judgment for Alabama Power on all remaining claims and dismissal of the case with prejudice in 2011. In 2013, the U.S. Court of Appeals for the Eleventh Circuit affirmed in part and reversed in part the 2011 judgment in favor of Alabama Power, and the case has been transferred back to the U.S. District Court for the Northern District of Alabama for further proceedings. | ||||||||||||
Southern Company and each traditional operating company believe each such traditional operating company complied with applicable laws and regulations in effect at the time the work in question took place. The Clean Air Act authorizes maximum civil penalties of $25,000 to $37,500 per day, per violation, depending on the date of the alleged violation. An adverse outcome could require substantial capital expenditures that cannot be determined at this time and could possibly require payment of substantial penalties. Such expenditures could affect future results of operations, cash flows, and financial condition if such costs are not recovered through regulated rates. The ultimate outcome of these matters cannot be determined at this time. | ||||||||||||
Environmental Remediation | ||||||||||||
The Southern Company system must comply with environmental laws and regulations that cover the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up properties. The traditional operating companies have each received authority from their respective state PSCs to recover approved environmental compliance costs through regulatory mechanisms. These rates are adjusted annually or as necessary within limits approved by the state PSCs. | ||||||||||||
Georgia Power's environmental remediation liability as of March 31, 2015 was $27 million. Georgia Power has been designated or identified as a potentially responsible party (PRP) at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), including a site in Brunswick, Georgia on the CERCLA National Priorities List. The parties have completed the removal of wastes from the Brunswick site as ordered by the EPA. Additional cleanup and claims for recovery of natural resource damages at this site or for the assessment and potential cleanup of other sites are anticipated. | ||||||||||||
Georgia Power and numerous other entities have been designated by the EPA as PRPs at the Ward Transformer Superfund site located in Raleigh, North Carolina. In 2011, the EPA issued a Unilateral Administrative Order (UAO) to Georgia Power and 22 other parties, ordering specific remedial action of certain areas at the site. Later in 2011, Georgia Power filed a response with the EPA stating it has sufficient cause to believe it is not a liable party under CERCLA. The EPA notified Georgia Power in 2011 that it is considering enforcement options against Georgia Power and other non-complying UAO recipients. If the EPA pursues enforcement actions and the court determines that a respondent failed to comply with the UAO without sufficient cause, the EPA may also seek civil penalties of up to $37,500 per day for the violation and punitive damages of up to three times the costs incurred by the EPA as a result of the party's failure to comply with the UAO. | ||||||||||||
In addition to the EPA's action at this site, Georgia Power, along with many other parties, was sued in a private action by several existing PRPs for cost recovery related to the removal action. In 2013, the U.S. District Court for the Eastern District of North Carolina Western Division granted Georgia Power's summary judgment motion ruling that Georgia Power has no liability in the private action. On March 20, 2015, the U.S. Court of Appeals for the Fourth Circuit affirmed the lower court's ruling. The plaintiffs may seek review by the U.S. Supreme Court. | ||||||||||||
The ultimate outcome of these matters will depend upon the success of defenses asserted, the ultimate number of PRPs participating in the cleanup, and numerous other factors and cannot be determined at this time; however, as a result of Georgia Power's regulatory treatment for environmental remediation expenses, these matters are not expected to have a material impact on Southern Company's or Georgia Power's financial statements. See Note 1 to the financial statements of Georgia Power under "Environmental Remediation Recovery" in Item 8 of the Form 10-K for additional information regarding the regulatory treatment. | ||||||||||||
Gulf Power's environmental remediation liability includes estimated costs of environmental remediation projects of approximately $47 million as of March 31, 2015. These estimated costs primarily relate to site closure criteria by the Florida Department of Environmental Protection (FDEP) for potential impacts to soil and groundwater from herbicide applications at Gulf Power substations. The schedule for completion of the remediation projects is subject to FDEP approval. The projects have been approved by the Florida PSC for recovery through Gulf Power's environmental cost recovery clause; therefore, these liabilities have no impact on net income. | ||||||||||||
In 2003, Mississippi Power and numerous other entities were designated by the Texas Commission on Environmental Quality (TCEQ) as PRPs at a site that was owned by an electric transformer company that handled Mississippi Power's transformers. The TCEQ approved the final site remediation plan in 2013 and, in March 2014, the impacted utilities, including Mississippi Power, agreed to commence remediation actions on the site. Mississippi Power's environmental remediation liability was $0.5 million as of March 31, 2015 and is expected to be recovered through the ECO Plan. | ||||||||||||
The final outcome of these matters cannot be determined at this time. However, based on the currently known conditions at these sites and the nature and extent of activities relating to these sites, management of Southern Company, Georgia Power, Gulf Power, and Mississippi Power does not believe that additional liabilities, if any, at these sites would be material to their respective financial statements. | ||||||||||||
Nuclear Fuel Disposal Cost Litigation | ||||||||||||
Acting through the DOE and pursuant to the Nuclear Waste Policy Act of 1982, the U.S. government entered into contracts with Alabama Power and Georgia Power that require the DOE to dispose of spent nuclear fuel and high level radioactive waste generated at Plants Hatch and Farley and Plant Vogtle Units 1 and 2 beginning no later than January 31, 1998. The DOE has yet to commence the performance of its contractual and statutory obligation to dispose of spent nuclear fuel. Consequently, Alabama Power and Georgia Power pursued and continue to pursue legal remedies against the U.S. government for its partial breach of contract. | ||||||||||||
In December 2014, the Court of Federal Claims entered a judgment in favor of Georgia Power and Alabama Power in the second spent nuclear fuel lawsuit seeking damages for the period from January 1, 2005 through December 31, 2010. Georgia Power recovered approximately $18 million, based on its ownership interests, and Alabama Power recovered approximately $26 million. The judgment amounts were paid on March 19, 2015. In March 2015, Georgia Power credited the award to accounts where the original costs were charged and reduced rate base, fuel, and cost of service for the benefit of customers. The final outcome of this matter for Alabama Power cannot be determined at this time; however, no material impact on Southern Company's or Alabama Power's net income is expected as the damage amounts collected from the government are expected to be used for the benefit of customers. | ||||||||||||
In March 2014, Alabama Power and Georgia Power filed additional lawsuits against the U.S. government for the costs of continuing to store spent nuclear fuel at Plants Farley and Hatch and Plant Vogtle Units 1 and 2 for the period from January 1, 2011 through December 31, 2013. The damage period was subsequently extended to December 31, 2014. Damages will continue to accumulate until the issue is resolved or storage is provided. No amounts have been recognized in the financial statements as of March 31, 2015 for any potential recoveries from the additional lawsuits. The final outcome of these matters cannot be determined at this time; however, no material impact on Southern Company's, Alabama Power's, or Georgia Power's net income is expected. | ||||||||||||
FERC Matters | ||||||||||||
Municipal and Rural Associations Tariff | ||||||||||||
See Note 3 to the financial statements of Mississippi Power under "FERC Matters" in Item 8 of the Form 10-K for additional information regarding a settlement agreement entered into by Mississippi Power regarding the establishment of a regulatory asset for Kemper IGCC-related costs. See Note 3 to the financial statements of Southern Company and Mississippi Power under "Integrated Coal Gasification Combined Cycle" in Item 8 of the Form 10-K and "Integrated Coal Gasification Combined Cycle" herein for information regarding Mississippi Power's construction of the Kemper IGCC. | ||||||||||||
On March 31, 2015, Mississippi Power reached a settlement agreement with its wholesale customers and filed a request with the FERC to forgo the Municipal and Rural Associations cost-based electric tariff increase reflected in the filing by, among other things, increasing the accrual of AFUDC in lieu of including CWIP in rate base. The settlement agreement, if accepted by the FERC, provides that the additional accrual of AFUDC is effective April 1, 2015. The additional resulting AFUDC is projected to be approximately $12 million annually, of which $9 million relates to the Kemper IGCC. In addition, a settlement agreement entered into in 2014 and approved by the FERC allowed for an adjustment to the wholesale revenue requirement in the event the Kemper IGCC, or any substantial portion thereof, was placed in service before or after December 1, 2014. A regulatory asset account was recorded as a result of a portion of the Kemper IGCC being placed in service prior to the projected date. The March 31, 2015 settlement agreement provides that the regulatory asset will be amortized over nine months, beginning April 1, 2015. The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Market-Based Rate Authority | ||||||||||||
The traditional operating companies and Southern Power have authority from the FERC to sell electricity at market-based rates. Since 2008, that authority, for certain balancing authority areas, has been conditioned on compliance with the requirements of an energy auction, which the FERC found to be tailored mitigation that addresses potential market power concerns. In accordance with FERC regulations governing such authority, the traditional operating companies and Southern Power filed a triennial market power analysis on June 30, 2014, which included continued reliance on the energy auction as tailored mitigation. On April 27, 2015, the FERC issued an order finding that the traditional operating companies' and Southern Power's existing tailored mitigation may not effectively mitigate the potential to exert market power in certain areas served by the traditional operating companies and in some adjacent areas. To retain market-based rate authority, the FERC has directed the traditional operating companies and Southern Power, within 60 days, to show why market-based rate authority should not be revoked in these areas or to provide a mitigation plan to further address market power concerns. The traditional operating companies and Southern Power are evaluating the order. The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Retail Regulatory Matters | ||||||||||||
Alabama Power | ||||||||||||
See Note 3 to the financial statements of Southern Company and Alabama Power under "Retail Regulatory Matters – Alabama Power" and "Retail Regulatory Matters," respectively, in Item 8 of the Form 10-K for additional information regarding Alabama Power's recovery of retail costs through various regulatory clauses and accounting orders. The recovery balance of each regulatory clause follows: | ||||||||||||
Regulatory Clause | Balance Sheet Line Item | March 31, 2015 | December 31, | |||||||||
2014 | ||||||||||||
(in millions) | ||||||||||||
Rate CNP Compliance – Under* | Deferred under recovered regulatory clause revenues | $ | 25 | $ | 2 | |||||||
Under recovered regulatory clause revenues, current | 16 | 47 | ||||||||||
Rate CNP PPA – Under | Deferred under recovered regulatory clause revenues | 62 | 29 | |||||||||
Under recovered regulatory clause revenues, current | — | 27 | ||||||||||
Retail Energy Cost Recovery – Over | Deferred over recovered regulatory clause revenues | 81 | 47 | |||||||||
Natural Disaster Reserve | Other regulatory liabilities, deferred | 82 | 84 | |||||||||
* Formerly Known As Rate CNP Environmental | ||||||||||||
Rate CNP | ||||||||||||
In March 2015, the Emerging Issues Task Force unanimously recommended to allow the normal purchases and normal sales exception for physical forward transactions in nodal energy markets. The FASB proposed new accounting guidance reflecting the recommendation on April 23, 2015. This guidance is subject to a public comment period before the FASB issues a final accounting standard. The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Rate CNP Compliance (Formerly Known As Rate CNP Environmental) | ||||||||||||
See Note 3 to the financial statements of Southern Company under "Retail Regulatory Matters – Alabama Power – Rate CNP" and " – Non-Environmental Federal Mandated Costs Accounting Order" and of Alabama Power under "Retail Regulatory Matters – Rate CNP" and " – Non-Environmental Federal Mandated Costs Accounting Order" in Item 8 of the Form 10-K for additional information regarding Alabama Power's development of a revised cost recovery mechanism. | ||||||||||||
On March 3, 2015, the Alabama PSC approved a modification to Rate CNP Environmental to include compliance costs for both environmental and non-environmental mandates. The recoverable non-environmental compliance costs result from laws, regulations, and other mandates directed at the utility industry involving the security, reliability, safety, sustainability, or similar considerations impacting Alabama Power's facilities or operations. This modification to Rate CNP Environmental was effective March 20, 2015 with the revised rate now defined as Rate CNP Compliance. Alabama Power incurred $14 million of non-environmental compliance costs during the first quarter 2015 and will be limited to recovery of $50 million for the year. Customer rates will not be impacted before January 2016; therefore, the modification will increase the under-recovered position for Rate CNP Compliance during the year. | ||||||||||||
Georgia Power | ||||||||||||
Integrated Resource Plan | ||||||||||||
See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Integrated Resource Plans" and "Retail Regulatory Matters – Integrated Resource Plans," respectively, in Item 8 of the Form 10-K for additional information. | ||||||||||||
To comply with the April 16, 2015 effective date of the MATS rule, Plant Branch Units 1, 3, and 4 (1,266 MWs), Plant Yates Units 1 through 5 (579 MWs), and Plant McManus Units 1 and 2 (122 MWs) were retired on April 15, 2015. In addition, operations were discontinued at Plant Mitchell Unit 3 (155 MWs) and its decertification will be requested in connection with the triennial Integrated Resource Plan in 2016. The switch to natural gas as the primary fuel is complete at Plant Yates Unit 7 and is underway at Plant Yates Unit 6. Plant Yates Unit 7 was returned to service on May 4, 2015 and Plant Yates Unit 6 is expected to return to service in mid-2015. | ||||||||||||
Fuel Cost Recovery | ||||||||||||
See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Fuel Cost Recovery" and "Retail Regulatory Matters – Fuel Cost Recovery," respectively, in Item 8 of the Form 10-K for additional information. | ||||||||||||
As of March 31, 2015, Georgia Power's under recovered fuel balance totaled $151 million and is included in current assets and other deferred charges and assets on Southern Company's and Georgia Power's Condensed Balance Sheets herein. As of December 31, 2014, Georgia Power's under recovered fuel balance totaled $199 million and is included in current assets and other deferred charges and assets on Southern Company's and Georgia Power's Condensed Balance Sheets herein. On January 20, 2015, the Georgia PSC approved the deferral of Georgia Power's next fuel case filing until at least June 30, 2015. | ||||||||||||
Fuel cost recovery revenues as recorded on the financial statements are adjusted for differences in actual recoverable fuel costs and amounts billed in current regulated rates. Accordingly, changes in the billing factor will not have a significant effect on Southern Company's or Georgia Power's revenues or net income, but will affect cash flow. | ||||||||||||
Nuclear Construction | ||||||||||||
See Note 3 to the financial statements of Southern Company and Georgia Power under "Retail Regulatory Matters – Georgia Power – Nuclear Construction" and "Retail Regulatory Matters – Nuclear Construction," respectively, in Item 8 of the Form 10-K for additional information regarding Georgia Power's construction of Plant Vogtle Units 3 and 4, Vogtle Construction Monitoring (VCM) reports, and pending litigation. | ||||||||||||
In 2008, Georgia Power, acting for itself and as agent for the Vogtle Owners, entered into an agreement (Vogtle 3 and 4 Agreement) with the Contractor, pursuant to which the Contractor agreed to design, engineer, procure, construct, and test Plant Vogtle Units 3 and 4. Under the terms of the Vogtle 3 and 4 Agreement, the Vogtle Owners agreed to pay a purchase price that is subject to certain price escalations and adjustments, including fixed escalation amounts and index-based adjustments, as well as adjustments for change orders, and performance bonuses for early completion and unit performance. The Vogtle 3 and 4 Agreement also provides for liquidated damages upon the Contractor's failure to fulfill the schedule and performance guarantees. The Contractor's liability to the Vogtle Owners for schedule and performance liquidated damages and warranty claims is subject to a cap. In addition, the Vogtle 3 and 4 Agreement provides for limited cost sharing by the Vogtle Owners for Contractor costs under certain conditions (which have not occurred), with maximum additional capital costs under this provision attributable to Georgia Power (based on Georgia Power's ownership interest) of approximately $114 million. Each Vogtle Owner is severally (and not jointly) liable for its proportionate share, based on its ownership interest, of all amounts owed to the Contractor under the Vogtle 3 and 4 Agreement. Georgia Power's proportionate share is 45.7%. | ||||||||||||
Certain payment obligations of Westinghouse and CB&I Stone & Webster, Inc. (formerly known as Stone & Webster, Inc.) under the Vogtle 3 and 4 Agreement are guaranteed by Toshiba Corporation and The Shaw Group Inc. (a subsidiary of Chicago Bridge & Iron Company, N.V.), respectively. In the event of certain credit rating downgrades of any Vogtle Owner, such Vogtle Owner will be required to provide a letter of credit or other credit enhancement. The Vogtle Owners may terminate the Vogtle 3 and 4 Agreement at any time for their convenience, provided that the Vogtle Owners will be required to pay certain termination costs. The Contractor may terminate the Vogtle 3 and 4 Agreement under certain circumstances, including certain Vogtle Owner suspension or delays of work, action by a governmental authority to permanently stop work, certain breaches of the Vogtle 3 and 4 Agreement by the Vogtle Owners, Vogtle Owner insolvency, and certain other events. | ||||||||||||
In 2009, the NRC issued an Early Site Permit and Limited Work Authorization which allowed limited work to begin on Plant Vogtle Units 3 and 4. The NRC certified the Westinghouse Design Control Document, as amended (DCD), for the AP1000 nuclear reactor design, in late 2011, and issued combined construction and operating licenses (COLs) in early 2012. Receipt of the COLs allowed full construction to begin. There have been technical and procedural challenges to the construction and licensing of Plant Vogtle Units 3 and 4, at the federal and state level, and additional challenges are expected as construction proceeds. | ||||||||||||
In 2012, the Vogtle Owners and the Contractor began negotiations regarding the costs associated with design changes to the DCD and the delays in the timing of approval of the DCD and issuance of the COLs, including the assertion by the Contractor that the Vogtle Owners are responsible for these costs under the terms of the Vogtle 3 and 4 Agreement. Also in 2012, Georgia Power and the other Vogtle Owners filed suit against the Contractor in the U.S. District Court for the Southern District of Georgia seeking a declaratory judgment that the Vogtle Owners are not responsible for these costs. In 2012, the Contractor also filed suit against Georgia Power and the other Vogtle Owners in the U.S. District Court for the District of Columbia alleging the Vogtle Owners are responsible for these costs. In 2013, the U.S. District Court for the District of Columbia dismissed the Contractor's suit, ruling that the proper venue is the U.S. District Court for the Southern District of Georgia. On March 10, 2015, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the District Court's decision. The portion of additional costs claimed by the Contractor in its initial complaint that would be attributable to Georgia Power (based on Georgia Power's ownership interest) is approximately $425 million (in 2008 dollars). The Contractor also asserted it is entitled to extensions of the guaranteed substantial completion dates of April 2016 and April 2017 for Plant Vogtle Units 3 and 4, respectively. In May 2014, the Contractor filed an amended counterclaim to the suit pending in the U.S. District Court for the Southern District of Georgia alleging that (i) the design changes to the DCD imposed by the NRC delayed module production and the impacts to the Contractor are recoverable by the Contractor under the Vogtle 3 and 4 Agreement and (ii) the changes to the basemat rebar design required by the NRC caused additional costs and delays recoverable by the Contractor under the Vogtle 3 and 4 Agreement. The Contractor did not specify in its amended counterclaim the amounts relating to these new allegations; however, the Contractor has subsequently asserted related minimum damages (based on Georgia Power's ownership interest) of $113 million. The Contractor may from time to time continue to assert that it is entitled to additional payments with respect to these allegations, any of which could be substantial. Georgia Power has not agreed to the proposed cost or to any changes to the guaranteed substantial completion dates or that the Vogtle Owners have any responsibility for costs related to these issues. Litigation is ongoing and Georgia Power intends to vigorously defend the positions of the Vogtle Owners. Georgia Power also expects negotiations with the Contractor to continue with respect to cost and schedule. During such negotiations the parties may reach a mutually acceptable compromise of their positions. | ||||||||||||
Georgia Power is required to file semi-annual VCM reports with the Georgia PSC by February 28 and August 31 each year. If the projected certified construction capital costs to be borne by Georgia Power increase by 5% or the projected in-service dates are significantly extended, Georgia Power is required to seek an amendment to the Plant Vogtle Units 3 and 4 certificate from the Georgia PSC. Georgia Power's eighth VCM report filed in 2013 requested an amendment to the certificate to increase the estimated in-service capital cost of Plant Vogtle Units 3 and 4 from $4.4 billion to $4.8 billion and to extend the estimated in-service dates to the fourth quarter 2017 and the fourth quarter 2018 for Plant Vogtle Units 3 and 4, respectively. In 2013, the Georgia PSC approved a stipulation (2013 Stipulation) entered into by Georgia Power and the Georgia PSC staff to waive the requirement to amend the Plant Vogtle Units 3 and 4 certificate, until the completion of Plant Vogtle Unit 3, or earlier if deemed appropriate by the Georgia PSC and Georgia Power. The Georgia PSC has approved eleven VCM reports covering the periods through June 30, 2014, including construction capital costs incurred, which through that date totaled $2.8 billion. | ||||||||||||
On January 29, 2015, Georgia Power announced it was notified by the Contractor of the Contractor's revised forecast for completion of Plant Vogtle Units 3 and 4, which would incrementally delay the previously disclosed estimated in-service dates by 18 months (from the fourth quarter of 2017 to the second quarter of 2019 for Unit 3 and from the fourth quarter of 2018 to the second quarter of 2020 for Unit 4). | ||||||||||||
Georgia Power does not believe that the Contractor's revised forecast reflects all efforts that may be possible to mitigate the Contractor's delay. In addition, Georgia Power believes that, pursuant to the Vogtle 3 and 4 Agreement, the Contractor is responsible for the Contractor's costs related to the Contractor's delay (including any related construction and mitigation costs, which could be material) and that the Vogtle Owners are entitled to recover liquidated damages for the Contractor's delay beyond the guaranteed substantial completion dates of April 2016 and April 2017 for Plant Vogtle Units 3 and 4, respectively. Consistent with the Contractor's position in the pending litigation described above, Georgia Power expects the Contractor to contest any claims for liquidated damages and to assert that the Vogtle Owners are responsible for additional costs related to the Contractor's delay. | ||||||||||||
On February 27, 2015, Georgia Power filed its twelfth VCM report with the Georgia PSC covering the period from July 1 through December 31, 2014, which requested approval for an additional $0.2 billion of construction capital costs incurred during that period. The twelfth VCM report also reflected the Contractor's revised forecast for completion of Plant Vogtle Units 3 and 4 as well as additional estimated owner-related costs, which include approximately $10 million per month expected to result from the Contractor's proposed 18-month delay, including property taxes, oversight costs, compliance costs, and other operational readiness costs. No Contractor costs related to the Contractor's proposed 18-month delay were included in the twelfth VCM report. Additionally, while Georgia Power has not agreed to any change to the guaranteed substantial completion dates, the twelfth VCM report included a requested amendment (Requested Amendment) to the Plant Vogtle Units 3 and 4 certificate to reflect the Contractor's revised forecast, to include the estimated owner's costs associated with the proposed 18-month Contractor delay, and to increase the estimated total in-service capital cost of Plant Vogtle Units 3 and 4 to $5.0 billion. | ||||||||||||
Georgia Power will continue to incur financing costs of approximately $30 million per month until Plant Vogtle Units 3 and 4 are placed in service. The twelfth VCM report estimated financing costs during the construction period to total approximately $2.5 billion. | ||||||||||||
On April 15, 2015, the Georgia PSC issued a procedural order in connection with the twelfth VCM report. Pursuant to this order, the Georgia PSC deemed the Requested Amendment unnecessary and withdrawn until the completion of construction of Plant Vogtle Unit 3 consistent with the 2013 Stipulation. The Georgia PSC recognized that the certified cost and the 2013 Stipulation do not constitute a cost recovery cap. In accordance with the Georgia Integrated Resource Planning Act, any costs incurred by Georgia Power in excess of the certified amount will be included in rate base, provided Georgia Power shows the costs to be reasonable and prudent. Financing costs up to the certified amount will be collected through the NCCR tariff until the units are placed in service, while financing costs on any construction-related costs in excess of the $4.4 billion certified amount are expected to be recovered through AFUDC. | ||||||||||||
Processes are in place that are designed to assure compliance with the requirements specified in the DCD and the COLs, including inspections by Southern Nuclear and the NRC that occur throughout construction. As a result of such compliance processes, certain license amendment requests have been filed and approved or are pending before the NRC. Various design and other licensing-based compliance issues are expected to arise as construction proceeds, which may result in additional license amendments or require other resolution. If any license amendment requests or other licensing-based compliance issues are not resolved in a timely manner, there may be delays in the project schedule that could result in increased costs either to the Vogtle Owners or the Contractor or to both. | ||||||||||||
As construction continues, the risk remains that ongoing challenges with Contractor performance including additional challenges in its fabrication, assembly, delivery, and installation of the shield building and structural modules, delays in the receipt of the remaining permits necessary for the operation of Plant Vogtle Units 3 and 4, or other issues could arise and may further impact project schedule and cost. In addition, the IRS allocated production tax credits to each of Plant Vogtle Units 3 and 4, which require the applicable unit to be placed in service before 2021. | ||||||||||||
Additional claims by the Contractor or Georgia Power (on behalf of the Vogtle Owners) are also likely to arise throughout construction. These claims may be resolved through formal and informal dispute resolution procedures under the Vogtle 3 and 4 Agreement, but also may be resolved through litigation. | ||||||||||||
The ultimate outcome of these matters cannot be determined at this time. | ||||||||||||
Gulf Power | ||||||||||||
Retail Base Rate Case | ||||||||||||
See Note 3 to the financial statements of Gulf Power under "Retail Regulatory Matters – Retail Base Rate Case" in Item 8 of the Form 10-K for additional information. | ||||||||||||
In December 2013, the Florida PSC approved a settlement agreement that provides Gulf Power may reduce depreciation expense and record a regulatory asset up to $62.5 million between January 2014 and June 2017. In any given month, such depreciation expense reduction may not exceed the amount necessary for the ROE, as reported to the Florida PSC monthly, to reach the midpoint of the authorized retail ROE range then in effect. Gulf Power recognized a $19.6 million reduction in depreciation expense in the first three months of 2015. | ||||||||||||
Cost Recovery Clauses | ||||||||||||
See Note 3 to the financial statements of Gulf Power under "Retail Regulatory Matters – Cost Recovery Clauses" in Item 8 of the Form 10-K for additional information regarding Gulf Power's recovery of retail costs through various regulatory clauses and accounting orders. Gulf Power has four regulatory clauses which are approved by the Florida PSC. The recovery balance of each regulatory clause follows: | ||||||||||||
Recovery Clause | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||
(in millions) | ||||||||||||
Fuel Cost Recovery – Under | Under recovered regulatory clause revenues | $ | 32 | $ | 40 | |||||||
Purchased Power Capacity Recovery – Under | Under recovered regulatory clause revenues | 3 | — | |||||||||
Environmental Cost Recovery – Under | Under recovered regulatory clause revenues | 12 | 10 | |||||||||
Energy Conservation Cost Recovery – Under | Under recovered regulatory clause revenues | 1 | 3 | |||||||||
Mississippi Power | ||||||||||||
Performance Evaluation Plan | ||||||||||||
See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Performance Evaluation Plan" in Item 8 of the Form 10-K for additional information regarding Mississippi Power's base rates. | ||||||||||||
On March 17, 2015, Mississippi Power submitted its annual PEP lookback filing for 2014, which indicated no surcharge or refund. On March 26, 2015, the Mississippi PSC suspended the filing to allow more time for review. | ||||||||||||
The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
System Restoration Rider | ||||||||||||
See Note 1 to the financial statements of Mississippi Power under "Provision for Property Damage" in Item 8 of the Form 10-K for additional information. | ||||||||||||
On February 2, 2015, Mississippi Power submitted its 2015 System Restoration Rider (SRR) rate filing with the Mississippi PSC, which proposed that the 2015 SRR rate remain level at zero and Mississippi Power be allowed to accrue $3 million to the property damage reserve in 2015. On March 3, 2015, the Mississippi PSC suspended the filing to allow more time for review. | ||||||||||||
The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Environmental Compliance Overview Plan | ||||||||||||
See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Environmental Compliance Overview Plan" in Item 8 of the Form 10-K for information on Mississippi Power's annual environmental filing with the Mississippi PSC. | ||||||||||||
In 2012, the Mississippi PSC approved Mississippi Power's request for a CPCN to construct scrubbers on Plant Daniel Units 1 and 2, which are scheduled to be placed in service in September and November 2015, respectively. These units are jointly owned by Mississippi Power and Gulf Power, with 50% ownership each. The estimated total cost of the project is approximately $660 million, with Mississippi Power's portion being $330 million, excluding AFUDC. Mississippi Power's portion of the cost is expected to be recovered through the ECO Plan following the scheduled completion of the project in December 2015. As of March 31, 2015, total project expenditures were $570 million, of which Mississippi Power's portion was $290 million, excluding AFUDC of $22 million. | ||||||||||||
On February 25, 2015, Mississippi Power submitted its annual ECO filing for 2015, which indicated an annual increase in revenues of approximately $8 million. The filing is under review by the Mississippi PSC. | ||||||||||||
The ultimate outcome of these matters cannot be determined at this time. | ||||||||||||
Fuel Cost Recovery | ||||||||||||
See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Fuel Cost Recovery" in Item 8 of the Form 10-K for information regarding Mississippi Power's fuel cost recovery. | ||||||||||||
At March 31, 2015, the amount of over-recovered retail fuel costs included on Mississippi Power's Condensed Balance Sheet herein was $15 million compared to under-recovered retail fuel costs of $2 million at December 31, 2014. | ||||||||||||
Ad Valorem Tax Adjustment | ||||||||||||
See Note 3 to the financial statements of Mississippi Power under "Retail Regulatory Matters – Ad Valorem Tax Adjustment" in Item 8 of the Form 10-K for additional information. | ||||||||||||
On April 23, 2015, Mississippi Power filed its annual ad valorem tax adjustment factor filing for 2015, which requested an annual rate decrease of 0.35%, or $2 million in annual retail revenues, primarily due to a decrease in average millage rates. | ||||||||||||
The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Integrated Coal Gasification Combined Cycle | ||||||||||||
See Note 3 to the financial statements of Southern Company and Mississippi Power under "Integrated Coal Gasification Combined Cycle" in Item 8 of the Form 10-K for information regarding Mississippi Power's construction of the Kemper IGCC. | ||||||||||||
Kemper IGCC Overview | ||||||||||||
Construction of Mississippi Power's Kemper IGCC is nearing completion and start-up activities will continue until the Kemper IGCC is placed in service. The Kemper IGCC will utilize an IGCC technology with an output capacity of 582 MWs. The Kemper IGCC will be fueled by locally mined lignite (an abundant, lower heating value coal) from a mine owned by Mississippi Power and situated adjacent to the Kemper IGCC. The mine, operated by North American Coal Corporation, started commercial operation in 2013. In connection with the Kemper IGCC, Mississippi Power constructed and plans to operate approximately 61 miles of CO2 pipeline infrastructure for the planned transport of captured CO2 for use in enhanced oil recovery. | ||||||||||||
Kemper IGCC Schedule and Cost Estimate | ||||||||||||
In 2012, the Mississippi PSC issued the 2012 MPSC CPCN Order, a detailed order confirming the CPCN originally approved by the Mississippi PSC in 2010 authorizing the acquisition, construction, and operation of the Kemper IGCC. | ||||||||||||
The certificated cost estimate of the Kemper IGCC included in the 2012 MPSC CPCN Order was $2.4 billion, net of $245 million of grants awarded to the Kemper IGCC project by the DOE under the Clean Coal Power Initiative Round 2 (DOE Grants) and excluding the cost of the lignite mine and equipment, the cost of the CO2 pipeline facilities, and AFUDC related to the Kemper IGCC. The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion, with recovery of prudently-incurred costs subject to approval by the Mississippi PSC. The Kemper IGCC was originally projected to be placed in service in May 2014. Mississippi Power placed the combined cycle and the associated common facilities portion of the Kemper IGCC in service using natural gas in August 2014 and continues to focus on completing the remainder of the Kemper IGCC, including the gasifier and the gas clean-up facilities, for which the in-service date is currently expected to occur in the first half of 2016. Recovery of the Kemper IGCC costs subject to the cost cap and the cost of the lignite mine and equipment, the cost of the CO2 pipeline facilities, AFUDC, and certain general exceptions, including change of law, force majeure, and beneficial capital (which exists when Mississippi Power demonstrates that the purpose and effect of the construction cost increase is to produce efficiencies that will result in a neutral or favorable effect on customers relative to the original proposal for the CPCN) (Cost Cap Exceptions) remain subject to review and approval by the Mississippi PSC. Mississippi Power's Kemper IGCC 2010 project estimate, current cost estimate (which includes the impacts of the Mississippi Supreme Court's (Court) decision), and actual costs incurred as of March 31, 2015, as adjusted for the Court's decision, are as follows: | ||||||||||||
Cost Category | 2010 Project Estimate(f) | Current Estimate | Actual Costs at March 31, 2015 | |||||||||
(in billions) | ||||||||||||
Plant Subject to Cost Cap(a) | $ | 2.4 | $ | 4.94 | $ | 4.37 | ||||||
Lignite Mine and Equipment | 0.21 | 0.23 | 0.23 | |||||||||
CO2 Pipeline Facilities | 0.14 | 0.11 | 0.1 | |||||||||
AFUDC(b)(c) | 0.17 | 0.64 | 0.48 | |||||||||
Combined Cycle and Related Assets Placed in | — | 0.02 | — | |||||||||
Service – Incremental(d) | ||||||||||||
General Exceptions | 0.05 | 0.1 | 0.08 | |||||||||
Deferred Costs(c)(e) | — | 0.18 | 0.14 | |||||||||
Total Kemper IGCC(a)(c) | $ | 2.97 | $ | 6.22 | $ | 5.4 | ||||||
(a) | The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion, net of the DOE Grants and excluding the Cost Cap Exceptions. The Current Estimate and Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" for additional information. | |||||||||||
(b) | Mississippi Power's original estimate included recovery of financing costs during construction rather than the accrual of AFUDC. This approach was not approved by the Mississippi PSC in 2012 as described in "Rate Recovery of Kemper IGCC Costs." The current estimate includes an approximately $9 million increase in AFUDC related to a settlement agreement with the wholesale customers for cost-based rates under FERC's jurisdiction. See "FERC Matters" herein for additional information. | |||||||||||
(c) | Amounts in the Current Estimate reflect estimated costs through March 31, 2016. | |||||||||||
(d) | Incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014, net of costs related to energy sales. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" for additional information. | |||||||||||
(e) | The 2012 MPSC CPCN Order approved deferral of non-capital Kemper IGCC-related costs during construction as described in "Rate Recovery of Kemper IGCC Costs – Regulatory Assets and Liabilities." | |||||||||||
(f) | The 2010 Project Estimate is the certificated cost estimate adjusted to include the certificated estimate for the CO2 pipeline facilities which was approved in 2011 by the Mississippi PSC. | |||||||||||
Of the total costs, including post-in-service costs for the lignite mine, incurred as of March 31, 2015, $3.27 billion was included in property, plant, and equipment (which is net of the DOE Grants and estimated probable losses of $2.06 billion), $2 million in other property and investments, $52 million in fossil fuel stock, $35 million in materials and supplies, $174 million in other regulatory assets, $12 million in other deferred charges and assets, and $24 million in AROs in the balance sheet, with $1 million previously expensed. | ||||||||||||
Mississippi Power does not intend to seek any rate recovery or joint owner contributions for any costs related to the construction of the Kemper IGCC that exceed the $2.88 billion cost cap, net of the DOE Grants and excluding the Cost Cap Exceptions. Mississippi Power recorded pre-tax charges to income for revisions to the cost estimate of $9 million ($6 million after tax) in the first quarter 2015. This amount is in addition to charges totaling $868 million ($536 million after tax), $1.10 billion ($681 million after tax), and $78 million ($48 million after tax) in 2014, 2013, and 2012, respectively. Southern Company recorded pre-tax charges to income for revisions to the cost estimate of $868 million ($536 million after tax) and $1.2 billion ($729 million after tax) in 2014 and 2013, respectively. The increases to the cost estimate in the first quarter 2015 primarily reflected costs related to additional labor costs in support of start-up and operational readiness activities. The current estimate includes costs through March 31, 2016. Any further extension of the in-service date is currently estimated to result in additional base costs of approximately $25 million to $30 million per month, which includes maintaining necessary levels of start-up labor, materials, and fuel, as well as operational resources required to execute start-up and commissioning activities. Any further extension of the in-service date with respect to the Kemper IGCC would also increase costs for the Cost Cap Exceptions, which are not subject to the $2.88 billion cost cap established by the Mississippi PSC. These costs include AFUDC, which is currently estimated to total approximately $13 million per month, as well as carrying costs and operating expenses on Kemper IGCC assets placed in service and consulting and legal fees, which are being deferred as regulatory assets and are estimated to total approximately $6 million per month. | ||||||||||||
Any further cost increases and/or extensions of the in-service date with respect to the Kemper IGCC may result from factors including, but not limited to, labor costs and productivity, adverse weather conditions, shortages and inconsistent quality of equipment, materials, and labor, contractor or supplier delay, non-performance under construction or other agreements, operational readiness, including specialized operator training and required site safety programs, unforeseen engineering or design problems, start-up activities for this first-of-a-kind technology (including major equipment failure and system integration), and/or operational performance (including additional costs to satisfy any operational parameters ultimately adopted by the Mississippi PSC). In subsequent periods, any further changes in the estimated costs to complete construction and start-up of the Kemper IGCC subject to the $2.88 billion cost cap, net of the DOE Grants and excluding the Cost Cap Exceptions, will be reflected in Southern Company's statements of income and Mississippi Power's statements of operations and these changes could be material. | ||||||||||||
Rate Recovery of Kemper IGCC Costs | ||||||||||||
The ultimate outcome of the rate recovery matters discussed herein, including the resolution of legal challenges, determinations of prudency, and the specific manner of recovery of prudently-incurred costs, cannot be determined at this time, but could have a material impact on Southern Company's and Mississippi Power's results of operations, financial condition, and liquidity. | ||||||||||||
2012 MPSC CPCN Order | ||||||||||||
The 2012 MPSC CPCN Order included provisions relating to both Mississippi Power's recovery of financing costs during the course of construction of the Kemper IGCC and Mississippi Power's recovery of costs following the date the Kemper IGCC is placed in service. With respect to recovery of costs following the in-service date of the Kemper IGCC, the 2012 MPSC CPCN Order provided for the establishment of operational cost and revenue parameters based upon assumptions in Mississippi Power's petition for the CPCN. Mississippi Power expects the Mississippi PSC to apply operational parameters in connection with the evaluation of the Rate Mitigation Plan (defined below) and any alternative proceedings related to the operation of the Kemper IGCC. To the extent the Mississippi PSC determines the Kemper IGCC does not meet the operational parameters ultimately adopted by the Mississippi PSC or Mississippi Power incurs additional costs to satisfy such parameters, there could be a material adverse impact on Southern Company's or Mississippi Power's financial statements. | ||||||||||||
2013 Settlement Agreement | ||||||||||||
In January 2013, Mississippi Power entered into a settlement agreement with the Mississippi PSC that, among other things, established the process for resolving matters regarding cost recovery related to the Kemper IGCC (2013 Settlement Agreement). Under the 2013 Settlement Agreement, Mississippi Power agreed to limit the portion of prudently-incurred Kemper IGCC costs to be included in retail rate base to the $2.4 billion certificated cost estimate, plus the Cost Cap Exceptions, but excluding AFUDC, and any other costs permitted or determined to be excluded from the $2.88 billion cost cap by the Mississippi PSC. The 2013 Settlement Agreement also allowed Mississippi Power to secure alternate financing for costs not otherwise recovered in any Mississippi PSC rate proceedings contemplated by the 2013 Settlement Agreement. The Court found the 2013 Settlement Agreement unenforceable due to a lack of public notice for the related proceedings. See "2015 Mississippi Supreme Court Decision" herein for additional information. | ||||||||||||
Legislation to authorize a multi-year rate plan and legislation to provide for alternate financing through securitization of up to $1.0 billion of prudently-incurred costs was enacted into law in 2013. Mississippi Power's intent under the 2013 Settlement Agreement was to securitize (1) prudently-incurred costs in excess of the certificated cost estimate and up to the $2.88 billion cost cap, net of the DOE Grants and excluding the Cost Cap Exceptions, (2) accrued AFUDC, and (3) other prudently-incurred costs, which include carrying costs from the estimated in-service date until securitization is finalized and other costs not included in the Rate Mitigation Plan as approved by the Mississippi PSC. The Court's decision did not impact Mississippi Power's ability to utilize alternate financing through securitization, the 2012 MPSC CPCN Order, or the February 2013 legislation. See "2015 Mississippi Supreme Court Decision" herein for additional information. | ||||||||||||
2013 MPSC Rate Order | ||||||||||||
Consistent with the terms of the 2013 Settlement Agreement, in March 2013, the Mississippi PSC issued a rate order approving retail rate increases of 15% effective March 19, 2013, and 3% effective January 1, 2014, which collectively were designed to collect $156 million annually beginning in 2014 (2013 MPSC Rate Order). For the period from March 2013 through March 31, 2015, $294 million had been collected primarily to be used to mitigate customer rate impacts after the Kemper IGCC is placed in service. Because the 2013 MPSC Rate Order did not provide for the inclusion of CWIP in rate base as permitted by the Baseload Act, Mississippi Power continues to record AFUDC on the Kemper IGCC through the in-service date. Mississippi Power will not record AFUDC on any additional costs of the Kemper IGCC that exceed the $2.88 billion cost cap, except for Cost Cap Exception amounts. Mississippi Power will continue to record AFUDC and collect and defer the approved rates through the in-service date until directed to do otherwise by the Mississippi PSC. | ||||||||||||
In August 2014, Mississippi Power provided an analysis of the costs and benefits of placing the combined cycle and the associated common facilities portion of the Kemper IGCC in service, including the expected accounting treatment. Mississippi Power's analysis requested, among other things, confirmation of Mississippi Power's accounting treatment by the Mississippi PSC of the continued collection of rates as prescribed by the 2013 MPSC Rate Order, with the current recognition as revenue of the related equity return on all assets placed in service and the deferral of all remaining rate collections under the 2013 MPSC Rate Order to a regulatory liability account. See "2015 Mississippi Supreme Court Decision" for additional information regarding the decision of the Court which would discontinue the collection of, and require the refund of, all amounts previously collected under the 2013 MPSC Rate Order. | ||||||||||||
In addition, Mississippi Power's August 2014 filing with the Mississippi PSC requested confirmation of Mississippi Power's accounting treatment by the Mississippi PSC of the continued accrual of AFUDC through the in-service date of the remainder of the Kemper IGCC and the deferral of operating costs for the combined cycle as regulatory assets. Under Mississippi Power's proposal, non-incremental costs that would have been incurred whether or not the combined cycle was placed in service would be included in a regulatory asset and would continue to be subject to the $2.88 billion cost cap. Additionally, incremental costs that would not have been incurred if the combined cycle had not gone into service would be included in a regulatory asset and would not be subject to the cost cap because these costs are incurred to support operation of the combined cycle. All energy revenues associated with the combined cycle variable operating and maintenance expenses would be credited to this regulatory asset. See "Regulatory Assets and Liabilities" for additional information. Any action by the Mississippi PSC that is inconsistent with the treatment requested by Mississippi Power could have a material impact on the results of operations, financial condition, and liquidity of Southern Company and Mississippi Power. | ||||||||||||
2015 Mississippi Supreme Court Decision | ||||||||||||
On February 12, 2015, the Court issued its decision in the legal challenge to the 2013 MPSC Rate Order filed by Thomas A. Blanton. The Court reversed the 2013 MPSC Rate Order based on, among other things, its findings that (1) the Mirror CWIP rate treatment was not provided for under the Baseload Act and (2) the Mississippi PSC should have determined the prudence of Kemper IGCC costs before approving rate recovery through the 2013 MPSC Rate Order. The Court also found the 2013 Settlement Agreement unenforceable due to a lack of public notice for the related proceedings. The Court's ruling remands the matter to the Mississippi PSC to (1) fix by order the rates that were in existence prior to the 2013 MPSC Rate Order, (2) fix no rate increases until the Mississippi PSC is in compliance with the Court's ruling, and (3) enter an order refunding amounts collected under the 2013 MPSC Rate Order. Through March 31, 2015, Mississippi Power had collected $294 million through rates under the 2013 MPSC Rate Order. Any required refunds would also include carrying costs. The Court's decision will become legally effective upon the issuance of a mandate to the Mississippi PSC. Absent specific instruction from the Court, the Mississippi PSC will determine the method and timing of the refund. On March 12, 2015, Mississippi Power and the Mississippi PSC filed motions for rehearing. If the Court denies the motions, it would issue the mandate to the Mississippi PSC no later than seven days following such decision. | ||||||||||||
Rate Mitigation Plan | ||||||||||||
In 2013, Mississippi Power, in compliance with the 2013 MPSC Rate Order, filed a revision to the proposed rate recovery plan with the Mississippi PSC for the Kemper IGCC for cost recovery through 2020 (Rate Mitigation Plan), which is still under review by the Mississippi PSC. The revenue requirements set forth in the Rate Mitigation Plan assume the sale of a 15% undivided interest in the Kemper IGCC to SMEPA and utilization of bonus depreciation, which currently requires that the related long-term asset be placed in service in 2015. In the Rate Mitigation Plan, Mississippi Power proposed recovery of an annual revenue requirement of approximately $156 million of Kemper IGCC-related operational costs and rate base amounts, including plant costs equal to the $2.4 billion certificated cost estimate. The 2013 MPSC Rate Order, which increased rates beginning in March 2013, was integral to the Rate Mitigation Plan, which contemplates amortization of the regulatory liability balance at the in-service date to be used to mitigate customer rate impacts through 2020, based on a fixed amortization schedule that requires approval by the Mississippi PSC. Under the Rate Mitigation Plan, Mississippi Power proposed annual rate recovery to remain the same from 2014 through 2020, with the proposed revenue requirement approximating the forecasted cost of service for the period 2014 through 2020. Under Mississippi Power's proposal, to the extent the actual annual cost of service differs from the approved forecast for certain items, the difference would be deferred as a regulatory asset or liability, subject to accrual of carrying costs, and would be included in the next year's rate recovery calculation. If any deferred balance remains at the end of 2020, the Mississippi PSC would review the amount and, if approved, determine the appropriate method and period of disposition. See "Regulatory Assets and Liabilities" herein for additional information. | ||||||||||||
To the extent that refunds of amounts collected under the 2013 MPSC Rate Order are required on a schedule different from the amortization schedule proposed in the Rate Mitigation Plan, the customer billing impacts proposed under the Rate Mitigation Plan would no longer be viable. See "2015 Mississippi Supreme Court Decision" herein for additional information. | ||||||||||||
In addition to current estimated costs at March 31, 2015 of $6.22 billion, Mississippi Power anticipates that it will incur additional costs after the Kemper IGCC in-service date until the Kemper IGCC cost recovery approach is finalized. These costs include, but are not limited to, regulatory costs and additional carrying costs which could be material. Recovery of these costs would be subject to approval by the Mississippi PSC. | ||||||||||||
Mississippi Power also expects to seek rate recovery through alternate means, which could include a traditional rate case. On May 1, 2015, Mississippi Power notified the Mississippi PSC of its plans to file a rate request in May 2015. | ||||||||||||
Prudence Reviews | ||||||||||||
The Mississippi PSC's review of Kemper IGCC costs is ongoing. In August 2014, the Mississippi PSC ordered that a consolidated prudence determination of all Kemper IGCC costs be completed after the entire project has been placed in service and has demonstrated availability for a reasonable period of time as determined by the Mississippi PSC and the Mississippi Public Utilities Staff (MPUS). The Mississippi PSC has encouraged the parties to work in good faith to settle contested issues and Mississippi Power is working to reach a mutually acceptable resolution. As a result of the Court's decision, Mississippi Power intends to request that the Mississippi PSC reconsider its prudence review schedule. See "2015 Mississippi Supreme Court Decision" herein for additional information. | ||||||||||||
Regulatory Assets and Liabilities | ||||||||||||
Consistent with the treatment of non-capital costs incurred during the pre-construction period, the Mississippi PSC issued an accounting order in 2011 granting Mississippi Power the authority to defer all non-capital Kemper IGCC-related costs to a regulatory asset through the in-service date, subject to review of such costs by the Mississippi PSC. Such costs include, but are not limited to, carrying costs on Kemper IGCC assets currently placed in service, costs associated with Mississippi PSC and MPUS consultants, prudence costs, legal fees, and operating expenses associated with assets placed in service. | ||||||||||||
In August 2014, Mississippi Power requested confirmation by the Mississippi PSC of Mississippi Power's authority to defer all operating expenses associated with the operation of the combined cycle subject to review of such costs by the Mississippi PSC. In addition, Mississippi Power is authorized to accrue carrying costs on the unamortized balance of such regulatory assets at a rate and in a manner to be determined by the Mississippi PSC in future cost recovery mechanism proceedings. As of March 31, 2015, the regulatory asset balance associated with the Kemper IGCC was $174 million. The projected balance at March 31, 2016 is estimated to total approximately $266 million. The amortization period for any such costs approved for recovery remains subject to approval by the Mississippi PSC. | ||||||||||||
The 2013 MPSC Rate Order approved retail rate increases of 15% effective March 19, 2013 and 3% effective January 1, 2014, which collectively were designed to collect $156 million annually beginning in 2014. On February 12, 2015, the Court ordered the Mississippi PSC to refund Mirror CWIP and to fix by order the rates that were in existence prior to the 2013 MPSC Rate Order. Mississippi Power is deferring the collections under the approved rates in the Mirror CWIP regulatory liability until otherwise directed by the Mississippi PSC. Mississippi Power is also accruing carrying costs on the unamortized balance of the Mirror CWIP regulatory liability for the benefit of retail customers. As of March 31, 2015, the balance of the Mirror CWIP regulatory liability, including carrying costs, was $311 million. | ||||||||||||
See "2015 Mississippi Supreme Court Decision" herein for additional information. | ||||||||||||
See Note 1 to the financial statements of Southern Company and Mississippi Power under "Regulatory Assets and Liabilities" in Item 8 of the Form 10-K for additional information. | ||||||||||||
Lignite Mine and CO2 Pipeline Facilities | ||||||||||||
In conjunction with the Kemper IGCC, Mississippi Power will own the lignite mine and equipment and has acquired and will continue to acquire mineral reserves located around the Kemper IGCC site. The mine started commercial operation in June 2013. | ||||||||||||
In 2010, Mississippi Power executed a 40-year management fee contract with Liberty Fuels Company, LLC (Liberty Fuels), a wholly-owned subsidiary of The North American Coal Corporation, which developed, constructed, and is operating and managing the mining operations. The contract with Liberty Fuels is effective through the end of the mine reclamation. As the mining permit holder, Liberty Fuels has a legal obligation to perform mine reclamation and Mississippi Power has a contractual obligation to fund all reclamation activities. In addition to the obligation to fund the reclamation activities, Mississippi Power currently provides working capital support to Liberty Fuels through cash advances for capital purchases, payroll, and other operating expenses. See Note 1 to the financial statements of Mississippi Power under "Asset Retirement Obligations and Other Costs of Removal" and "Variable Interest Entities" in Item 8 of the Form 10-K for additional information. | ||||||||||||
In addition, Mississippi Power has constructed and will operate the CO2 pipeline for the planned transport of captured CO2 for use in enhanced oil recovery. Mississippi Power has entered into agreements with Denbury Onshore (Denbury), a subsidiary of Denbury Resources Inc., and Treetop Midstream Services, LLC (Treetop), an affiliate of Tellus Operating Group, LLC and a subsidiary of Tengrys, LLC, pursuant to which Denbury will purchase 70% of the CO2 captured from the Kemper IGCC and Treetop will purchase 30% of the CO2 captured from the Kemper IGCC. The agreements with Denbury and Treetop provide termination rights in the event that Mississippi Power does not satisfy its contractual obligation with respect to deliveries of captured CO2 by May 11, 2015. While Mississippi Power has received no indication from either Denbury or Treetop of their intent to terminate their respective agreements, any termination or material modification of these agreements could result in a material reduction in future chemical product sales revenues and could have a material financial impact on Mississippi Power to the extent Mississippi Power is not able to enter into other similar contractual arrangements. | ||||||||||||
The ultimate outcome of these matters cannot be determined at this time. | ||||||||||||
Proposed Sale of Undivided Interest to SMEPA | ||||||||||||
In 2010, Mississippi Power and SMEPA entered into an asset purchase agreement (APA) whereby SMEPA agreed to purchase a 17.5% undivided interest in the Kemper IGCC. In 2012, the Mississippi PSC approved the sale and transfer of the 17.5% undivided interest in the Kemper IGCC to SMEPA. Later in 2012, Mississippi Power and SMEPA signed an amendment to the APA whereby SMEPA reduced its purchase commitment percentage from a 17.5% to a 15% undivided interest in the Kemper IGCC. In March 2013, Mississippi Power and SMEPA signed an amendment to the APA whereby they agreed to amend a 2011 power supply agreement between the parties to reduce the capacity amounts to be received by SMEPA by half (approximately 75 MWs) at the sale and transfer of the undivided interest in the Kemper IGCC to SMEPA. Capacity revenues under the 2011 power supply agreement were $4 million in the first quarter 2015 and $17 million in 2014. | ||||||||||||
By letter agreement dated October 6, 2014, Mississippi Power and SMEPA agreed in principle on certain issues related to SMEPA's proposed purchase of a 15% undivided interest in the Kemper IGCC. The parties agreed to further amend the APA as follows: (1) Mississippi Power agreed to cap at $2.88 billion the portion of the purchase price payable for development and construction costs, net of the Cost Cap Exceptions, title insurance reimbursement, and AFUDC and/or carrying costs through the Closing Commitment Date (defined below); (2) SMEPA agreed to close the purchase within 180 days after the date of the execution of the amended APA or before the Kemper IGCC in-service date, whichever occurs first (Closing Commitment Date), subject only to satisfaction of certain conditions; and (3) AFUDC and/or carrying costs will continue to be accrued on the capped development and construction costs, the Cost Cap Exceptions, and any operating costs, net of revenues until the amended APA is executed by both parties, and thereafter AFUDC and/or carrying costs and payment of interest on SMEPA's deposited money will be suspended and waived provided closing occurs by the Closing Commitment Date. The letter agreement also provided for certain post-closing adjustments to address any differences between the actual and the estimated amounts of post-in-service date costs (both expenses and capital) and revenue credits for those portions of the Kemper IGCC previously placed in service. | ||||||||||||
By letter dated December 18, 2014, SMEPA notified Mississippi Power that SMEPA decided not to extend the December 31, 2014 estimated closing date in the APA or revise the APA to include the contemplated amendments; however, both parties agree that the APA will remain in effect until closing or until either party gives notice of termination. | ||||||||||||
The closing of this transaction is also conditioned upon execution of a joint ownership and operating agreement, the absence of material adverse effects, receipt of all construction permits, and appropriate regulatory approvals, as well as SMEPA's receipt of Rural Utilities Service (RUS) funding. In 2012, SMEPA received a conditional loan commitment from RUS for the purchase. | ||||||||||||
In 2012, in January 2014, and in October 2014, Mississippi Power received $150 million, $75 million, and $50 million, respectively, of interest-bearing refundable deposits from SMEPA to be applied to the purchase. While the expectation is that these amounts will be applied to the purchase price at closing, Mississippi Power would be required to refund the deposits upon the termination of the APA or within 15 days of a request by SMEPA for a full or partial refund. Accordingly, the deposits have been presented as a current liability in the balance sheet and as financing proceeds in the statement of cash flow. Southern Company has agreed to guarantee the obligations of Mississippi Power with respect to any refund of the deposits to SMEPA. The ultimate outcome of these matters cannot be determined at this time. | ||||||||||||
Investment Tax Credits | ||||||||||||
The IRS allocated $279 million (Phase II) of Internal Revenue Code Section 48A tax credits to Mississippi Power in connection with the Kemper IGCC. Through March 31, 2015, Mississippi Power had recorded tax benefits totaling $276 million for the Phase II credits, of which approximately $207 million had been utilized through that date. These credits will be amortized as a reduction to depreciation and amortization over the life of the Kemper IGCC and are dependent upon meeting the IRS certification requirements, including an in-service date no later than April 19, 2016 and the capture and sequestration (via enhanced oil recovery) of at least 65% of the CO2 produced by the Kemper IGCC during operations in accordance with the Internal Revenue Code. Mississippi Power currently expects to place the Kemper IGCC in service in the first half of 2016. In addition, a portion of the Phase II tax credits will be subject to recapture upon completion of SMEPA's proposed purchase of an undivided interest in the Kemper IGCC as described above. The ultimate outcome of this matter cannot be determined at this time. | ||||||||||||
Section 174 Research and Experimental Deduction | ||||||||||||
Southern Company, on behalf of Mississippi Power, reflected deductions for research and experimental (R&E) expenditures related to the Kemper IGCC in its federal income tax calculations for 2013 and 2014. Due to the uncertainty related to this tax position, Southern Company and Mississippi Power had unrecognized tax benefits totaling approximately $211 million at March 31, 2015. See Note 5 to the financial statements of Southern Company and Mississippi Power under "Unrecognized Tax Benefits" in Item 8 of the Form 10-K and Note (G) herein under "Unrecognized Tax Benefits" for additional information. The ultimate outcome of this matter cannot be determined at this time. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | ||||||||||||||||
As of March 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with the level of the fair value hierarchy in which they fall, were as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
As of March 31, 2015: | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(in millions) | |||||||||||||||||
Southern Company | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 7 | $ | — | $ | 7 | |||||||||
Interest rate derivatives | — | 8 | — | 8 | |||||||||||||
Nuclear decommissioning trusts(a) | 632 | 937 | 4 | 1,573 | |||||||||||||
Cash equivalents | 863 | — | — | 863 | |||||||||||||
Other investments | 9 | — | 1 | 10 | |||||||||||||
Total | $ | 1,504 | $ | 952 | $ | 5 | $ | 2,461 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 225 | $ | — | $ | 225 | |||||||||
Interest rate derivatives | — | 46 | — | 46 | |||||||||||||
Total | $ | — | $ | 271 | $ | — | $ | 271 | |||||||||
Alabama Power | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||
Nuclear decommissioning trusts(b) | |||||||||||||||||
Domestic equity | 393 | 90 | — | 483 | |||||||||||||
Foreign equity | 36 | 65 | — | 101 | |||||||||||||
U.S. Treasury and government agency securities | — | 34 | — | 34 | |||||||||||||
Corporate bonds | 10 | 113 | — | 123 | |||||||||||||
Mortgage and asset backed securities | — | 18 | — | 18 | |||||||||||||
Other | — | 6 | 4 | 10 | |||||||||||||
Cash equivalents | 287 | — | — | 287 | |||||||||||||
Total | $ | 726 | $ | 327 | $ | 4 | $ | 1,057 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||
Interest rate derivatives | — | 14 | — | 14 | |||||||||||||
Total | $ | — | $ | 73 | $ | — | $ | 73 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
As of March 31, 2015: | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(in millions) | |||||||||||||||||
Georgia Power | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 6 | $ | — | $ | 6 | |||||||||
Interest rate derivatives | — | 6 | — | 6 | |||||||||||||
Nuclear decommissioning trusts(b) (c) | |||||||||||||||||
Domestic equity | 182 | 2 | — | 184 | |||||||||||||
Foreign equity | — | 126 | — | 126 | |||||||||||||
U.S. Treasury and government agency securities | — | 86 | — | 86 | |||||||||||||
Municipal bonds | — | 92 | — | 92 | |||||||||||||
Corporate bonds | — | 192 | — | 192 | |||||||||||||
Mortgage and asset backed securities | — | 107 | — | 107 | |||||||||||||
Other | 11 | 6 | — | 17 | |||||||||||||
Cash equivalents | 406 | — | — | 406 | |||||||||||||
Total | $ | 599 | $ | 623 | $ | — | $ | 1,222 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 24 | $ | — | $ | 24 | |||||||||
Interest rate derivatives | — | 31 | — | 31 | |||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||
Gulf Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | — | 90 | — | 90 | |||||||||||||
Mississippi Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 110 | $ | — | $ | — | $ | 110 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | — | 52 | — | 52 | |||||||||||||
Southern Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 3 | $ | — | $ | — | $ | 3 | |||||||||
(a) | For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. | ||||||||||||||||
(b) | Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. | ||||||||||||||||
(c) | Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2015, approximately $50 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan and pledged to creditors under the funds' managers' securities lending program. | ||||||||||||||||
Valuation Methodologies | |||||||||||||||||
The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter financial products valued using the market approach. Inputs for interest rate derivatives include LIBOR interest rates, interest rate futures contracts, and occasionally, implied volatility of interest rate options. See Note (H) herein for additional information on how these derivatives are used. | |||||||||||||||||
For fair value measurements of the investments within the nuclear decommissioning trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgment, are also obtained when available. | |||||||||||||||||
Investments in private equity and real estate within Alabama Power's nuclear decommissioning trusts are generally classified as Level 3, as the underlying assets typically do not have observable inputs. The fund manager values these assets using various inputs and techniques depending on the nature of the underlying investments. The fair value of partnerships is determined by aggregating the value of the underlying assets. | |||||||||||||||||
"Other investments" include investments that are not traded in the open market. The fair value of these investments have been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. | |||||||||||||||||
As of March 31, 2015, the fair value measurements of investments calculated at net asset value per share (or its equivalent), as well as the nature and risks of those investments, were as follows: | |||||||||||||||||
As of March 31, 2015: | Fair | Unfunded | Redemption | Redemption | |||||||||||||
Value | Commitments | Frequency | Notice Period | ||||||||||||||
(in millions) | |||||||||||||||||
Southern Company | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Foreign equity funds | $ | 126 | None | Monthly | 5 days | ||||||||||||
Equity - commingled funds | 65 | None | Daily/Monthly | Daily/7 days | |||||||||||||
Debt - commingled funds | 16 | None | Daily | 5 days | |||||||||||||
Other - commingled funds | 6 | None | Daily | Not applicable | |||||||||||||
Other - money market funds | 11 | None | Daily | Not applicable | |||||||||||||
Trust-owned life insurance | 118 | None | Daily | 15 days | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 863 | None | Daily | Not applicable | |||||||||||||
Alabama Power | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Equity - commingled funds | $ | 65 | None | Daily/Monthly | Daily/7 days | ||||||||||||
Debt - commingled funds | 16 | None | Daily | 5 days | |||||||||||||
Trust-owned life insurance | 118 | None | Daily | 15 days | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 287 | None | Daily | Not applicable | |||||||||||||
Georgia Power | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Foreign equity funds | $ | 126 | None | Monthly | 5 days | ||||||||||||
Other - commingled funds | 6 | None | Daily | Not applicable | |||||||||||||
Other - money market funds | 11 | None | Daily | Not applicable | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 406 | None | Daily | Not applicable | |||||||||||||
Gulf Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 18 | None | Daily | Not applicable | ||||||||||||
Mississippi Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 110 | None | Daily | Not applicable | ||||||||||||
Southern Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3 | None | Daily | Not applicable | ||||||||||||
The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. Alabama Power and Georgia Power have external trust funds (the Funds) to comply with the NRC's regulations. The foreign equity fund in Georgia Power's nuclear decommissioning trusts seeks to provide long-term capital appreciation. In pursuing this investment objective, the foreign equity fund primarily invests in a diversified portfolio of equity securities of foreign companies, including those in emerging markets. These equity securities may include, but are not limited to, common stocks, preferred stocks, real estate investment trusts, convertible securities, depositary receipts (including American depositary receipts, European depositary receipts, and global depositary receipts), and rights and warrants to buy common stocks. Georgia Power may withdraw all or a portion of its investment on the last business day of each month subject to a minimum withdrawal of $1 million, provided that a minimum investment of $10 million remains. If notices of withdrawal exceed 20% of the aggregate value of the foreign equity fund, then the foreign equity fund's board may refuse to permit the withdrawal of all such investments and may scale down the amounts to be withdrawn pro rata and may further determine that any withdrawal that has been postponed will have priority on the subsequent withdrawal date. | |||||||||||||||||
The other-commingled funds and other-money market funds in Georgia Power's nuclear decommissioning trusts are invested primarily in a diversified portfolio of high-quality, short-term, liquid debt securities. The funds represent cash collateral received under the Funds' managers' securities lending program and/or excess cash held within each separate investment account. The primary objective of the funds is to provide a high level of current income consistent with stability of principal and liquidity. The funds invest primarily in, but not limited to, commercial paper, floating and variable rate demand notes, debt securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, time deposits, repurchase agreements, municipal obligations, notes, and other high-quality short-term liquid debt securities that mature in 90 days or less. Redemptions are available on a same day basis up to the full amount of the investment in the fund. See Note 1 to the financial statements of Southern Company and Georgia Power under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. | |||||||||||||||||
Alabama Power's nuclear decommissioning trusts include investments in Trust-Owned Life Insurance (TOLI). The taxable nuclear decommissioning trusts invest in the TOLI in order to minimize the impact of taxes on the portfolios and can draw on the value of the TOLI through death proceeds, loans against the cash surrender value, and/or the cash surrender value, subject to legal restrictions. The amounts reported in the table above reflect the fair value of investments the insurer has made in relation to the TOLI agreements. The nuclear decommissioning trusts do not own the underlying investments, but the fair value of the investments approximates the cash surrender value of the TOLI policies. The investments made by the insurer are in commingled funds. These commingled funds, along with other equity and debt commingled funds held in Alabama Power's nuclear decommissioning trusts, primarily include investments in domestic and international equity securities and predominantly high-quality fixed income securities. These fixed income securities may include U.S. Treasury and government agency fixed income securities, non-U.S. government and agency fixed income securities, domestic and foreign corporate fixed income securities, and mortgage and asset backed securities. The passively managed funds seek to replicate the performance of a related index. The actively managed funds seek to exceed the performance of a related index through security analysis and selection. See Note 1 to the financial statements of Southern Company and Alabama Power under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information. | |||||||||||||||||
Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. For the three months ended March 31, 2015, the change in fair value of the funds, including reinvested interest and dividends reduced by the funds' expenses, increased by $65 million at Southern Company. For the three months ended March 31, 2015, Alabama Power recorded an increase in fair value of $47 million as an increase in regulatory liabilities. Georgia Power recorded an increase in fair value of $18 million as a reduction of its regulatory asset related to its ARO. | |||||||||||||||||
The money market funds are short-term investments of excess funds in various money market mutual funds, which are portfolios of short-term debt securities. The money market funds are regulated by the SEC and typically receive the highest rating from credit rating agencies. Regulatory and rating agency requirements for money market funds include minimum credit ratings and maximum maturities for individual securities and a maximum weighted average portfolio maturity. Redemptions are available on a same day basis up to the full amount of the investment in the money market funds. | |||||||||||||||||
As of March 31, 2015, other financial instruments for which the carrying amount did not equal fair value were as follows: | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
Amount | Value | ||||||||||||||||
(in millions) | |||||||||||||||||
Long-term debt: | |||||||||||||||||
Southern Company | $ | 24,241 | $ | 26,350 | |||||||||||||
Alabama Power | $ | 6,922 | $ | 7,696 | |||||||||||||
Georgia Power | $ | 9,801 | $ | 10,733 | |||||||||||||
Gulf Power | $ | 1,370 | $ | 1,501 | |||||||||||||
Mississippi Power | $ | 2,251 | $ | 2,323 | |||||||||||||
Southern Power | $ | 1,621 | $ | 1,789 | |||||||||||||
The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates offered to Southern Company, Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||
For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. Shares used to compute diluted earnings per share were as follows: | ||||||||||||||||||||||
Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
As reported shares | 910 | 890 | ||||||||||||||||||||
Effect of options and performance share award units | 5 | 3 | ||||||||||||||||||||
Diluted shares | 915 | 893 | ||||||||||||||||||||
Stock options and performance share award units that were not included in the diluted earnings per share calculation because they were anti-dilutive were immaterial for the three months ended March 31, 2015 and were 17 million for the three months ended March 31, 2014. | ||||||||||||||||||||||
Changes in Stockholders' Equity | ||||||||||||||||||||||
The following table presents year-to-date changes in stockholders' equity of Southern Company: | ||||||||||||||||||||||
Number of | Common | Preferred and | Total | |||||||||||||||||||
Common Shares | Stockholders' | Preference | Stockholders' | |||||||||||||||||||
Equity | Stock of | Equity | ||||||||||||||||||||
Issued | Treasury | Subsidiaries | Noncontrolling Interest | |||||||||||||||||||
(in thousands) | (in millions) | |||||||||||||||||||||
Balance at December 31, 2014 | 908,502 | (725 | ) | $ | 19,949 | $ | 756 | $ | 221 | $ | 20,926 | |||||||||||
Net income after dividends on preferred and preference stock | — | — | 508 | — | — | 508 | ||||||||||||||||
Other comprehensive income (loss) | — | — | (15 | ) | — | — | (15 | ) | ||||||||||||||
Stock issued | 3,094 | — | 112 | — | — | 112 | ||||||||||||||||
Stock-based compensation | — | — | 53 | — | — | 53 | ||||||||||||||||
Stock repurchased, at cost | — | (2,599 | ) | (115 | ) | — | — | (115 | ) | |||||||||||||
Cash dividends on common stock | — | — | (478 | ) | — | — | (478 | ) | ||||||||||||||
Other | — | (11 | ) | 3 | — | — | 3 | |||||||||||||||
Balance at March 31, 2015 | 911,596 | (3,335 | ) | $ | 20,017 | $ | 756 | $ | 221 | $ | 20,994 | |||||||||||
Balance at December 31, 2013 | 892,733 | (5,647 | ) | $ | 19,008 | $ | 756 | $ | — | $ | 19,764 | |||||||||||
Net income after dividends on preferred and preference stock | — | — | 351 | — | — | 351 | ||||||||||||||||
Other comprehensive income (loss) | — | — | 2 | — | — | 2 | ||||||||||||||||
Treasury stock re-issued | — | 2,404 | 111 | — | — | 111 | ||||||||||||||||
Stock issued | 1,340 | — | 53 | — | — | 53 | ||||||||||||||||
Stock repurchased, at cost | — | — | (4 | ) | — | — | (4 | ) | ||||||||||||||
Cash dividends on common stock | — | — | (451 | ) | — | — | (451 | ) | ||||||||||||||
Other | — | (18 | ) | — | — | — | — | |||||||||||||||
Balance at March 31, 2014 | 894,073 | (3,261 | ) | $ | 19,070 | $ | 756 | $ | — | $ | 19,826 | |||||||||||
Stock Repurchased | ||||||||||||||||||||||
On March 2, 2015, Southern Company announced a program to repurchase up to 20 million shares of Southern Company common stock to offset all or a portion of the incremental shares issued under its employee and director equity compensation plans, including through stock option exercises, until December 31, 2017. Under this program, approximately 2.6 million shares have been repurchased through March 31, 2015 at a total cost of approximately $115 million. Pursuant to board approval, Southern Company may repurchase shares through open market purchases or privately negotiated transactions, including accelerated or other share repurchase programs, in accordance with applicable securities laws. |
Financing
Financing | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
FINANCING | FINANCING | ||||||||||||||||||||||||||||||||||||||||
Bank Credit Arrangements | |||||||||||||||||||||||||||||||||||||||||
Bank credit arrangements provide liquidity support to the registrants' commercial paper borrowings and the traditional operating companies' variable rate pollution control revenue bonds. The amount of variable rate pollution control revenue bonds outstanding requiring liquidity support as of March 31, 2015 was approximately $1.8 billion (comprised of approximately $864 million at Alabama Power, $865 million at Georgia Power, $69 million at Gulf Power, and $40 million at Mississippi Power). In addition, at March 31, 2015, the traditional operating companies had approximately $396 million (comprised of approximately $200 million at Alabama Power, $118 million at Georgia Power, and $78 million at Gulf Power) of fixed rate pollution control revenue bonds outstanding that were required to be remarketed within the next 12 months. See Note 6 to the financial statements of each registrant under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information. Subsequent to March 31, 2015, $80 million and $65 million of these fixed rate pollution control revenue bonds were purchased and are being held by Alabama Power and Georgia Power, respectively, and currently are not required to be remarketed within the next 12 months. See "Financing Activities" herein for additional information. | |||||||||||||||||||||||||||||||||||||||||
The following table outlines the committed credit arrangements by company as of March 31, 2015: | |||||||||||||||||||||||||||||||||||||||||
Expires | Executable Term | Due Within One | |||||||||||||||||||||||||||||||||||||||
Loans | Year | ||||||||||||||||||||||||||||||||||||||||
Company | 2015 | 2016 | 2017 | 2018 | Total | Unused | One | Two | Term | No Term | |||||||||||||||||||||||||||||||
Year | Years | Out | Out | ||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Southern Company | $ | — | $ | — | $ | — | $ | 1,000 | $ | 1,000 | $ | 1,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Alabama Power | 228 | 50 | — | 1,030 | 1,308 | 1,308 | 58 | — | 58 | 170 | |||||||||||||||||||||||||||||||
Georgia Power | — | 150 | — | 1,600 | 1,750 | 1,736 | — | — | — | 150 | |||||||||||||||||||||||||||||||
Gulf Power | 45 | 200 | 30 | — | 275 | 275 | 50 | — | 50 | 195 | |||||||||||||||||||||||||||||||
Mississippi Power | 135 | 165 | — | — | 300 | 270 | 25 | 40 | 65 | 235 | |||||||||||||||||||||||||||||||
Southern Power | — | — | — | 500 | 500 | 488 | — | — | — | — | |||||||||||||||||||||||||||||||
Other | 70 | — | — | — | 70 | 70 | 20 | — | 20 | 50 | |||||||||||||||||||||||||||||||
Total | $ | 478 | $ | 565 | $ | 30 | $ | 4,130 | $ | 5,203 | $ | 5,147 | $ | 153 | $ | 40 | $ | 193 | $ | 800 | |||||||||||||||||||||
Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. | |||||||||||||||||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||||||||||||||
The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2015: | |||||||||||||||||||||||||||||||||||||||||
Company(a) | Senior Note Issuances | Senior | Other | ||||||||||||||||||||||||||||||||||||||
Note Redemptions | Long-Term | ||||||||||||||||||||||||||||||||||||||||
Debt Redemptions | |||||||||||||||||||||||||||||||||||||||||
and Maturities(b) | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Alabama Power | $ | 550 | $ | 250 | $ | — | |||||||||||||||||||||||||||||||||||
Georgia Power | — | — | 3 | ||||||||||||||||||||||||||||||||||||||
Mississippi Power | — | — | 76 | ||||||||||||||||||||||||||||||||||||||
Other | — | — | 4 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 550 | $ | 250 | $ | 83 | |||||||||||||||||||||||||||||||||||
(a) | Southern Company, Gulf Power, and Southern Power did not issue or redeem any long-term debt during the first three months of 2015. | ||||||||||||||||||||||||||||||||||||||||
(b) | Includes reductions in capital lease obligations resulting from cash payments under capital leases. | ||||||||||||||||||||||||||||||||||||||||
Alabama Power | |||||||||||||||||||||||||||||||||||||||||
In March 2015, Alabama Power issued $550 million aggregate principal amount of Series 2015A 3.750% Senior Notes due March 1, 2045. The proceeds were used to redeem $250 million aggregate principal amount of Series DD 5.65% Senior Notes due March 15, 2035 and for general corporate purposes, including Alabama Power's continuous construction program. | |||||||||||||||||||||||||||||||||||||||||
Subsequent to March 31, 2015, Alabama Power purchased and held $80 million aggregate principal amount of Industrial Development Board of the City of Mobile, Alabama Pollution Control Revenue Bonds (Alabama Power Company Barry Plant Project), Series 2007-B. Alabama Power may reoffer these bonds to the public at a later date. | |||||||||||||||||||||||||||||||||||||||||
Also subsequent to March 31, 2015, Alabama Power issued $175 million additional aggregate principal amount of its Series 2015A 3.750% Senior Notes due March 1, 2045 (Additional Series 2015A Senior Notes) and $250 million aggregate principal amount of its Series 2015B 2.800% Senior Notes due April 1, 2025 (Series 2015B Senior Notes). A portion of the proceeds of the Additional Series 2015A Senior Notes and the Series 2015B Senior Notes will be used for the announced redemption on May 15, 2015 of 6.48 million shares ($162 million aggregate stated capital) of Alabama Power's 5.20% Class A Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date, 4.0 million shares ($100 million aggregate stated capital) of Alabama Power's 5.30% Class A Preferred Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date, and 6.0 million shares ($150 million aggregate stated capital) of Alabama Power's 5.625% Series Preference Stock at a redemption price of $25 per share plus accrued and unpaid dividends to the redemption date, and the remaining net proceeds will be used for general corporate purposes, including Alabama Power's continuous construction program. | |||||||||||||||||||||||||||||||||||||||||
Georgia Power | |||||||||||||||||||||||||||||||||||||||||
Subsequent to March 31, 2015, Georgia Power purchased and held $65 million aggregate principal amount of Development Authority of Burke County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Vogtle Project), Second Series 2008. Georgia Power may reoffer these bonds to the public at a later date. | |||||||||||||||||||||||||||||||||||||||||
Mississippi Power | |||||||||||||||||||||||||||||||||||||||||
Subsequent to March 31, 2015, Mississippi Power entered into two floating rate bank loans with a maturity date of April 1, 2016, in an aggregate principal amount of $475 million, bearing interest based on one-month LIBOR. The proceeds of these loans were used for the repayment of term loans in an aggregate principal amount of $275 million, working capital, and other general corporate purposes, including Mississippi Power's ongoing construction program. Mississippi Power also amended three outstanding floating rate bank loans for an aggregate principal amount of $425 million which, among other things, extended the maturity dates from various dates in 2015 to April 1, 2016. |
Retirement_Benefits
Retirement Benefits | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
RETIREMENT BENEFITS | RETIREMENT BENEFITS | ||||||||||||||||||||
Southern Company has a defined benefit, trusteed, pension plan covering substantially all employees. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2015. Southern Company also provides certain defined benefit pension plans for a selected group of management and highly compensated employees. Benefits under these non-qualified pension plans are funded on a cash basis. In addition, Southern Company provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional operating companies fund related other postretirement trusts to the extent required by their respective regulatory commissions. | |||||||||||||||||||||
See Note 2 to the financial statements of Southern Company, Alabama Power, Georgia Power, Gulf Power, and Mississippi Power in Item 8 of the Form 10-K for additional information. | |||||||||||||||||||||
Components of the net periodic benefit costs for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||
Pension Plans | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||
Company | Power | Power | Power | Power | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Service cost | $ | 64 | $ | 15 | $ | 18 | $ | 3 | $ | 3 | |||||||||||
Interest cost | 111 | 26 | 38 | 5 | 5 | ||||||||||||||||
Expected return on plan assets | (181 | ) | (45 | ) | (63 | ) | (8 | ) | (8 | ) | |||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 6 | 2 | 3 | — | — | ||||||||||||||||
Net (gain)/loss | 54 | 14 | 19 | 3 | 3 | ||||||||||||||||
Net cost | $ | 54 | $ | 12 | $ | 15 | $ | 3 | $ | 3 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Service cost | $ | 53 | $ | 12 | $ | 16 | $ | 3 | $ | 3 | |||||||||||
Interest cost | 109 | 26 | 38 | 5 | 5 | ||||||||||||||||
Expected return on plan assets | (161 | ) | (42 | ) | (57 | ) | (7 | ) | (7 | ) | |||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 6 | 1 | 3 | — | — | ||||||||||||||||
Net (gain)/loss | 28 | 8 | 10 | 1 | 1 | ||||||||||||||||
Net cost | $ | 35 | $ | 5 | $ | 10 | $ | 2 | $ | 2 | |||||||||||
Postretirement Benefits | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||
Company | Power | Power | Power | Power | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Service cost | $ | 6 | $ | 1 | $ | 2 | $ | — | $ | — | |||||||||||
Interest cost | 19 | 5 | 8 | 1 | 1 | ||||||||||||||||
Expected return on plan assets | (15 | ) | (6 | ) | (6 | ) | — | — | |||||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 1 | 1 | — | — | — | ||||||||||||||||
Net (gain)/loss | 5 | — | 3 | — | — | ||||||||||||||||
Net cost | $ | 16 | $ | 1 | $ | 7 | $ | 1 | $ | 1 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Service cost | $ | 5 | $ | 1 | $ | 2 | $ | — | $ | — | |||||||||||
Interest cost | 20 | 5 | 8 | 1 | 1 | ||||||||||||||||
Expected return on plan assets | (15 | ) | (6 | ) | (6 | ) | — | — | |||||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 1 | 1 | — | — | — | ||||||||||||||||
Net (gain)/loss | 1 | — | — | — | — | ||||||||||||||||
Net cost | $ | 12 | $ | 1 | $ | 4 | $ | 1 | $ | 1 | |||||||||||
Effective_Tax_Rate_and_Unrecog
Effective Tax Rate and Unrecognized Tax Benefits | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
EFFECTIVE TAX RATE AND UNRECOGNIZED TAX BENEFITS | EFFECTIVE TAX RATE AND UNRECOGNIZED TAX BENEFITS |
Effective Tax Rate | |
See Note 5 to the financial statements of each registrant in Item 8 of the Form 10-K for additional tax information. | |
Southern Company | |
Southern Company's effective tax rate is typically lower than the statutory rate due to its employee stock plans' dividend deduction and non-taxable AFUDC equity. | |
Southern Company's effective tax rate was 34.3% for the three months ended March 31, 2015 compared to 32.3% for the corresponding period in 2014. The effective tax rate increase was due to higher net income and beneficial changes that impacted 2014 state income taxes. | |
Mississippi Power | |
Mississippi Power's effective tax rate was 10.0% for the three months ended March 31, 2015 compared to (43.0)% for the corresponding period in 2014. The increase was primarily due to higher net income, partially offset by a decrease in non-taxable AFUDC equity related to the construction of the Kemper IGCC. | |
Southern Power | |
Southern Power's effective tax rate was 25.8% for the three months ended March 31, 2015 compared to 8.5% for the corresponding period in 2014. The increase was primarily due to beneficial changes that impacted 2014 state income taxes, which was partially offset by increased federal income tax benefits related to ITCs in the current year. | |
Unrecognized Tax Benefits | |
Southern Company reduced tax payments for 2014, and included in its 2013 consolidated federal income tax return deductions for R&E expenditures related to the Kemper IGCC. The Kemper IGCC is based on first-of-a-kind technology, and Mississippi Power and Southern Company believe that a significant portion of the plant costs qualify as deductible R&E under Internal Revenue Code Section 174. The IRS is currently reviewing the underlying support for the deduction, but has not completed its audit of these expenditures. Due to the uncertainty related to this tax position, Mississippi Power and Southern Company had related unrecognized tax benefits of approximately $211 million and associated interest of $3 million at March 31, 2015. | |
The ultimate outcome of this matter cannot be determined at this time. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | ||||||||||||||||||||||||
Southern Company, the traditional operating companies, and Southern Power are exposed to market risks, primarily commodity price risk and interest rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a gross basis. See Note (C) herein for additional information. In the statements of cash flows, the cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. | |||||||||||||||||||||||||
Energy-Related Derivatives | |||||||||||||||||||||||||
The traditional operating companies and Southern Power enter into energy-related derivatives to hedge exposures to electricity, gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional operating companies have limited exposure to market volatility in commodity fuel prices and prices of electricity. Each of the traditional operating companies manages fuel-hedging programs, implemented per the guidelines of their respective state PSCs, through the use of financial derivative contracts, which is expected to continue to mitigate price volatility. The traditional operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in commodity fuel prices and prices of electricity because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted wholesale generating capacity is used to sell electricity. | |||||||||||||||||||||||||
To mitigate residual risks relative to movements in electricity prices, the traditional operating companies and Southern Power may enter into physical fixed-price contracts for the purchase and sale of electricity through the wholesale electricity market. To mitigate residual risks relative to movements in gas prices, the traditional operating companies and Southern Power may enter into fixed-price contracts for natural gas purchases; however, a significant portion of contracts are priced at market. | |||||||||||||||||||||||||
Energy-related derivative contracts are accounted for under one of three methods: | |||||||||||||||||||||||||
• | Regulatory Hedges — Energy-related derivative contracts which are designated as regulatory hedges relate primarily to the traditional operating companies' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. | ||||||||||||||||||||||||
• | Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges which are mainly used to hedge anticipated purchases and sales and are initially deferred in OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. | ||||||||||||||||||||||||
• | Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. | ||||||||||||||||||||||||
Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric industry. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. | |||||||||||||||||||||||||
At March 31, 2015, the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: | |||||||||||||||||||||||||
Net | Longest | Longest | |||||||||||||||||||||||
Purchased | Hedge | Non-Hedge | |||||||||||||||||||||||
mmBtu | Date | Date | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Southern Company | 241 | 2020 | 2017 | ||||||||||||||||||||||
Alabama Power | 54 | 2018 | — | ||||||||||||||||||||||
Georgia Power | 44 | 2017 | — | ||||||||||||||||||||||
Gulf Power | 92 | 2020 | — | ||||||||||||||||||||||
Mississippi Power | 49 | 2018 | — | ||||||||||||||||||||||
Southern Power | 2 | — | 2017 | ||||||||||||||||||||||
In addition to the volumes discussed in the above table, the traditional operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 4 million mmBtu for Southern Company, 3 million mmBtu for Georgia Power, and 1 million mmBtu for Southern Power. | |||||||||||||||||||||||||
For cash flow hedges, the amounts expected to be reclassified from accumulated OCI to earnings for the next 12-month period ending March 31, 2016 are immaterial for all registrants. | |||||||||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||||||
Southern Company and certain subsidiaries may also enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings, providing an offset, with any difference representing ineffectiveness. | |||||||||||||||||||||||||
At March 31, 2015, the following interest rate derivatives were outstanding: | |||||||||||||||||||||||||
Notional | Interest | Weighted | Hedge | Fair Value | |||||||||||||||||||||
Amount | Rate | Average | Maturity | Gain (Loss) at March 31, | |||||||||||||||||||||
Received | Interest | Date | 2015 | ||||||||||||||||||||||
Rate Paid | |||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||
Cash Flow Hedges of Forecasted Debt | |||||||||||||||||||||||||
Alabama Power | $ | 200 | 3-month | 2.93% | Oct-25 | $ | (14 | ) | |||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Georgia Power | 350 | 3-month | 2.57% | May-25 | (17 | ) | |||||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Georgia Power | 350 | 3-month | 2.57% | Nov-25 | (13 | ) | |||||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Cash Flow Hedges of Existing Debt | |||||||||||||||||||||||||
Georgia Power | 250 | 3-month | 0.75% | Mar-16 | — | ||||||||||||||||||||
LIBOR + 0.32% | |||||||||||||||||||||||||
Georgia Power | 200 | 3-month | 1.01% | Aug-16 | — | ||||||||||||||||||||
LIBOR + 0.40% | |||||||||||||||||||||||||
Fair Value Hedges on Existing Debt | |||||||||||||||||||||||||
Southern Company | 250 | 1.30% | 3-month | Aug-17 | 1 | ||||||||||||||||||||
LIBOR + 0.17% | |||||||||||||||||||||||||
Georgia Power | 250 | 5.40% | 3-month | Jun-18 | 2 | ||||||||||||||||||||
LIBOR + 4.02% | |||||||||||||||||||||||||
Georgia Power | 200 | 4.25% | 3-month | Dec-19 | 4 | ||||||||||||||||||||
LIBOR + 2.46% | |||||||||||||||||||||||||
Total | $ | 2,050 | $ | (37 | ) | ||||||||||||||||||||
The estimated pre-tax gains (losses) that will be reclassified from accumulated OCI to interest expense for the next 12-month period ending March 31, 2016 are immaterial for all registrants. Southern Company and certain subsidiaries have deferred gains and losses that are expected to be amortized into earnings through 2037. | |||||||||||||||||||||||||
Derivative Financial Statement Presentation and Amounts | |||||||||||||||||||||||||
At March 31, 2015, the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: | |||||||||||||||||||||||||
Asset Derivatives at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and Balance Sheet Location | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 6 | $ | 1 | $ | 5 | $ | — | $ | — | |||||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | — | $ | 5 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Total asset derivatives | $ | 15 | $ | 1 | $ | 12 | $ | — | $ | — | $ | — | |||||||||||||
Liability Derivatives at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Balance Sheet Location | Company | Power | Power | Power | Power | Power | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 117 | $ | 33 | $ | 21 | $ | 37 | $ | 26 | |||||||||||||||
Other deferred credits and liabilities | 108 | 26 | 3 | 53 | 26 | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 225 | $ | 59 | $ | 24 | $ | 90 | $ | 52 | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 45 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred credits and liabilities | 1 | — | — | — | — | — | |||||||||||||||||||
Total derivatives designed as hedging instruments in cash flow and fair value hedges | $ | 46 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Total liability derivatives | $ | 271 | $ | 73 | $ | 55 | $ | 90 | $ | 52 | $ | — | |||||||||||||
(*) Georgia Power and Gulf Power include current liabilities related to derivatives designated as hedging instruments in "Liabilities from risk management activities." | |||||||||||||||||||||||||
At December 31, 2014, the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: | |||||||||||||||||||||||||
Asset Derivatives at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and Balance Sheet Location | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | |||||||||||||||
Other deferred charges and assets | — | — | 1 | — | — | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 7 | $ | 1 | $ | 7 | $ | — | $ | — | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | — | $ | 5 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets(*) | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||
Total asset derivatives | $ | 21 | $ | 1 | $ | 13 | $ | — | $ | — | $ | 5 | |||||||||||||
(*) Southern Power includes current assets related to derivatives not designated as hedging instruments in "Assets from risk management activities." | |||||||||||||||||||||||||
Liability Derivatives at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and | Southern | Alabama | Georgia | Gulf | Mississippi | Southern Power | |||||||||||||||||||
Balance Sheet Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 118 | $ | 32 | $ | 23 | $ | 37 | $ | 26 | |||||||||||||||
Other deferred credits and liabilities | 79 | 21 | 4 | 35 | 19 | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 197 | $ | 53 | $ | 27 | $ | 72 | $ | 45 | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 17 | $ | 8 | $ | 9 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred credits and liabilities | 7 | — | 5 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 24 | $ | 8 | $ | 14 | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||
Total liability derivatives | $ | 225 | $ | 61 | $ | 41 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
(*) Georgia Power and Gulf Power include current liabilities related to derivatives designated as hedging instruments in "Liabilities from risk management activities." | |||||||||||||||||||||||||
The derivative contracts of Southern Company, the traditional operating companies, and Southern Power are not subject to master netting arrangements or similar agreements and are reported gross on each registrant's financial statements. Some of these energy-related and interest rate derivative contracts may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Amounts related to energy-related derivative contracts and interest rate derivative contracts at March 31, 2015 and December 31, 2014 are presented in the following tables. | |||||||||||||||||||||||||
Derivative Contracts at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Southern | Alabama | Georgia | Gulf | Mississippi | Southern | ||||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (6 | ) | (1 | ) | (6 | ) | — | — | — | ||||||||||||||||
Net energy-related derivative assets | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (2 | ) | — | (2 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative assets | $ | 6 | $ | — | $ | 4 | $ | — | $ | — | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 225 | $ | 59 | $ | 24 | $ | 90 | $ | 52 | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (6 | ) | (1 | ) | (6 | ) | — | — | — | ||||||||||||||||
Net energy-related derivative liabilities | $ | 219 | $ | 58 | $ | 18 | $ | 90 | $ | 52 | $ | — | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 46 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (2 | ) | — | (2 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative liabilities | $ | 44 | $ | 14 | $ | 29 | $ | — | $ | — | $ | — | |||||||||||||
(a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. | |||||||||||||||||||||||||
(b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. | |||||||||||||||||||||||||
Derivative Contracts at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Southern | Alabama | Georgia | Gulf | Mississippi | Southern | ||||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 13 | $ | 1 | $ | 7 | $ | — | $ | — | $ | 5 | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (9 | ) | — | (7 | ) | — | — | — | |||||||||||||||||
Net energy-related derivative assets | $ | 4 | $ | 1 | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (8 | ) | — | (6 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 201 | $ | 53 | $ | 27 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (9 | ) | — | (7 | ) | — | — | — | |||||||||||||||||
Net energy-related derivative liabilities | $ | 192 | $ | 53 | $ | 20 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 24 | $ | 8 | $ | 14 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (8 | ) | — | (6 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative liabilities | $ | 16 | $ | 8 | $ | 8 | $ | — | $ | — | $ | — | |||||||||||||
(a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. | |||||||||||||||||||||||||
(b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: | |||||||||||||||||||||||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at March 31, 2015 | |||||||||||||||||||||||||
Derivative Category and Balance Sheet | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||||||
Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other regulatory assets, current | $ | (117 | ) | $ | (33 | ) | $ | (21 | ) | $ | (37 | ) | $ | (26 | ) | ||||||||||
Other regulatory assets, deferred | (108 | ) | (26 | ) | (3 | ) | (53 | ) | (26 | ) | |||||||||||||||
Other regulatory liabilities, current (a) | 6 | 1 | 5 | — | — | ||||||||||||||||||||
Other regulatory liabilities, deferred (b) | 1 | — | 1 | — | — | ||||||||||||||||||||
Total energy-related derivative gains (losses) | $ | (218 | ) | $ | (58 | ) | $ | (18 | ) | $ | (90 | ) | $ | (52 | ) | ||||||||||
(a) Southern Company and Georgia Power include other regulatory liabilities, current in other current liabilities. | |||||||||||||||||||||||||
(b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. | |||||||||||||||||||||||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at December 31, 2014 | |||||||||||||||||||||||||
Derivative Category and Balance Sheet | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||||||
Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other regulatory assets, current | $ | (118 | ) | $ | (32 | ) | $ | (23 | ) | $ | (37 | ) | $ | (26 | ) | ||||||||||
Other regulatory assets, deferred | (79 | ) | (21 | ) | (4 | ) | (35 | ) | (19 | ) | |||||||||||||||
Other regulatory liabilities, current (a) | 7 | 1 | 6 | — | — | ||||||||||||||||||||
Other regulatory liabilities, deferred (b) | — | — | 1 | — | — | ||||||||||||||||||||
Total energy-related derivative gains (losses) | $ | (190 | ) | $ | (52 | ) | $ | (20 | ) | $ | (72 | ) | $ | (45 | ) | ||||||||||
(a) Southern Company and Georgia Power include other regulatory liabilities, current in other current liabilities. | |||||||||||||||||||||||||
(b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments on the statements of income were as follows: | |||||||||||||||||||||||||
Derivatives in Cash Flow | Gain (Loss) | Gain (Loss) Reclassified from Accumulated OCI into | |||||||||||||||||||||||
Hedging Relationships | Recognized in OCI | Income (Effective Portion) | |||||||||||||||||||||||
on Derivative | |||||||||||||||||||||||||
(Effective Portion) | Statements of Income Location | Amount | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||
Southern Company | |||||||||||||||||||||||||
Interest rate derivatives | $ | (29 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (2 | ) | $ | (2 | ) | |||||||||||||
Alabama Power | |||||||||||||||||||||||||
Interest rate derivatives | $ | (6 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (1 | ) | $ | (1 | ) | |||||||||||||
Georgia Power | |||||||||||||||||||||||||
Interest rate derivatives | $ | (23 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (1 | ) | $ | (1 | ) | |||||||||||||
For the three months ended March 31, 2015 and 2014, the pre-tax effects of energy-related derivatives designated as cash flow hedging instruments recognized in OCI and those reclassified from accumulated OCI into earnings were immaterial for all registrants. | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were immaterial on a gross basis for all registrants. Furthermore, the pre-tax effects of interest rate derivatives designated as fair value hedging instruments were offset by changes to the carrying value of long-term debt. | |||||||||||||||||||||||||
There was no material ineffectiveness recorded in earnings for any registrant for any period presented. | |||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the pre-tax effects of energy-related derivatives not designated as hedging instruments were immaterial for all registrants. | |||||||||||||||||||||||||
Contingent Features | |||||||||||||||||||||||||
The registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. At March 31, 2015, the registrants' collateral posted with their derivative counterparties was immaterial. | |||||||||||||||||||||||||
At March 31, 2015, the fair value of derivative liabilities with contingent features was $59 million for all registrants. The maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were $59 million and include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade. | |||||||||||||||||||||||||
Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. If collateral is required, fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral are not offset against fair value amounts recognized for derivatives executed with the same counterparty. | |||||||||||||||||||||||||
Southern Company, the traditional operating companies, and Southern Power are exposed to losses related to financial instruments in the event of counterparties' nonperformance. Southern Company, the traditional operating companies, and Southern Power only enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's and S&P or with counterparties who have posted collateral to cover potential credit exposure. Southern Company, the traditional operating companies, and Southern Power have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate Southern Company's, the traditional operating companies', and Southern Power's exposure to counterparty credit risk. Therefore, Southern Company, the traditional operating companies, and Southern Power do not anticipate a material adverse effect on the financial statements as a result of counterparty nonperformance. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS |
During 2015, Southern Power Company acquired or contracted to acquire the following projects in accordance with its overall growth strategy. | |
Decatur County Solar Projects | |
On February 19, 2015, Southern Power Company acquired all of the outstanding membership interests of Decatur Parkway Solar Project, LLC and Decatur County Solar Project, LLC from TradeWind Energy, Inc. as part of Southern Power's plans to build two solar photovoltaic facilities: the Decatur Parkway Solar Project and the Decatur County Solar Project. These two projects, approximately 80 MWs and 19 MWs, respectively, will be constructed on separate sites in Decatur County, Georgia. Construction of the Decatur Parkway Solar Project commenced in February 2015, while construction of the Decatur County Solar Project is expected to commence in June 2015. Both projects are expected to begin commercial operation in late 2015, and the entire output of each project is contracted to Georgia Power. The Decatur Parkway Solar Project is contracted under a 25-year PPA and the Decatur County Solar Project is contracted under a separate 20-year PPA. Construction costs incurred through March 31, 2015 were $32 million. | |
The total estimated cost of the facilities is expected to be between $200 million and $220 million, which includes the acquisition price for all of the outstanding membership interests of Decatur Parkway Solar Project, LLC and Decatur County Solar Project, LLC from TradeWind Energy, Inc. The ultimate outcome of these matters cannot be determined at this time. | |
Kay County Wind Facility | |
On February 24, 2015, Southern Power Company, through its wholly-owned subsidiary Southern Renewable Energy, Inc., entered into a purchase agreement with Kay Wind Holdings, LLC, a wholly-owned subsidiary of Apex Clean Energy Holdings, LLC, the developer of the project, to acquire all of the outstanding membership interests of Kay Wind, LLC (Kay Wind). Kay Wind is constructing and owns an approximately 299-MW wind facility in Kay County, Oklahoma. The wind facility is expected to begin commercial operation in late 2015, and the entire output of the facility is contracted under separate 20-year PPAs with Westar Energy, Inc. and Grand River Dam Authority. | |
In March 2015, Kay Wind obtained the necessary financing for the construction of the facility, and Southern Power Company's acquisition is expected to close in the fourth quarter 2015. The purchase price is expected to be approximately $492 million, with potential purchase price adjustments based on performance testing, and is included in Southern Power's capital program estimates for 2015. The completion of the acquisition is subject to Kay Wind achieving certain construction and project milestones, and various other customary conditions to closing. The ultimate outcome of this matter cannot be determined at this time. | |
Butler Solar Project | |
On March 12, 2015, Southern Power Company entered into a purchase agreement with CERSM, LLC and Community Energy, Inc. to acquire all of the outstanding membership interests of Butler Solar LLC as part of Southern Power's plans to build an approximately 100-MW solar photovoltaic facility in Taylor County, Georgia. Construction of the project is expected to commence in July 2015, with commercial operation expected to begin in December 2016. The entire output of the project is contracted to Georgia Power under a 30-year PPA. | |
Southern Power Company's acquisition of Butler Solar LLC is expected to close later in May 2015 and the total estimated cost of the facility is expected to be between $220 million and $230 million, which includes the acquisition price for all of the outstanding membership interests of Butler Solar LLC from CERSM, LLC and Community Energy, Inc. The completion of the acquisition is subject to customary conditions to closing. The ultimate outcome of this matter cannot be determined at this time. | |
Subsequent Events | |
Lost Hills-Blackwell Solar Facilities | |
On April 15, 2015, Southern Power Company, through its subsidiary Southern Renewable Partnerships, LLC (SRP), acquired 100% of the class A membership interests of Lost Hills Blackwell Holdings, LLC (Lost Hills Blackwell) from a wholly-owned subsidiary of First Solar, Inc. (First Solar), the developer of the project, for approximately $74 million. Concurrently, a wholly-owned subsidiary of First Solar acquired 100% of the class B membership interests of Lost Hills Blackwell for approximately $34 million. SRP and the class B member are entitled to 51% and 49%, respectively, of all cash distributions from Lost Hills Blackwell. In addition, Southern Power Company is entitled to substantially all of the federal tax benefits with respect to the transaction. Lost Hills Blackwell constructed and owns the approximately 20-MW Lost Hills and the approximately 12-MW Blackwell solar facilities in Kern County, California. These solar facilities began commercial operation on April 17, 2015, and their entire output is contracted under PPAs, initially to the City of Roseville and then to Pacific Gas and Electric Company, that together extend approximately 29 years. | |
Pawpaw Solar Project | |
On April 22, 2015, Southern Power Company entered into a purchase agreement with Longview Solar, LLC to acquire all of the outstanding membership interests of LS – Pawpaw, LLC as part of Southern Power Company's plans to build an approximately 30-MW solar photovoltaic facility in Taylor County, Georgia. Construction of the project is expected to commence in June 2015, with commercial operation expected to begin in December 2015. The entire output of the project is contracted to Georgia Power under a 30-year PPA. | |
Southern Power Company's acquisition of LS – Pawpaw, LLC is expected to close later in May 2015 and the total estimated cost of the facility is expected to be between $65 million and $75 million, which includes the acquisition price for all of the outstanding membership interests of LS – Pawpaw, LLC from Longview Solar, LLC. The completion of the acquisition is subject to customary conditions to closing. The ultimate outcome of this matter cannot be determined at this time. | |
North Star Solar Facility | |
On April 30, 2015, Southern Power Company, through its subsidiary SRP, acquired 100% of the class A membership interests of NS Solar Holdings, LLC (North Star) from a wholly-owned subsidiary of First Solar, the developer of the project, for approximately $208 million. Concurrently, a wholly-owned subsidiary of First Solar acquired 100% of the class B membership interests of North Star for approximately $99 million. SRP and the class B member are entitled to 51% and 49%, respectively, of all cash distributions from North Star. In addition, Southern Power Company is entitled to substantially all of the federal tax benefits with respect to the transaction. North Star is constructing and owns the approximately 60-MW North Star solar facility in Fresno County, California, which is expected to begin commercial operation in June 2015. The entire output of the project is contracted under a 20-year PPA with Pacific Gas and Electric Company. The ultimate outcome of this matter cannot be determined at this time. |
Segment_and_Related_Informatio
Segment and Related Information | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION | |||||||||||||||||||||||||||
The primary business of the Southern Company system is electricity sales by the traditional operating companies and Southern Power. The four traditional operating companies – Alabama Power, Georgia Power, Gulf Power, and Mississippi Power – are vertically integrated utilities providing electric service in four Southeastern states. Southern Power constructs, acquires, owns, and manages generation assets, including renewable energy projects, and sells electricity at market-based rates in the wholesale market. | ||||||||||||||||||||||||||||
Southern Company's reportable business segments are the sale of electricity by the four traditional operating companies and Southern Power. Revenues from sales by Southern Power to the traditional operating companies were $114 million and $72 million for the three months ended March 31, 2015 and March 31, 2014, respectively. The "All Other" column includes parent Southern Company, which does not allocate operating expenses to business segments. Also, this category includes segments below the quantitative threshold for separate disclosure. These segments include investments in telecommunications and leveraged lease projects. All other inter-segment revenues are not material. Financial data for business segments and products and services for the three months ended March 31, 2015 and 2014 was as follows: | ||||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||
Traditional | Southern | Eliminations | Total | All | Eliminations | Consolidated | ||||||||||||||||||||||
Operating | Power | Other | ||||||||||||||||||||||||||
Companies | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015: | ||||||||||||||||||||||||||||
Operating revenues | $ | 3,948 | $ | 348 | $ | (124 | ) | $ | 4,172 | $ | 40 | $ | (29 | ) | $ | 4,183 | ||||||||||||
Segment net income (loss)(a)(b) | 477 | 33 | — | 510 | 3 | (5 | ) | 508 | ||||||||||||||||||||
Total assets at March 31, 2015 | $ | 65,530 | $ | 5,564 | $ | (273 | ) | $ | 70,821 | $ | 1,091 | $ | (302 | ) | $ | 71,610 | ||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||||||||
Operating revenues | $ | 4,378 | $ | 351 | $ | (102 | ) | $ | 4,627 | $ | 41 | $ | (24 | ) | $ | 4,644 | ||||||||||||
Segment net income (loss)(a)(b) | 318 | 33 | — | 351 | — | — | 351 | |||||||||||||||||||||
Total assets at December 31, 2014 | $ | 64,644 | $ | 5,550 | $ | (131 | ) | $ | 70,063 | $ | 1,156 | $ | (296 | ) | $ | 70,923 | ||||||||||||
(a) After dividends on preferred and preference stock of subsidiaries. | ||||||||||||||||||||||||||||
(b) Segment net income (loss) for the traditional operating companies for the three months ended March 31, 2015 and March 31, 2014 includes a $9 million pre-tax charge ($6 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information. | ||||||||||||||||||||||||||||
Products and Services | ||||||||||||||||||||||||||||
Electric Utilities' Revenues | ||||||||||||||||||||||||||||
Period | Retail | Wholesale | Other | Total | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | $ | 3,542 | $ | 467 | $ | 163 | $ | 4,172 | ||||||||||||||||||||
Three Months Ended March 31, 2014 | 3,858 | 604 | 165 | 4,627 | ||||||||||||||||||||||||
Introduction_Policies
Introduction (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Reclassification | Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the results of operations, financial position, or cash flows of any registrant. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (FASB) issued ASC 606, Revenue from Contracts with Customers. ASC 606 revises the accounting for revenue recognition. On April 29, 2015, the FASB issued an exposure draft proposing the standard be effective for fiscal years beginning after December 15, 2017. The registrants continue to evaluate the requirements of ASC 606. The ultimate impact of the new standard has not yet been determined. | ||
On February 18, 2015, the FASB issued Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis, which makes certain changes to both the variable interest model and the voting model, including changes to the identification of variable interests, the variable interest entity characteristics for a limited partnership or similar entity, and the primary beneficiary determination. This ASU is effective for fiscal years beginning after December 15, 2015. Southern Power is currently evaluating these requirements. The ultimate impact of this ASU on Southern Power has not yet been determined. | ||
On April 7, 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability and is effective for fiscal years beginning after December 15, 2015. Southern Company currently reflects unamortized debt issuance costs in unamortized debt issuance expense on its balance sheet. The traditional operating companies and Southern Power currently reflect unamortized debt issuance costs in other deferred charges and assets on their balance sheets. Upon adoption, the reclassification will not have a material impact on the results of operations, financial position, or cash flows of any registrant. | ||
Valuation Methodologies | Valuation Methodologies | |
The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter financial products valued using the market approach. Inputs for interest rate derivatives include LIBOR interest rates, interest rate futures contracts, and occasionally, implied volatility of interest rate options. See Note (H) herein for additional information on how these derivatives are used. | ||
For fair value measurements of the investments within the nuclear decommissioning trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgment, are also obtained when available. | ||
Investments in private equity and real estate within Alabama Power's nuclear decommissioning trusts are generally classified as Level 3, as the underlying assets typically do not have observable inputs. The fund manager values these assets using various inputs and techniques depending on the nature of the underlying investments. The fair value of partnerships is determined by aggregating the value of the underlying assets. | ||
"Other investments" include investments that are not traded in the open market. The fair value of these investments have been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions. | ||
Earnings per Share | Earnings per Share | |
For Southern Company, the only difference in computing basic and diluted earnings per share is attributable to awards outstanding under the stock option and performance share plans. See Note 8 to the financial statements of Southern Company in Item 8 of the Form 10-K for information on the stock option and performance share plans. The effect of both stock options and performance share award units was determined using the treasury stock method. | ||
Energy-Related Derivatives and Interest Rate Derivatives | Interest Rate Derivatives | |
Southern Company and certain subsidiaries may also enter into interest rate derivatives to hedge exposure to changes in interest rates. The derivatives employed as hedging instruments are structured to minimize ineffectiveness. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the effective portion of the derivatives' fair value gains or losses is recorded in OCI and is reclassified into earnings at the same time the hedged transactions affect earnings, with any ineffectiveness recorded directly to earnings. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings, providing an offset, with any difference representing ineffectiveness. | ||
Energy-Related Derivatives | ||
The traditional operating companies and Southern Power enter into energy-related derivatives to hedge exposures to electricity, gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional operating companies have limited exposure to market volatility in commodity fuel prices and prices of electricity. Each of the traditional operating companies manages fuel-hedging programs, implemented per the guidelines of their respective state PSCs, through the use of financial derivative contracts, which is expected to continue to mitigate price volatility. The traditional operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in commodity fuel prices and prices of electricity because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted wholesale generating capacity is used to sell electricity. | ||
To mitigate residual risks relative to movements in electricity prices, the traditional operating companies and Southern Power may enter into physical fixed-price contracts for the purchase and sale of electricity through the wholesale electricity market. To mitigate residual risks relative to movements in gas prices, the traditional operating companies and Southern Power may enter into fixed-price contracts for natural gas purchases; however, a significant portion of contracts are priced at market. | ||
Energy-related derivative contracts are accounted for under one of three methods: | ||
• | Regulatory Hedges — Energy-related derivative contracts which are designated as regulatory hedges relate primarily to the traditional operating companies' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through the respective fuel cost recovery clauses. | |
• | Cash Flow Hedges — Gains and losses on energy-related derivatives designated as cash flow hedges which are mainly used to hedge anticipated purchases and sales and are initially deferred in OCI before being recognized in the statements of income in the same period as the hedged transactions are reflected in earnings. | |
• | Not Designated — Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred. | |
Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric industry. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered. |
Introduction_Tables
Introduction (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Schedule of Asset Retirement Obligations | In the second quarter 2015, Southern Company and the traditional operating companies expect to record incremental asset retirement obligations (ARO) related to the CCR Rule in amounts currently estimated to fall within the following ranges: | |||||||
Low | High | |||||||
(in millions) | ||||||||
Southern Company | $ | 525 | $ | 575 | ||||
Alabama Power | $ | 330 | $ | 350 | ||||
Georgia Power | $ | 10 | $ | 20 | ||||
Gulf Power | $ | 70 | $ | 80 | ||||
Mississippi Power | $ | 75 | $ | 85 | ||||
Contingencies_and_Regulatory_M1
Contingencies and Regulatory Matters (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of Recovery Balance of Each Regulatory Clause | The recovery balance of each regulatory clause follows: | |||||||||||
Regulatory Clause | Balance Sheet Line Item | March 31, 2015 | December 31, | |||||||||
2014 | ||||||||||||
(in millions) | ||||||||||||
Rate CNP Compliance – Under* | Deferred under recovered regulatory clause revenues | $ | 25 | $ | 2 | |||||||
Under recovered regulatory clause revenues, current | 16 | 47 | ||||||||||
Rate CNP PPA – Under | Deferred under recovered regulatory clause revenues | 62 | 29 | |||||||||
Under recovered regulatory clause revenues, current | — | 27 | ||||||||||
Retail Energy Cost Recovery – Over | Deferred over recovered regulatory clause revenues | 81 | 47 | |||||||||
Natural Disaster Reserve | Other regulatory liabilities, deferred | 82 | 84 | |||||||||
* Formerly Known As Rate CNP Environmental | ||||||||||||
Recovery Position of Each Regulatory Clause | The recovery balance of each regulatory clause follows: | |||||||||||
Recovery Clause | Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||
(in millions) | ||||||||||||
Fuel Cost Recovery – Under | Under recovered regulatory clause revenues | $ | 32 | $ | 40 | |||||||
Purchased Power Capacity Recovery – Under | Under recovered regulatory clause revenues | 3 | — | |||||||||
Environmental Cost Recovery – Under | Under recovered regulatory clause revenues | 12 | 10 | |||||||||
Energy Conservation Cost Recovery – Under | Under recovered regulatory clause revenues | 1 | 3 | |||||||||
Current And Actual Cost Estimate for Kemper IGCC | Mississippi Power's Kemper IGCC 2010 project estimate, current cost estimate (which includes the impacts of the Mississippi Supreme Court's (Court) decision), and actual costs incurred as of March 31, 2015, as adjusted for the Court's decision, are as follows: | |||||||||||
Cost Category | 2010 Project Estimate(f) | Current Estimate | Actual Costs at March 31, 2015 | |||||||||
(in billions) | ||||||||||||
Plant Subject to Cost Cap(a) | $ | 2.4 | $ | 4.94 | $ | 4.37 | ||||||
Lignite Mine and Equipment | 0.21 | 0.23 | 0.23 | |||||||||
CO2 Pipeline Facilities | 0.14 | 0.11 | 0.1 | |||||||||
AFUDC(b)(c) | 0.17 | 0.64 | 0.48 | |||||||||
Combined Cycle and Related Assets Placed in | — | 0.02 | — | |||||||||
Service – Incremental(d) | ||||||||||||
General Exceptions | 0.05 | 0.1 | 0.08 | |||||||||
Deferred Costs(c)(e) | — | 0.18 | 0.14 | |||||||||
Total Kemper IGCC(a)(c) | $ | 2.97 | $ | 6.22 | $ | 5.4 | ||||||
(a) | The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion, net of the DOE Grants and excluding the Cost Cap Exceptions. The Current Estimate and Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" for additional information. | |||||||||||
(b) | Mississippi Power's original estimate included recovery of financing costs during construction rather than the accrual of AFUDC. This approach was not approved by the Mississippi PSC in 2012 as described in "Rate Recovery of Kemper IGCC Costs." The current estimate includes an approximately $9 million increase in AFUDC related to a settlement agreement with the wholesale customers for cost-based rates under FERC's jurisdiction. See "FERC Matters" herein for additional information. | |||||||||||
(c) | Amounts in the Current Estimate reflect estimated costs through March 31, 2016. | |||||||||||
(d) | Incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014, net of costs related to energy sales. See "Rate Recovery of Kemper IGCC Costs – 2013 MPSC Rate Order" for additional information. | |||||||||||
(e) | The 2012 MPSC CPCN Order approved deferral of non-capital Kemper IGCC-related costs during construction as described in "Rate Recovery of Kemper IGCC Costs – Regulatory Assets and Liabilities." | |||||||||||
(f) | The 2010 Project Estimate is the certificated cost estimate adjusted to include the certificated estimate for the CO2 pipeline facilities which was approved in 2011 by the Mississippi PSC. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | As of March 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with the level of the fair value hierarchy in which they fall, were as follows: | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
As of March 31, 2015: | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(in millions) | |||||||||||||||||
Southern Company | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 7 | $ | — | $ | 7 | |||||||||
Interest rate derivatives | — | 8 | — | 8 | |||||||||||||
Nuclear decommissioning trusts(a) | 632 | 937 | 4 | 1,573 | |||||||||||||
Cash equivalents | 863 | — | — | 863 | |||||||||||||
Other investments | 9 | — | 1 | 10 | |||||||||||||
Total | $ | 1,504 | $ | 952 | $ | 5 | $ | 2,461 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 225 | $ | — | $ | 225 | |||||||||
Interest rate derivatives | — | 46 | — | 46 | |||||||||||||
Total | $ | — | $ | 271 | $ | — | $ | 271 | |||||||||
Alabama Power | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||
Nuclear decommissioning trusts(b) | |||||||||||||||||
Domestic equity | 393 | 90 | — | 483 | |||||||||||||
Foreign equity | 36 | 65 | — | 101 | |||||||||||||
U.S. Treasury and government agency securities | — | 34 | — | 34 | |||||||||||||
Corporate bonds | 10 | 113 | — | 123 | |||||||||||||
Mortgage and asset backed securities | — | 18 | — | 18 | |||||||||||||
Other | — | 6 | 4 | 10 | |||||||||||||
Cash equivalents | 287 | — | — | 287 | |||||||||||||
Total | $ | 726 | $ | 327 | $ | 4 | $ | 1,057 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||
Interest rate derivatives | — | 14 | — | 14 | |||||||||||||
Total | $ | — | $ | 73 | $ | — | $ | 73 | |||||||||
Fair Value Measurements Using | |||||||||||||||||
As of March 31, 2015: | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(in millions) | |||||||||||||||||
Georgia Power | |||||||||||||||||
Assets: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 6 | $ | — | $ | 6 | |||||||||
Interest rate derivatives | — | 6 | — | 6 | |||||||||||||
Nuclear decommissioning trusts(b) (c) | |||||||||||||||||
Domestic equity | 182 | 2 | — | 184 | |||||||||||||
Foreign equity | — | 126 | — | 126 | |||||||||||||
U.S. Treasury and government agency securities | — | 86 | — | 86 | |||||||||||||
Municipal bonds | — | 92 | — | 92 | |||||||||||||
Corporate bonds | — | 192 | — | 192 | |||||||||||||
Mortgage and asset backed securities | — | 107 | — | 107 | |||||||||||||
Other | 11 | 6 | — | 17 | |||||||||||||
Cash equivalents | 406 | — | — | 406 | |||||||||||||
Total | $ | 599 | $ | 623 | $ | — | $ | 1,222 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | $ | — | $ | 24 | $ | — | $ | 24 | |||||||||
Interest rate derivatives | — | 31 | — | 31 | |||||||||||||
Total | $ | — | $ | 55 | $ | — | $ | 55 | |||||||||
Gulf Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | — | 90 | — | 90 | |||||||||||||
Mississippi Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 110 | $ | — | $ | — | $ | 110 | |||||||||
Liabilities: | |||||||||||||||||
Energy-related derivatives | — | 52 | — | 52 | |||||||||||||
Southern Power | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 3 | $ | — | $ | — | $ | 3 | |||||||||
(a) | For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. | ||||||||||||||||
(b) | Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. | ||||||||||||||||
(c) | Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of March 31, 2015, approximately $50 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan and pledged to creditors under the funds' managers' securities lending program. | ||||||||||||||||
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | As of March 31, 2015, the fair value measurements of investments calculated at net asset value per share (or its equivalent), as well as the nature and risks of those investments, were as follows: | ||||||||||||||||
As of March 31, 2015: | Fair | Unfunded | Redemption | Redemption | |||||||||||||
Value | Commitments | Frequency | Notice Period | ||||||||||||||
(in millions) | |||||||||||||||||
Southern Company | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Foreign equity funds | $ | 126 | None | Monthly | 5 days | ||||||||||||
Equity - commingled funds | 65 | None | Daily/Monthly | Daily/7 days | |||||||||||||
Debt - commingled funds | 16 | None | Daily | 5 days | |||||||||||||
Other - commingled funds | 6 | None | Daily | Not applicable | |||||||||||||
Other - money market funds | 11 | None | Daily | Not applicable | |||||||||||||
Trust-owned life insurance | 118 | None | Daily | 15 days | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 863 | None | Daily | Not applicable | |||||||||||||
Alabama Power | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Equity - commingled funds | $ | 65 | None | Daily/Monthly | Daily/7 days | ||||||||||||
Debt - commingled funds | 16 | None | Daily | 5 days | |||||||||||||
Trust-owned life insurance | 118 | None | Daily | 15 days | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 287 | None | Daily | Not applicable | |||||||||||||
Georgia Power | |||||||||||||||||
Nuclear decommissioning trusts: | |||||||||||||||||
Foreign equity funds | $ | 126 | None | Monthly | 5 days | ||||||||||||
Other - commingled funds | 6 | None | Daily | Not applicable | |||||||||||||
Other - money market funds | 11 | None | Daily | Not applicable | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 406 | None | Daily | Not applicable | |||||||||||||
Gulf Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 18 | None | Daily | Not applicable | ||||||||||||
Mississippi Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 110 | None | Daily | Not applicable | ||||||||||||
Southern Power | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3 | None | Daily | Not applicable | ||||||||||||
Financial instruments for which carrying amount did not equal fair value | As of March 31, 2015, other financial instruments for which the carrying amount did not equal fair value were as follows: | ||||||||||||||||
Carrying | Fair | ||||||||||||||||
Amount | Value | ||||||||||||||||
(in millions) | |||||||||||||||||
Long-term debt: | |||||||||||||||||
Southern Company | $ | 24,241 | $ | 26,350 | |||||||||||||
Alabama Power | $ | 6,922 | $ | 7,696 | |||||||||||||
Georgia Power | $ | 9,801 | $ | 10,733 | |||||||||||||
Gulf Power | $ | 1,370 | $ | 1,501 | |||||||||||||
Mississippi Power | $ | 2,251 | $ | 2,323 | |||||||||||||
Southern Power | $ | 1,621 | $ | 1,789 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||
Earnings per Share | Shares used to compute diluted earnings per share were as follows: | |||||||||||||||||||||
Three Months | Three Months | |||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
As reported shares | 910 | 890 | ||||||||||||||||||||
Effect of options and performance share award units | 5 | 3 | ||||||||||||||||||||
Diluted shares | 915 | 893 | ||||||||||||||||||||
Changes in Stockholders' Equity | The following table presents year-to-date changes in stockholders' equity of Southern Company: | |||||||||||||||||||||
Number of | Common | Preferred and | Total | |||||||||||||||||||
Common Shares | Stockholders' | Preference | Stockholders' | |||||||||||||||||||
Equity | Stock of | Equity | ||||||||||||||||||||
Issued | Treasury | Subsidiaries | Noncontrolling Interest | |||||||||||||||||||
(in thousands) | (in millions) | |||||||||||||||||||||
Balance at December 31, 2014 | 908,502 | (725 | ) | $ | 19,949 | $ | 756 | $ | 221 | $ | 20,926 | |||||||||||
Net income after dividends on preferred and preference stock | — | — | 508 | — | — | 508 | ||||||||||||||||
Other comprehensive income (loss) | — | — | (15 | ) | — | — | (15 | ) | ||||||||||||||
Stock issued | 3,094 | — | 112 | — | — | 112 | ||||||||||||||||
Stock-based compensation | — | — | 53 | — | — | 53 | ||||||||||||||||
Stock repurchased, at cost | — | (2,599 | ) | (115 | ) | — | — | (115 | ) | |||||||||||||
Cash dividends on common stock | — | — | (478 | ) | — | — | (478 | ) | ||||||||||||||
Other | — | (11 | ) | 3 | — | — | 3 | |||||||||||||||
Balance at March 31, 2015 | 911,596 | (3,335 | ) | $ | 20,017 | $ | 756 | $ | 221 | $ | 20,994 | |||||||||||
Balance at December 31, 2013 | 892,733 | (5,647 | ) | $ | 19,008 | $ | 756 | $ | — | $ | 19,764 | |||||||||||
Net income after dividends on preferred and preference stock | — | — | 351 | — | — | 351 | ||||||||||||||||
Other comprehensive income (loss) | — | — | 2 | — | — | 2 | ||||||||||||||||
Treasury stock re-issued | — | 2,404 | 111 | — | — | 111 | ||||||||||||||||
Stock issued | 1,340 | — | 53 | — | — | 53 | ||||||||||||||||
Stock repurchased, at cost | — | — | (4 | ) | — | — | (4 | ) | ||||||||||||||
Cash dividends on common stock | — | — | (451 | ) | — | — | (451 | ) | ||||||||||||||
Other | — | (18 | ) | — | — | — | — | |||||||||||||||
Balance at March 31, 2014 | 894,073 | (3,261 | ) | $ | 19,070 | $ | 756 | $ | — | $ | 19,826 | |||||||||||
Financing_Tables
Financing (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Credit arrangements by company | The following table outlines the committed credit arrangements by company as of March 31, 2015: | ||||||||||||||||||||||||||||||||||||||||
Expires | Executable Term | Due Within One | |||||||||||||||||||||||||||||||||||||||
Loans | Year | ||||||||||||||||||||||||||||||||||||||||
Company | 2015 | 2016 | 2017 | 2018 | Total | Unused | One | Two | Term | No Term | |||||||||||||||||||||||||||||||
Year | Years | Out | Out | ||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Southern Company | $ | — | $ | — | $ | — | $ | 1,000 | $ | 1,000 | $ | 1,000 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Alabama Power | 228 | 50 | — | 1,030 | 1,308 | 1,308 | 58 | — | 58 | 170 | |||||||||||||||||||||||||||||||
Georgia Power | — | 150 | — | 1,600 | 1,750 | 1,736 | — | — | — | 150 | |||||||||||||||||||||||||||||||
Gulf Power | 45 | 200 | 30 | — | 275 | 275 | 50 | — | 50 | 195 | |||||||||||||||||||||||||||||||
Mississippi Power | 135 | 165 | — | — | 300 | 270 | 25 | 40 | 65 | 235 | |||||||||||||||||||||||||||||||
Southern Power | — | — | — | 500 | 500 | 488 | — | — | — | — | |||||||||||||||||||||||||||||||
Other | 70 | — | — | — | 70 | 70 | 20 | — | 20 | 50 | |||||||||||||||||||||||||||||||
Total | $ | 478 | $ | 565 | $ | 30 | $ | 4,130 | $ | 5,203 | $ | 5,147 | $ | 153 | $ | 40 | $ | 193 | $ | 800 | |||||||||||||||||||||
Schedule of Long-term Debt Financing Activities | The following table outlines the long-term debt financing activities for Southern Company and its subsidiaries for the first three months of 2015: | ||||||||||||||||||||||||||||||||||||||||
Company(a) | Senior Note Issuances | Senior | Other | ||||||||||||||||||||||||||||||||||||||
Note Redemptions | Long-Term | ||||||||||||||||||||||||||||||||||||||||
Debt Redemptions | |||||||||||||||||||||||||||||||||||||||||
and Maturities(b) | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Alabama Power | $ | 550 | $ | 250 | $ | — | |||||||||||||||||||||||||||||||||||
Georgia Power | — | — | 3 | ||||||||||||||||||||||||||||||||||||||
Mississippi Power | — | — | 76 | ||||||||||||||||||||||||||||||||||||||
Other | — | — | 4 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 550 | $ | 250 | $ | 83 | |||||||||||||||||||||||||||||||||||
(a) | Southern Company, Gulf Power, and Southern Power did not issue or redeem any long-term debt during the first three months of 2015. | ||||||||||||||||||||||||||||||||||||||||
(b) | Includes reductions in capital lease obligations resulting from cash payments under capital leases. |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Pension Plans and Postretirement Plans | Components of the net periodic benefit costs for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||
Pension Plans | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||
Company | Power | Power | Power | Power | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Service cost | $ | 64 | $ | 15 | $ | 18 | $ | 3 | $ | 3 | |||||||||||
Interest cost | 111 | 26 | 38 | 5 | 5 | ||||||||||||||||
Expected return on plan assets | (181 | ) | (45 | ) | (63 | ) | (8 | ) | (8 | ) | |||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 6 | 2 | 3 | — | — | ||||||||||||||||
Net (gain)/loss | 54 | 14 | 19 | 3 | 3 | ||||||||||||||||
Net cost | $ | 54 | $ | 12 | $ | 15 | $ | 3 | $ | 3 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Service cost | $ | 53 | $ | 12 | $ | 16 | $ | 3 | $ | 3 | |||||||||||
Interest cost | 109 | 26 | 38 | 5 | 5 | ||||||||||||||||
Expected return on plan assets | (161 | ) | (42 | ) | (57 | ) | (7 | ) | (7 | ) | |||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 6 | 1 | 3 | — | — | ||||||||||||||||
Net (gain)/loss | 28 | 8 | 10 | 1 | 1 | ||||||||||||||||
Net cost | $ | 35 | $ | 5 | $ | 10 | $ | 2 | $ | 2 | |||||||||||
Postretirement Benefits | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||
Company | Power | Power | Power | Power | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Service cost | $ | 6 | $ | 1 | $ | 2 | $ | — | $ | — | |||||||||||
Interest cost | 19 | 5 | 8 | 1 | 1 | ||||||||||||||||
Expected return on plan assets | (15 | ) | (6 | ) | (6 | ) | — | — | |||||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 1 | 1 | — | — | — | ||||||||||||||||
Net (gain)/loss | 5 | — | 3 | — | — | ||||||||||||||||
Net cost | $ | 16 | $ | 1 | $ | 7 | $ | 1 | $ | 1 | |||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Service cost | $ | 5 | $ | 1 | $ | 2 | $ | — | $ | — | |||||||||||
Interest cost | 20 | 5 | 8 | 1 | 1 | ||||||||||||||||
Expected return on plan assets | (15 | ) | (6 | ) | (6 | ) | — | — | |||||||||||||
Amortization: | |||||||||||||||||||||
Prior service costs | 1 | 1 | — | — | — | ||||||||||||||||
Net (gain)/loss | 1 | — | — | — | — | ||||||||||||||||
Net cost | $ | 12 | $ | 1 | $ | 4 | $ | 1 | $ | 1 | |||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of derivatives | At March 31, 2015, the net volume of energy-related derivative contracts for natural gas positions for the Southern Company system, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows: | ||||||||||||||||||||||||
Net | Longest | Longest | |||||||||||||||||||||||
Purchased | Hedge | Non-Hedge | |||||||||||||||||||||||
mmBtu | Date | Date | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Southern Company | 241 | 2020 | 2017 | ||||||||||||||||||||||
Alabama Power | 54 | 2018 | — | ||||||||||||||||||||||
Georgia Power | 44 | 2017 | — | ||||||||||||||||||||||
Gulf Power | 92 | 2020 | — | ||||||||||||||||||||||
Mississippi Power | 49 | 2018 | — | ||||||||||||||||||||||
Southern Power | 2 | — | 2017 | ||||||||||||||||||||||
Notional amount of interest rate derivatives | At March 31, 2015, the following interest rate derivatives were outstanding: | ||||||||||||||||||||||||
Notional | Interest | Weighted | Hedge | Fair Value | |||||||||||||||||||||
Amount | Rate | Average | Maturity | Gain (Loss) at March 31, | |||||||||||||||||||||
Received | Interest | Date | 2015 | ||||||||||||||||||||||
Rate Paid | |||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||
Cash Flow Hedges of Forecasted Debt | |||||||||||||||||||||||||
Alabama Power | $ | 200 | 3-month | 2.93% | Oct-25 | $ | (14 | ) | |||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Georgia Power | 350 | 3-month | 2.57% | May-25 | (17 | ) | |||||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Georgia Power | 350 | 3-month | 2.57% | Nov-25 | (13 | ) | |||||||||||||||||||
LIBOR | |||||||||||||||||||||||||
Cash Flow Hedges of Existing Debt | |||||||||||||||||||||||||
Georgia Power | 250 | 3-month | 0.75% | Mar-16 | — | ||||||||||||||||||||
LIBOR + 0.32% | |||||||||||||||||||||||||
Georgia Power | 200 | 3-month | 1.01% | Aug-16 | — | ||||||||||||||||||||
LIBOR + 0.40% | |||||||||||||||||||||||||
Fair Value Hedges on Existing Debt | |||||||||||||||||||||||||
Southern Company | 250 | 1.30% | 3-month | Aug-17 | 1 | ||||||||||||||||||||
LIBOR + 0.17% | |||||||||||||||||||||||||
Georgia Power | 250 | 5.40% | 3-month | Jun-18 | 2 | ||||||||||||||||||||
LIBOR + 4.02% | |||||||||||||||||||||||||
Georgia Power | 200 | 4.25% | 3-month | Dec-19 | 4 | ||||||||||||||||||||
LIBOR + 2.46% | |||||||||||||||||||||||||
Total | $ | 2,050 | $ | (37 | ) | ||||||||||||||||||||
Fair value of energy-related derivatives and interest rate derivatives | At March 31, 2015, the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: | ||||||||||||||||||||||||
Asset Derivatives at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and Balance Sheet Location | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 6 | $ | 1 | $ | 5 | $ | — | $ | — | |||||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | — | $ | 5 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Total asset derivatives | $ | 15 | $ | 1 | $ | 12 | $ | — | $ | — | $ | — | |||||||||||||
Liability Derivatives at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Balance Sheet Location | Company | Power | Power | Power | Power | Power | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 117 | $ | 33 | $ | 21 | $ | 37 | $ | 26 | |||||||||||||||
Other deferred credits and liabilities | 108 | 26 | 3 | 53 | 26 | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 225 | $ | 59 | $ | 24 | $ | 90 | $ | 52 | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 45 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred credits and liabilities | 1 | — | — | — | — | — | |||||||||||||||||||
Total derivatives designed as hedging instruments in cash flow and fair value hedges | $ | 46 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Total liability derivatives | $ | 271 | $ | 73 | $ | 55 | $ | 90 | $ | 52 | $ | — | |||||||||||||
(*) Georgia Power and Gulf Power include current liabilities related to derivatives designated as hedging instruments in "Liabilities from risk management activities." | |||||||||||||||||||||||||
At December 31, 2014, the fair value of energy-related derivatives and interest rate derivatives was reflected in the balance sheets as follows: | |||||||||||||||||||||||||
Asset Derivatives at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and Balance Sheet Location | Southern | Alabama | Georgia | Gulf | Mississippi | Southern | |||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | |||||||||||||||
Other deferred charges and assets | — | — | 1 | — | — | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 7 | $ | 1 | $ | 7 | $ | — | $ | — | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current assets | $ | 7 | $ | — | $ | 5 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred charges and assets | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current assets(*) | $ | 6 | $ | — | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||
Total asset derivatives | $ | 21 | $ | 1 | $ | 13 | $ | — | $ | — | $ | 5 | |||||||||||||
(*) Southern Power includes current assets related to derivatives not designated as hedging instruments in "Assets from risk management activities." | |||||||||||||||||||||||||
Liability Derivatives at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Derivative Category and | Southern | Alabama | Georgia | Gulf | Mississippi | Southern Power | |||||||||||||||||||
Balance Sheet Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments for regulatory purposes | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 118 | $ | 32 | $ | 23 | $ | 37 | $ | 26 | |||||||||||||||
Other deferred credits and liabilities | 79 | 21 | 4 | 35 | 19 | ||||||||||||||||||||
Total derivatives designated as hedging instruments for regulatory purposes | $ | 197 | $ | 53 | $ | 27 | $ | 72 | $ | 45 | N/A | ||||||||||||||
Derivatives designated as hedging instruments in cash flow and fair value hedges | |||||||||||||||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Other current liabilities(*) | $ | 17 | $ | 8 | $ | 9 | $ | — | $ | — | $ | — | |||||||||||||
Other deferred credits and liabilities | 7 | — | 5 | — | — | — | |||||||||||||||||||
Total derivatives designated as hedging instruments in cash flow and fair value hedges | $ | 24 | $ | 8 | $ | 14 | $ | — | $ | — | $ | — | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other current liabilities | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||
Total liability derivatives | $ | 225 | $ | 61 | $ | 41 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
(*) Georgia Power and Gulf Power include current liabilities related to derivatives designated as hedging instruments in "Liabilities from risk management activities." | |||||||||||||||||||||||||
Offsetting disclosure tables | Amounts related to energy-related derivative contracts and interest rate derivative contracts at March 31, 2015 and December 31, 2014 are presented in the following tables. | ||||||||||||||||||||||||
Derivative Contracts at March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Southern | Alabama | Georgia | Gulf | Mississippi | Southern | ||||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 7 | $ | 1 | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (6 | ) | (1 | ) | (6 | ) | — | — | — | ||||||||||||||||
Net energy-related derivative assets | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (2 | ) | — | (2 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative assets | $ | 6 | $ | — | $ | 4 | $ | — | $ | — | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 225 | $ | 59 | $ | 24 | $ | 90 | $ | 52 | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (6 | ) | (1 | ) | (6 | ) | — | — | — | ||||||||||||||||
Net energy-related derivative liabilities | $ | 219 | $ | 58 | $ | 18 | $ | 90 | $ | 52 | $ | — | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 46 | $ | 14 | $ | 31 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (2 | ) | — | (2 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative liabilities | $ | 44 | $ | 14 | $ | 29 | $ | — | $ | — | $ | — | |||||||||||||
(a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. | |||||||||||||||||||||||||
(b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. | |||||||||||||||||||||||||
Derivative Contracts at December 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Southern | Alabama | Georgia | Gulf | Mississippi | Southern | ||||||||||||||||||||
Company | Power | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 13 | $ | 1 | $ | 7 | $ | — | $ | — | $ | 5 | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (9 | ) | — | (7 | ) | — | — | — | |||||||||||||||||
Net energy-related derivative assets | $ | 4 | $ | 1 | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 8 | $ | — | $ | 6 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (8 | ) | — | (6 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Energy-related derivatives presented in the Balance Sheet (a) | $ | 201 | $ | 53 | $ | 27 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (9 | ) | — | (7 | ) | — | — | — | |||||||||||||||||
Net energy-related derivative liabilities | $ | 192 | $ | 53 | $ | 20 | $ | 72 | $ | 45 | $ | 4 | |||||||||||||
Interest rate derivatives: | |||||||||||||||||||||||||
Interest rate derivatives presented in the Balance Sheet (a) | $ | 24 | $ | 8 | $ | 14 | $ | — | $ | — | $ | — | |||||||||||||
Gross amounts not offset in the Balance Sheet (b) | (8 | ) | — | (6 | ) | — | — | — | |||||||||||||||||
Net interest rate derivative liabilities | $ | 16 | $ | 8 | $ | 8 | $ | — | $ | — | $ | — | |||||||||||||
(a) None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. | |||||||||||||||||||||||||
(b) Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. | |||||||||||||||||||||||||
Pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments | At March 31, 2015 and December 31, 2014, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows: | ||||||||||||||||||||||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at March 31, 2015 | |||||||||||||||||||||||||
Derivative Category and Balance Sheet | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||||||
Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other regulatory assets, current | $ | (117 | ) | $ | (33 | ) | $ | (21 | ) | $ | (37 | ) | $ | (26 | ) | ||||||||||
Other regulatory assets, deferred | (108 | ) | (26 | ) | (3 | ) | (53 | ) | (26 | ) | |||||||||||||||
Other regulatory liabilities, current (a) | 6 | 1 | 5 | — | — | ||||||||||||||||||||
Other regulatory liabilities, deferred (b) | 1 | — | 1 | — | — | ||||||||||||||||||||
Total energy-related derivative gains (losses) | $ | (218 | ) | $ | (58 | ) | $ | (18 | ) | $ | (90 | ) | $ | (52 | ) | ||||||||||
(a) Southern Company and Georgia Power include other regulatory liabilities, current in other current liabilities. | |||||||||||||||||||||||||
(b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. | |||||||||||||||||||||||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at December 31, 2014 | |||||||||||||||||||||||||
Derivative Category and Balance Sheet | Southern | Alabama | Georgia | Gulf | Mississippi | ||||||||||||||||||||
Location | Company | Power | Power | Power | Power | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Energy-related derivatives: | |||||||||||||||||||||||||
Other regulatory assets, current | $ | (118 | ) | $ | (32 | ) | $ | (23 | ) | $ | (37 | ) | $ | (26 | ) | ||||||||||
Other regulatory assets, deferred | (79 | ) | (21 | ) | (4 | ) | (35 | ) | (19 | ) | |||||||||||||||
Other regulatory liabilities, current (a) | 7 | 1 | 6 | — | — | ||||||||||||||||||||
Other regulatory liabilities, deferred (b) | — | — | 1 | — | — | ||||||||||||||||||||
Total energy-related derivative gains (losses) | $ | (190 | ) | $ | (52 | ) | $ | (20 | ) | $ | (72 | ) | $ | (45 | ) | ||||||||||
(a) Southern Company and Georgia Power include other regulatory liabilities, current in other current liabilities. | |||||||||||||||||||||||||
(b) Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. | |||||||||||||||||||||||||
Pre-tax effects of interest rate derivatives | For the three months ended March 31, 2015 and 2014, the pre-tax effects of interest rate derivatives designated as cash flow hedging instruments on the statements of income were as follows: | ||||||||||||||||||||||||
Derivatives in Cash Flow | Gain (Loss) | Gain (Loss) Reclassified from Accumulated OCI into | |||||||||||||||||||||||
Hedging Relationships | Recognized in OCI | Income (Effective Portion) | |||||||||||||||||||||||
on Derivative | |||||||||||||||||||||||||
(Effective Portion) | Statements of Income Location | Amount | |||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||
Southern Company | |||||||||||||||||||||||||
Interest rate derivatives | $ | (29 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (2 | ) | $ | (2 | ) | |||||||||||||
Alabama Power | |||||||||||||||||||||||||
Interest rate derivatives | $ | (6 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (1 | ) | $ | (1 | ) | |||||||||||||
Georgia Power | |||||||||||||||||||||||||
Interest rate derivatives | $ | (23 | ) | $ | — | Interest expense, net of amounts capitalized | $ | (1 | ) | $ | (1 | ) | |||||||||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||
Financial data for business segments | Financial data for business segments and products and services for the three months ended March 31, 2015 and 2014 was as follows: | |||||||||||||||||||||||||||
Electric Utilities | ||||||||||||||||||||||||||||
Traditional | Southern | Eliminations | Total | All | Eliminations | Consolidated | ||||||||||||||||||||||
Operating | Power | Other | ||||||||||||||||||||||||||
Companies | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015: | ||||||||||||||||||||||||||||
Operating revenues | $ | 3,948 | $ | 348 | $ | (124 | ) | $ | 4,172 | $ | 40 | $ | (29 | ) | $ | 4,183 | ||||||||||||
Segment net income (loss)(a)(b) | 477 | 33 | — | 510 | 3 | (5 | ) | 508 | ||||||||||||||||||||
Total assets at March 31, 2015 | $ | 65,530 | $ | 5,564 | $ | (273 | ) | $ | 70,821 | $ | 1,091 | $ | (302 | ) | $ | 71,610 | ||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||||||||
Operating revenues | $ | 4,378 | $ | 351 | $ | (102 | ) | $ | 4,627 | $ | 41 | $ | (24 | ) | $ | 4,644 | ||||||||||||
Segment net income (loss)(a)(b) | 318 | 33 | — | 351 | — | — | 351 | |||||||||||||||||||||
Total assets at December 31, 2014 | $ | 64,644 | $ | 5,550 | $ | (131 | ) | $ | 70,063 | $ | 1,156 | $ | (296 | ) | $ | 70,923 | ||||||||||||
(a) After dividends on preferred and preference stock of subsidiaries. | ||||||||||||||||||||||||||||
(b) Segment net income (loss) for the traditional operating companies for the three months ended March 31, 2015 and March 31, 2014 includes a $9 million pre-tax charge ($6 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information. | ||||||||||||||||||||||||||||
Financial data for products and services | Products and Services | |||||||||||||||||||||||||||
Electric Utilities' Revenues | ||||||||||||||||||||||||||||
Period | Retail | Wholesale | Other | Total | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | $ | 3,542 | $ | 467 | $ | 163 | $ | 4,172 | ||||||||||||||||||||
Three Months Ended March 31, 2014 | 3,858 | 604 | 165 | 4,627 | ||||||||||||||||||||||||
Introduction_Narrative_Details
Introduction - Narrative (Details) (Plant Smith Units 1 and 2 [Member], Gulf Power [Member]) | 0 Months Ended |
Feb. 06, 2015 | |
MW | |
Plant Smith Units 1 and 2 [Member] | Gulf Power [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Capacity Of Units Included In Request For Decertification Of Units (in MWs) | 357 |
Introduction_Asset_Retirement_
Introduction - Asset Retirement Obligations (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | $525 |
Minimum [Member] | Alabama Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 330 |
Minimum [Member] | Georgia Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 10 |
Minimum [Member] | Gulf Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 70 |
Minimum [Member] | Mississippi Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 75 |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 575 |
Maximum [Member] | Alabama Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 350 |
Maximum [Member] | Georgia Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 20 |
Maximum [Member] | Gulf Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | 80 |
Maximum [Member] | Mississippi Power [Member] | |
Property, Plant and Equipment [Line Items] | |
Asset Retirement Obligation | $85 |
Contingencies_and_Regulatory_M2
Contingencies and Regulatory Matters - Retail Regulatory Matters (Details) (Alabama Power [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Deferred Under Recovered Regulatory Clause Revenues [Member] | ||||
Loss Contingencies [Line Items] | ||||
Under Recovered Rate Cnp Balance | $25 | [1] | $2 | [1] |
Rate Cnp Power Purchase Agreement | 62 | 29 | ||
Under Recovered Regulatory Clause Revenues [Member] | ||||
Loss Contingencies [Line Items] | ||||
Under Recovered Rate Cnp Balance, Current | 16 | 47 | ||
Rate Cnp Power Purchase Agreement | 0 | 27 | ||
Deferred Over Recovered Regulatory Clause Revenues [Member] | ||||
Loss Contingencies [Line Items] | ||||
Retail Energy Cost Recovery - Over | 81 | 47 | ||
Other regulatory liabilities deferred [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accumulated reserve balance for future storms | $82 | $84 | ||
[1] | Formerly Known As Rate CNP Environmental |
Contingencies_and_Regulatory_M3
Contingencies and Regulatory Matters - Cost Recovery Clause (Details) (Under Recovered Regulatory Clause Revenues [Member], Gulf Power [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Under Recovered Regulatory Clause Revenues [Member] | Gulf Power [Member] | ||
Loss Contingencies [Line Items] | ||
Under Recovered Fuel Cost | $32 | $40 |
Under Recovered Purchased Power Capacity Costs | 3 | 0 |
Under Recovered Environmental Cost | 12 | 10 |
Under Recovered Energy Conservation Costs | $1 | $3 |
Contingencies_and_Regulatory_M4
Contingencies and Regulatory Matters - Current And Actual Cost Estimate (Details) (Mississippi Power [Member], USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
7-May-15 | Mar. 31, 2015 | Dec. 31, 2012 | ||
Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
AFUDC Cost | $12,000,000 | |||
Kemper Igcc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Cost | 4,370,000,000 | [1] | 2,880,000,000 | |
Cost Of Lignite Mine And Equipment | 230,000,000 | |||
CO2 Pipeline Facilities | 100,000,000 | |||
Cost Of AFUDC | 480,000,000 | [2],[3] | ||
Combined Cycle And Related Assets Placed In Service, Incremental | 0 | [4] | ||
General Exceptions | 80,000,000 | |||
Deferred Costs | 140,000,000 | [3],[5] | ||
Maximum Cap Construction Cost | 5,400,000,000 | [1],[3] | ||
Kemper Igcc [Member] | Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
AFUDC Cost | 9,000,000 | |||
Project Estimate [Member] | Kemper Igcc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Cost | 2,400,000,000 | [1],[6] | ||
Cost Of Lignite Mine And Equipment | 210,000,000 | [6] | ||
CO2 Pipeline Facilities | 140,000,000 | [6] | ||
Cost Of AFUDC | 170,000,000 | [2],[3],[6] | ||
Combined Cycle And Related Assets Placed In Service, Incremental | 0 | [4],[6] | ||
General Exceptions | 50,000,000 | [6] | ||
Deferred Costs | 0 | [3],[5],[6] | ||
Maximum Cap Construction Cost | 2,970,000,000 | [1],[3],[6] | ||
Current Estimate [Member] | Kemper Igcc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated Cost | 4,940,000,000 | [1] | ||
Cost Of Lignite Mine And Equipment | 230,000,000 | |||
CO2 Pipeline Facilities | 110,000,000 | |||
Cost Of AFUDC | 640,000,000 | [2],[3] | ||
Combined Cycle And Related Assets Placed In Service, Incremental | 20,000,000 | [4] | ||
General Exceptions | 100,000,000 | |||
Deferred Costs | 180,000,000 | [3],[5] | ||
Maximum Cap Construction Cost | $6,220,000,000 | [1],[3] | ||
[1] | The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion, net of the DOE Grants and excluding the Cost Cap Exceptions. The Current Estimate and Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See "Rate Recovery of Kemper IGCC Costs b 2013 MPSC Rate Order" for additional information. | |||
[2] | Mississippi Power's original estimate included recovery of financing costs during construction rather than the accrual of AFUDC. This approach was not approved by the Mississippi PSC in 2012 as described in "Rate Recovery of Kemper IGCC Costs." The current estimate includes an approximately $9 million increase in AFUDC related to a settlement agreement with the wholesale customers for cost-based rates under FERC's jurisdiction. See "FERC Matters" herein for additional information. | |||
[3] | Amounts in the Current Estimate reflect estimated costs through March 31, 2016. | |||
[4] | Incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014, net of costs related to energy sales. See "Rate Recovery of Kemper IGCC Costs b 2013 MPSC Rate Order" for additional information. | |||
[5] | The 2012 MPSC CPCN Order approved deferral of non-capital Kemper IGCC-related costs during construction as described in "Rate Recovery of Kemper IGCC Costs b Regulatory Assets and Liabilities." | |||
[6] | The 2010 Project Estimate is the certificated cost estimate adjusted to include the certificated estimate for the CO2 pipeline facilities which was approved in 2011 by the Mississippi PSC. |
Contingencies_and_Regulatory_M5
Contingencies and Regulatory Matters - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 25 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | 7-May-15 | Feb. 27, 2015 | Jan. 29, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2008 | Jun. 30, 2014 | 31-May-14 | Apr. 16, 2015 | Dec. 31, 2013 | Feb. 25, 2015 | Oct. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Oct. 06, 2014 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2010 | Feb. 02, 2015 | Jan. 31, 2014 | Apr. 23, 2015 | ||
MW | mi | ||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Civil penalties under Clean Air Act, per day, per violation, minimum | $25,000 | ||||||||||||||||||||||||||
Civil penalties under Clean Air Act, per day, per violation, maximum | 37,500 | ||||||||||||||||||||||||||
Revenues | 4,183,000,000 | 4,644,000,000 | |||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 525,000,000 | 525,000,000 | |||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 575,000,000 | 575,000,000 | |||||||||||||||||||||||||
Kemper IGCC [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Pre-tax charge to income | 9,000,000 | 380,000,000 | 868,000,000 | 1,200,000,000 | |||||||||||||||||||||||
After tax charge to income | 6,000,000 | 235,000,000 | 536,000,000 | 729,000,000 | |||||||||||||||||||||||
Unrecognized Tax Benefits | 211,000,000 | 211,000,000 | |||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Period To Meet Market-based Rate Standards | 60 days | ||||||||||||||||||||||||||
Georgia Power [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 27,000,000 | 27,000,000 | |||||||||||||||||||||||||
Civil penalties per day violation rate | 37,500 | 37,500 | |||||||||||||||||||||||||
Number of times of punitive damages in comparison to cost incurred by Environmental Protection Agency | 3 | 3 | |||||||||||||||||||||||||
Claims Awarded to Companies Related to Nuclear Fuel Disposal Litigation | 18,000,000 | ||||||||||||||||||||||||||
Additional Construction Capital Costs | 200,000,000 | 2,800,000,000 | |||||||||||||||||||||||||
Percentage of Proportionate Share Owed in Consortium Agreement | 45.70% | ||||||||||||||||||||||||||
Reduction in projected in-service cost due to recovered cost | 425,000,000 | ||||||||||||||||||||||||||
Increase (Decrease) In Projected Certified Construction Capital Costs | 5.00% | ||||||||||||||||||||||||||
Delay Of Estimated In-service Date | 18 months | 18 months | |||||||||||||||||||||||||
Revenues | 1,978,000,000 | 2,269,000,000 | |||||||||||||||||||||||||
Georgia Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Damages In Connection With Counterclaim | 113,000,000 | ||||||||||||||||||||||||||
Estimated In-service Capital Cost | 4,400,000,000 | 4,400,000,000 | |||||||||||||||||||||||||
Asset Retirement Obligation | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||
Georgia Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Additional Construction Capital Costs | 114,000,000 | ||||||||||||||||||||||||||
Estimated In-service Capital Cost | 4,800,000,000 | ||||||||||||||||||||||||||
Asset Retirement Obligation | 20,000,000 | 20,000,000 | |||||||||||||||||||||||||
Georgia Power [Member] | Other deferred charges and assets [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Fuel cost recovery balance | 151,000,000 | 199,000,000 | 199,000,000 | 199,000,000 | 151,000,000 | ||||||||||||||||||||||
Georgia Power [Member] | Plant Vogtle Units 3 And 4 [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Estimated In-service Capital Cost | 5,000,000,000 | ||||||||||||||||||||||||||
Monthly Operational Readiness Costs | 10,000,000 | ||||||||||||||||||||||||||
Monthly Financing Costs | 30,000,000 | ||||||||||||||||||||||||||
Construction Financing Costs | 2,500,000,000 | ||||||||||||||||||||||||||
Georgia Power [Member] | Subsequent Event [Member] | Plant Branch Units 1 and 3 and 4 [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Capacity Of Units Included In Request For Decertification Of Units (in MWs) | 1,266 | ||||||||||||||||||||||||||
Georgia Power [Member] | Subsequent Event [Member] | Plant Yates Units 1 through 5 [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Capacity Of Units Included In Request For Decertification Of Units (in MWs) | 579 | ||||||||||||||||||||||||||
Georgia Power [Member] | Subsequent Event [Member] | Plant McManus Units 1 and 2 [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Capacity Of Units Included In Request For Decertification Of Units (in MWs) | 122 | ||||||||||||||||||||||||||
Georgia Power [Member] | Subsequent Event [Member] | Plant Mitchell Unit 3 [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Electric Generating Units, Capacity (in MW's) | 155 | ||||||||||||||||||||||||||
Gulf Power [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 47,000,000 | 47,000,000 | |||||||||||||||||||||||||
Reduction In Depreciation Expense | 62,500,000 | ||||||||||||||||||||||||||
Reduction In Depreciation Expense Year One | 19,600,000 | ||||||||||||||||||||||||||
Number Of Regulatory Clauses | 4 | ||||||||||||||||||||||||||
Ownership percentage in scrubber project | 50.00% | ||||||||||||||||||||||||||
Revenues | 357,000,000 | 407,000,000 | |||||||||||||||||||||||||
Gulf Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 70,000,000 | 70,000,000 | |||||||||||||||||||||||||
Gulf Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 80,000,000 | 80,000,000 | |||||||||||||||||||||||||
Mississippi Power [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Environmental Exit Costs, Assets Previously Disposed, Liability for Remediation | 500,000 | 500,000 | |||||||||||||||||||||||||
Psc Approved Annual Property Damage Reserve Accrual | 3,000,000 | ||||||||||||||||||||||||||
Ownership percentage in scrubber project | 50.00% | ||||||||||||||||||||||||||
Estimated cost of scrubber project | 330,000,000 | ||||||||||||||||||||||||||
Scrubber project expenditures amount | 290,000,000 | 290,000,000 | |||||||||||||||||||||||||
Allowance For Funds Used During Construction Cost | 22,000,000 | ||||||||||||||||||||||||||
Revenues | 276,000,000 | 331,000,000 | 8,000,000 | ||||||||||||||||||||||||
Over Recovered Fuel Cost | 15,000,000 | 15,000,000 | |||||||||||||||||||||||||
Under recovered regulatory clause revenues | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||
Plant Capacity Under Coal Gasification Combined Cycle Technology (in MWs) | 582 | ||||||||||||||||||||||||||
Co Two Pipeline Infrastructure (in miles) | 61 | 61 | |||||||||||||||||||||||||
Costs associated with CCP12 grant funds | 245,000,000 | ||||||||||||||||||||||||||
Other Property And Investments | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||
Lignite Mining Costs | 52,000,000 | 52,000,000 | |||||||||||||||||||||||||
Materials, Supplies, and Other | 35,000,000 | 35,000,000 | |||||||||||||||||||||||||
Cost deferred in other regulatory assets | 174,000,000 | 174,000,000 | |||||||||||||||||||||||||
Other deferred charges and assets | 12,000,000 | 12,000,000 | |||||||||||||||||||||||||
Previously expensed | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||
Increase Retail Rates In Year One | 15.00% | ||||||||||||||||||||||||||
Increase Retail Rates In Year Two | 3.00% | ||||||||||||||||||||||||||
Settlement Agreement Collection Amount To Mitigate Rate Impact Year Two | 156,000,000 | ||||||||||||||||||||||||||
Retail Rate Recovery | 294,000,000 | ||||||||||||||||||||||||||
Reduced percentage interest transferred under asset purchase agreement | 15.00% | 15.00% | |||||||||||||||||||||||||
Percentage of Carbon Dioxide Captured from Project | 70.00% | 70.00% | |||||||||||||||||||||||||
Percentage of Contract to Purchase Carbon Dioxide from Project | 30.00% | 30.00% | |||||||||||||||||||||||||
Purchase of Interest | 17.50% | 17.50% | |||||||||||||||||||||||||
Capacity Revenues Under Power Supply Agreement | 4,000,000 | 17,000,000 | |||||||||||||||||||||||||
Deposit received | 150,000,000 | 75,000,000 | |||||||||||||||||||||||||
Interest Bearing Refundable Deposit Related to Asset Sale | 0 | 75,000,000 | 50,000,000 | ||||||||||||||||||||||||
Maximum period of discretion in the event senior unsecured credit rating falls | 15 days | ||||||||||||||||||||||||||
Internal Revenue Code Section Forty Eight Tax Credits Phase I I | 279,000,000 | ||||||||||||||||||||||||||
Tax Credit Carryforward, Amount | 276,000,000 | 276,000,000 | |||||||||||||||||||||||||
Tax Credit Carryforward Utilized | 207,000,000 | 207,000,000 | |||||||||||||||||||||||||
Minimum percentage of carbon dioxide that must be capture and sequester to remain eligible for the phase II tax credits | 65.00% | ||||||||||||||||||||||||||
Mississippi Power [Member] | Mirror Construction Work In Progress [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Net Regulatory Assets | -311,000,000 | -311,000,000 | |||||||||||||||||||||||||
Mississippi Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 75,000,000 | 75,000,000 | |||||||||||||||||||||||||
Costs Due To Extension Of In-service Date | 25,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 85,000,000 | 85,000,000 | |||||||||||||||||||||||||
Costs Due To Extension Of In-service Date | 30,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Construction in Progress [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Loss Contingency, Estimate of Possible Loss | 2,060,000,000 | 2,060,000,000 | |||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Electric Generating Units, Capacity (in MW's) | 75 | ||||||||||||||||||||||||||
Estimated Cost | 4,370,000,000 | [1] | 2,880,000,000 | ||||||||||||||||||||||||
Asset Retirement Obligation | 24,000,000 | 24,000,000 | |||||||||||||||||||||||||
Pre-tax charge to income | 9,000,000 | 868,000,000 | 1,100,000,000 | 78,000,000 | |||||||||||||||||||||||
After tax charge to income | 6,000,000 | 536,000,000 | 681,000,000 | 48,000,000 | |||||||||||||||||||||||
Monthly Charge Of Allowance For Equity Funds Used During Construction | 13,000,000 | ||||||||||||||||||||||||||
Monthly Cost Regulatory Assets Deferred | 6,000,000 | ||||||||||||||||||||||||||
Regulatory Liabilities For Plant Construction | 294,000,000 | ||||||||||||||||||||||||||
Maximum Cap Construction Cost | 5,400,000,000 | [1],[2] | |||||||||||||||||||||||||
Regulatory Assets | 174,000,000 | 174,000,000 | |||||||||||||||||||||||||
Projected Balance Of Regulatory Assets | 266,000,000 | 266,000,000 | |||||||||||||||||||||||||
Purchase of Interest | 15.00% | ||||||||||||||||||||||||||
Acquisition Period For SMEPA | 180 days | ||||||||||||||||||||||||||
Unrecognized Tax Benefits | 211,000,000 | 211,000,000 | |||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Current Estimate [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Estimated Cost | 4,940,000,000 | [1] | |||||||||||||||||||||||||
Maximum Cap Construction Cost | 6,220,000,000 | [1],[2] | |||||||||||||||||||||||||
Mississippi Power [Member] | Kemper IGCC [Member] | Property, Plant and Equipment [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Estimated Cost | 3,270,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Electricity Generation Plant, Non-Nuclear [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Estimated Cost | 2,400,000,000 | ||||||||||||||||||||||||||
Alternate Financing | 1,000,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Mine [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Term of Management Fee Contract | 40 years | ||||||||||||||||||||||||||
Mississippi Power [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
AFUDC Cost | 12,000,000 | ||||||||||||||||||||||||||
Percentage Of PSC Retail Rate Increase (Decrease) | -0.35% | ||||||||||||||||||||||||||
PSC Retail Rate Increase (Decrease) | -2,000,000 | ||||||||||||||||||||||||||
Mississippi Power [Member] | Subsequent Event [Member] | Kemper IGCC [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
AFUDC Cost | 9,000,000 | ||||||||||||||||||||||||||
Alabama Power [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Claims Awarded to Companies Related to Nuclear Fuel Disposal Litigation | 26,000,000 | ||||||||||||||||||||||||||
Non-environmental Costs | 14,000,000 | ||||||||||||||||||||||||||
Recovery Of Non-environmental Costs | 50,000,000 | ||||||||||||||||||||||||||
Revenues | 1,401,000,000 | 1,508,000,000 | |||||||||||||||||||||||||
Alabama Power [Member] | Minimum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 330,000,000 | 330,000,000 | |||||||||||||||||||||||||
Alabama Power [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Asset Retirement Obligation | 350,000,000 | 350,000,000 | |||||||||||||||||||||||||
Gulf Power and Mississippi Power [Member] | |||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||
Estimated cost of scrubber project | 660,000,000 | ||||||||||||||||||||||||||
Scrubber project expenditures amount | $570,000,000 | $570,000,000 | |||||||||||||||||||||||||
[1] | The 2012 MPSC CPCN Order approved a construction cost cap of up to $2.88 billion, net of the DOE Grants and excluding the Cost Cap Exceptions. The Current Estimate and Actual Costs include non-incremental operating and maintenance costs related to the combined cycle and associated common facilities placed in service in August 2014 that are subject to the $2.88 billion cost cap and exclude post-in-service costs for the lignite mine. See "Rate Recovery of Kemper IGCC Costs b 2013 MPSC Rate Order" for additional information. | ||||||||||||||||||||||||||
[2] | Amounts in the Current Estimate reflect estimated costs through March 31, 2016. |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Millions, unless otherwise specified | |||
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | $7 | ||
Interest Rate Derivative Assets, at Fair Value | 8 | ||
Nuclear decommissioning trusts | 1,573 | [1] | |
Cash equivalents | 863 | ||
Other investments | 10 | ||
Total | 2,461 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 225 | ||
Interest rate derivatives | 46 | ||
Total | 271 | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Nuclear decommissioning trusts | 632 | [1] | |
Cash equivalents | 863 | ||
Other investments | 9 | ||
Total | 1,504 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 7 | ||
Interest Rate Derivative Assets, at Fair Value | 8 | ||
Nuclear decommissioning trusts | 937 | [1] | |
Cash equivalents | 0 | ||
Other investments | 0 | ||
Total | 952 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 225 | ||
Interest rate derivatives | 46 | ||
Total | 271 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Nuclear decommissioning trusts | 4 | [1] | |
Cash equivalents | 0 | ||
Other investments | 1 | ||
Total | 5 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Alabama Power [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 73 | 61 | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 1 | ||
Cash equivalents | 287 | ||
Total | 1,057 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 59 | ||
Interest rate derivatives | 14 | ||
Total | 73 | ||
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 483 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 101 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 34 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 123 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 18 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 10 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Cash equivalents | 287 | ||
Total | 726 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 393 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 36 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 10 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 1 | ||
Cash equivalents | 0 | ||
Total | 327 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 59 | ||
Interest rate derivatives | 14 | ||
Total | 73 | ||
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 90 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 65 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 34 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 113 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 18 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 6 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Cash equivalents | 0 | ||
Total | 4 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2] | |
Alabama Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 4 | [2] | |
Georgia Power [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 12 | 13 | |
Nuclear decommissioning trusts | 50 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 55 | 41 | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 6 | ||
Interest Rate Derivative Assets, at Fair Value | 6 | ||
Cash equivalents | 406 | ||
Total | 1,222 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 24 | ||
Interest rate derivatives | 31 | ||
Total | 55 | ||
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 184 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 126 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 86 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 92 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 192 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 107 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 17 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Cash equivalents | 406 | ||
Total | 599 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 182 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 11 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 6 | ||
Interest Rate Derivative Assets, at Fair Value | 6 | ||
Cash equivalents | 0 | ||
Total | 623 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 24 | ||
Interest rate derivatives | 31 | ||
Total | 55 | ||
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 2 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 126 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 86 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 92 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 192 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 107 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 6 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Cash equivalents | 0 | ||
Total | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest rate derivatives | 0 | ||
Total | 0 | ||
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Domestic Equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign equity [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury and government agency securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage and asset backed securities [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Georgia Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other investments [Member] | |||
Assets: | |||
Nuclear decommissioning trusts | 0 | [2],[3] | |
Gulf Power [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 90 | 72 | |
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Cash equivalents | 18 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 90 | ||
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash equivalents | 18 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Cash equivalents | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 90 | ||
Gulf Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Cash equivalents | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Mississippi Power [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 52 | 45 | |
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Cash equivalents | 110 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 52 | ||
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash equivalents | 110 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Cash equivalents | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 52 | ||
Mississippi Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Cash equivalents | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Southern Power [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 5 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 4 | |
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Cash equivalents | 3 | ||
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash equivalents | 3 | ||
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Cash equivalents | 0 | ||
Southern Power [Member] | Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Cash equivalents | $0 | ||
[1] | For additional detail, see the nuclear decommissioning trusts sections for Alabama Power and Georgia Power in this table. | ||
[2] | Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. | ||
[3] | Includes the investment securities pledged to creditors and collateral received and excludes payables related to the securities lending program. As of MarchB 31, 2015, approximately $50 million of the fair market value of Georgia Power's nuclear decommissioning trust funds' securities were on loan and pledged to creditors under the funds' managers' securities lending program. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements Calculated at Net Asset Value Per Share (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Foreign equity funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | $126,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Monthly |
Redemption Notice Period | 5 days |
Redemption Notice Period, Description | 5 days |
Equity - commingled funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 65,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily/Monthly |
Redemption Notice Period | 7 days |
Redemption Notice Period, Description | Daily/7B days |
Debt - Commingled Funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 16,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period | 5 days |
Redemption Notice Period, Description | 5 days |
Other - commingled funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 6,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Other - money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 11,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Trust owned life insurance [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 118,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period | 15 days |
Redemption Notice Period, Description | 15 days |
Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 863,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | NotB applicable |
Alabama Power [Member] | Equity - commingled funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 65,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily/Monthly |
Redemption Notice Period | 7 days |
Redemption Notice Period, Description | Daily/7B days |
Alabama Power [Member] | Debt - Commingled Funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 16,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period | 5 days |
Redemption Notice Period, Description | 5 days |
Alabama Power [Member] | Trust owned life insurance [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 118,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period | 15 days |
Redemption Notice Period, Description | 15 days |
Alabama Power [Member] | Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 287,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Georgia Power [Member] | Foreign equity funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 126,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Monthly |
Redemption Notice Period | 5 days |
Redemption Notice Period, Description | 5 days |
Georgia Power [Member] | Other - commingled funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 6,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Georgia Power [Member] | Other - money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 11,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Georgia Power [Member] | Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 406,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Gulf Power [Member] | Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 18,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Mississippi Power [Member] | Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 110,000,000 |
Unfunded Commitments | 0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Southern Power [Member] | Money market funds [Member] | |
Fair value measurements of investments calculated at net asset value per share as well as the nature and risk of those investments | |
Fair Value | 3,000,000 |
Unfunded Commitments | $0 |
Redemption Frequency | Daily |
Redemption Notice Period, Description | Not applicable |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments for which Carrying Amount did not Equal Fair Value (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Southern Company [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | $24,241 |
Long-term debt, Fair Value | 26,350 |
Alabama Power [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | 6,922 |
Long-term debt, Fair Value | 7,696 |
Georgia Power [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | 9,801 |
Long-term debt, Fair Value | 10,733 |
Gulf Power [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | 1,370 |
Long-term debt, Fair Value | 1,501 |
Mississippi Power [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | 2,251 |
Long-term debt, Fair Value | 2,323 |
Southern Power [Member] | |
Long-term debt: | |
Long-term debt, Carrying Amount | 1,621 |
Long-term debt, Fair Value | $1,789 |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Increase (decrease) in fair value of funds including reinvested interest and dividends | $65 |
Georgia Power [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Notices Of Withdrawal Foreign Equity Funds | 20.00% |
Increase (decrease) in fair value of funds including reinvested interest and dividends | 18 |
Georgia Power [Member] | Other - commingled funds [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Maximum Number of Days Related to Dollar Weighted Average Portfolio Maturities Regarding Commingled Funds | 90 days |
Georgia Power [Member] | Minimum [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Withdrawal Of Foreign Equity Fund Investment | 1 |
Foreign Equity Fund Investment | 10 |
Alabama Power [Member] | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Increase (decrease) in fair value of funds including reinvested interest and dividends | $47 |
Stockholders_Equity_Earnings_p
Stockholders' Equity - Earnings per Share (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings per Share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17 | |
Southern Company [Member] | ||
Earnings per Share | ||
As reported shares | 910 | 890 |
Effect of options and performance share award units | 5 | 3 |
Diluted shares | 915 | 893 |
Stockholders_Equity_Changes_in
Stockholders' Equity - Changes in Stockholders' Equity (Details) (USD $) | 3 Months Ended | ||||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Changes in Stockholders' Equity | |||||
Beginning Balance | $20,926 | $19,764 | |||
Net income after dividends on preferred and preference stock | 508 | [1],[2] | 351 | [1],[2] | |
Other comprehensive income (loss) | -15 | 2 | |||
Treasury stock re-issued | 111 | ||||
Stock issued | 112 | 53 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 53 | ||||
Stock repurchased, at cost | -115 | -4 | |||
Cash dividends on common stock | -478 | -451 | |||
Other | 3 | 0 | |||
Ending Balance | 20,994 | 19,826 | |||
Number of Common shares Issued [Member] | |||||
Changes in Stockholders' Equity | |||||
Beginning Balance, Shares | 908,502 | 892,733 | |||
Stock issued, Shares | 3,094 | 1,340 | |||
Ending Balance, Shares | 911,596 | 894,073 | |||
Number of Common shares Treasury [Member] | |||||
Changes in Stockholders' Equity | |||||
Beginning Balance, Shares | 725 | 5,647 | |||
Treasury stock re-issued, Shares | 2,404 | ||||
Stock repurchased, at cost, Shares | -2,599 | ||||
Other, Shares | -11 | -18 | |||
Ending Balance, Shares | 3,335 | 3,261 | |||
Common Stockholders' Equity [Member] | |||||
Changes in Stockholders' Equity | |||||
Beginning Balance | 19,949 | 19,008 | |||
Net income after dividends on preferred and preference stock | 508 | 351 | |||
Other comprehensive income (loss) | -15 | 2 | |||
Treasury stock re-issued | 111 | ||||
Stock issued | 112 | 53 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 53 | ||||
Stock repurchased, at cost, Shares | -2,600 | ||||
Stock repurchased, at cost | -115 | -4 | |||
Cash dividends on common stock | -478 | -451 | |||
Other | 3 | 0 | |||
Ending Balance | 20,017 | 19,070 | |||
Preferred And Preference Stock [Member] | |||||
Changes in Stockholders' Equity | |||||
Beginning Balance | 756 | 756 | |||
Stock issued | 0 | ||||
Ending Balance | 756 | 756 | 756 | ||
Noncontrolling Interest [Member] | |||||
Changes in Stockholders' Equity | |||||
Beginning Balance | 221 | ||||
Ending Balance | $221 | $221 | |||
Stock Option Exercises Through December Two Thousand Seventeen [Member] | |||||
Changes in Stockholders' Equity | |||||
Stock repurchased, at cost, Shares | -20,000 | ||||
[1] | Segment net income (loss) for the traditional operating companies for the three months ended MarchB 31, 2015 and MarchB 31, 2014 includes a $9 million pre-tax charge ($6 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle b Kemper IGCC Schedule and Cost Estimate" herein for additional information. | ||||
[2] | After dividends on preferred and preference stock of subsidiaries. |
Financing_Schedule_of_Credit_A
Financing - Schedule of Credit Arrangements (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | $478 |
Expires, 2016 | 565 |
Expires, 2017 | 30 |
Expires, 2018 | 4,130 |
Total | 5,203 |
Unused | 5,147 |
Executable Term Loans, One Year | 153 |
Executable Term Loans, Two Years | 40 |
Due Within One Year, Term Out | 193 |
Due Within One Year, No Term Out | 800 |
Southern Company [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 0 |
Expires, 2016 | 0 |
Expires, 2017 | 0 |
Expires, 2018 | 1,000 |
Total | 1,000 |
Unused | 1,000 |
Executable Term Loans, One Year | 0 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 0 |
Due Within One Year, No Term Out | 0 |
Alabama Power [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 228 |
Expires, 2016 | 50 |
Expires, 2017 | 0 |
Expires, 2018 | 1,030 |
Total | 1,308 |
Unused | 1,308 |
Executable Term Loans, One Year | 58 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 58 |
Due Within One Year, No Term Out | 170 |
Georgia Power [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 0 |
Expires, 2016 | 150 |
Expires, 2017 | 0 |
Expires, 2018 | 1,600 |
Total | 1,750 |
Unused | 1,736 |
Executable Term Loans, One Year | 0 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 0 |
Due Within One Year, No Term Out | 150 |
Gulf Power [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 45 |
Expires, 2016 | 200 |
Expires, 2017 | 30 |
Expires, 2018 | 0 |
Total | 275 |
Unused | 275 |
Executable Term Loans, One Year | 50 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 50 |
Due Within One Year, No Term Out | 195 |
Mississippi Power [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 135 |
Expires, 2016 | 165 |
Expires, 2017 | 0 |
Expires, 2018 | 0 |
Total | 300 |
Unused | 270 |
Executable Term Loans, One Year | 25 |
Executable Term Loans, Two Years | 40 |
Due Within One Year, Term Out | 65 |
Due Within One Year, No Term Out | 235 |
Southern Power [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 0 |
Expires, 2016 | 0 |
Expires, 2017 | 0 |
Expires, 2018 | 500 |
Total | 500 |
Unused | 488 |
Executable Term Loans, One Year | 0 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 0 |
Due Within One Year, No Term Out | 0 |
Other Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Expires, 2015 | 70 |
Expires, 2016 | 0 |
Expires, 2017 | 0 |
Expires, 2018 | 0 |
Total | 70 |
Unused | 70 |
Executable Term Loans, One Year | 20 |
Executable Term Loans, Two Years | 0 |
Due Within One Year, Term Out | 20 |
Due Within One Year, No Term Out | $50 |
Financing_Schedule_of_LongTerm
Financing - Schedule of Long-Term Debt Financing Activities (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Senior Note Issuances | $550 | [1] |
Senior Note Redemptions | 250 | [1] |
Debt Redemptions [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | 83 | [1],[2] |
Alabama Power [Member] | ||
Debt Instrument [Line Items] | ||
Senior Note Issuances | 550 | [1] |
Senior Note Redemptions | 250 | [1] |
Alabama Power [Member] | Debt Redemptions [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | 0 | [1],[2] |
Georgia Power [Member] | ||
Debt Instrument [Line Items] | ||
Senior Note Issuances | 0 | [1] |
Senior Note Redemptions | 0 | [1] |
Georgia Power [Member] | Debt Redemptions [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | 3 | [1],[2] |
Mississippi Power [Member] | ||
Debt Instrument [Line Items] | ||
Senior Note Issuances | 0 | [1] |
Senior Note Redemptions | 0 | [1] |
Mississippi Power [Member] | Debt Redemptions [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | 76 | [1],[2] |
Other Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Senior Note Issuances | 0 | [1] |
Senior Note Redemptions | 0 | [1] |
Other Subsidiaries [Member] | Debt Redemptions [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-Term Debt | $4 | [1],[2] |
[1] | Southern Company, Gulf Power, and Southern Power did not issue or redeem any long-term debt during the first three months of 2015. | |
[2] | Includes reductions in capital lease obligations resulting from cash payments under capital leases. |
Financing_Narrative_Details
Financing - Narrative (Details) (USD $) | 0 Months Ended | ||
15-May-15 | 7-May-15 | Mar. 31, 2015 | |
loan | |||
Debt Instrument [Line Items] | |||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | $1,800,000,000 | ||
Alabama Power [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 864,000,000 | ||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 200,000,000 | ||
Alabama Power [Member] | Scenario, Plan [Member] | Five Point Two Zero Percent Class A Preferred Stock [Member] | |||
Debt Instrument [Line Items] | |||
Temporary Equity, Shares Outstanding | 6,480,000 | ||
Temporary Equity, Dividend Rate Percentage | 0.052 | ||
Temporary Equity, Par or Stated Value Per Share | $25 | ||
Alabama Power [Member] | Scenario, Plan [Member] | Five Point Three Zero Percent Class A Preferred Stock [Member] | |||
Debt Instrument [Line Items] | |||
Temporary Equity, Shares Outstanding | 4,000,000 | ||
Temporary Equity, Dividend Rate Percentage | 0.053 | ||
Temporary Equity, Par or Stated Value Per Share | $25 | ||
Alabama Power [Member] | Scenario, Plan [Member] | Five Point Six Two Five Percent Preference Stock [Member] | |||
Debt Instrument [Line Items] | |||
Temporary Equity, Shares Outstanding | 6,000,000 | ||
Temporary Equity, Dividend Rate Percentage | 0.05625 | ||
Temporary Equity, Par or Stated Value Per Share | $25 | ||
Alabama Power [Member] | Aggregate Stated Capital [Member] | Scenario, Plan [Member] | Five Point Two Zero Percent Class A Preferred Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 162,000,000 | ||
Alabama Power [Member] | Aggregate Stated Capital [Member] | Scenario, Plan [Member] | Five Point Three Zero Percent Class A Preferred Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 100,000,000 | ||
Alabama Power [Member] | Aggregate Stated Capital [Member] | Scenario, Plan [Member] | Five Point Six Two Five Percent Preference Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 150,000,000 | ||
Alabama Power [Member] | Senior Notes [Member] | Series 2015A [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 550,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Alabama Power [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Redemption Amount Of Principal Notes | 250,000,000 | ||
Alabama Power [Member] | Series DD [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||
Alabama Power [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Pollution Control Bond | 80,000,000 | ||
Alabama Power [Member] | Subsequent Event [Member] | Series 2007B [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Pollution Control Bond | 80,000,000 | ||
Alabama Power [Member] | Subsequent Event [Member] | Senior Notes [Member] | Series 2015A [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 175,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Alabama Power [Member] | Subsequent Event [Member] | Senior Notes [Member] | Series 2015B [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 250,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||
Georgia Power [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 865,000,000 | ||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 118,000,000 | ||
Georgia Power [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Pollution Control Bond | 65,000,000 | ||
Georgia Power [Member] | Subsequent Event [Member] | Second Series 2008 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Pollution Control Bond | 65,000,000 | ||
Gulf Power [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 69,000,000 | ||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 78,000,000 | ||
Mississippi Power [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Variable Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | 40,000,000 | ||
Mississippi Power [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Number Of Floating Rate Bank Loans | 3 | ||
Aggregate Principal Amount Of Floating Rate Bank Loan | 475,000,000 | ||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||
Repayment Aggregate Principal Amount Of Floating Rate Bank Loan | 275,000,000 | ||
Mississippi Power [Member] | Subsequent Event [Member] | Maturity April First Two Thousand Sixteen [Member] | |||
Debt Instrument [Line Items] | |||
Number Of Floating Rate Bank Loans | 2 | ||
Aggregate Principal Amount Of Floating Rate Bank Loan | 425,000,000 | ||
Traditional Operating Companies [Member] | |||
Debt Instrument [Line Items] | |||
Amount of Fixed Rate Pollution Control Revenue Bonds Outstanding Requiring Liquidity Support | $396,000,000 |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans [Member] | Southern Company [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | $64 | $53 |
Interest cost | 111 | 109 |
Expected return on plan assets | -181 | -161 |
Amortization: | ||
Prior service costs | 6 | 6 |
Net (gain)/loss | 54 | 28 |
Net cost | 54 | 35 |
Pension Plans [Member] | Alabama Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 15 | 12 |
Interest cost | 26 | 26 |
Expected return on plan assets | -45 | -42 |
Amortization: | ||
Prior service costs | 2 | 1 |
Net (gain)/loss | 14 | 8 |
Net cost | 12 | 5 |
Pension Plans [Member] | Georgia Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 18 | 16 |
Interest cost | 38 | 38 |
Expected return on plan assets | -63 | -57 |
Amortization: | ||
Prior service costs | 3 | 3 |
Net (gain)/loss | 19 | 10 |
Net cost | 15 | 10 |
Pension Plans [Member] | Gulf Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 3 | 3 |
Interest cost | 5 | 5 |
Expected return on plan assets | -8 | -7 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 3 | 1 |
Net cost | 3 | 2 |
Pension Plans [Member] | Mississippi Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 3 | 3 |
Interest cost | 5 | 5 |
Expected return on plan assets | -8 | -7 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 3 | 1 |
Net cost | 3 | 2 |
Other Postretirement Benefits [Member] | Southern Company [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 6 | 5 |
Interest cost | 19 | 20 |
Expected return on plan assets | -15 | -15 |
Amortization: | ||
Prior service costs | 1 | 1 |
Net (gain)/loss | 5 | 1 |
Net cost | 16 | 12 |
Other Postretirement Benefits [Member] | Alabama Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 1 | 1 |
Interest cost | 5 | 5 |
Expected return on plan assets | -6 | -6 |
Amortization: | ||
Prior service costs | 1 | 1 |
Net (gain)/loss | 0 | 0 |
Net cost | 1 | 1 |
Other Postretirement Benefits [Member] | Georgia Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 2 | 2 |
Interest cost | 8 | 8 |
Expected return on plan assets | -6 | -6 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 3 | 0 |
Net cost | 7 | 4 |
Other Postretirement Benefits [Member] | Gulf Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net cost | 1 | 1 |
Other Postretirement Benefits [Member] | Mississippi Power [Member] | ||
Pension Plans and Postretirement Plans | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | 0 | 0 |
Amortization: | ||
Prior service costs | 0 | 0 |
Net (gain)/loss | 0 | 0 |
Net cost | $1 | $1 |
Effective_Tax_Rate_and_Unrecog1
Effective Tax Rate and Unrecognized Tax Benefits - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Effective tax rate | 34.30% | 32.30% |
Kemper Igcc [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefit | 211 | |
Unrecognized tax benefit, associated interest | 3 | |
Mississippi Power [Member] | ||
Income Tax Contingency [Line Items] | ||
Effective tax rate | 10.00% | -43.00% |
Mississippi Power [Member] | Kemper Igcc [Member] | ||
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefit | 211 | |
Unrecognized tax benefit, associated interest | 3 | |
Southern Power [Member] | ||
Income Tax Contingency [Line Items] | ||
Effective tax rate | 25.80% | 8.50% |
Derivatives_Schedule_of_Deriva
Derivatives - Schedule of Derivatives and Gains (Losses) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Notional amount of interest rate derivatives | |
Notional Amount | $2,050 |
Fair Value Gain (Loss) at March 31, 2015 | -37 |
Alabama Power [Member] | Maturity Date October 2025 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 200 |
Interest Rate Received, Description | 3-month LIBORB |
Weighted Average Interest Rate Paid | 2.93% |
Hedge Maturity Date | 1-Oct-25 |
Fair Value Gain (Loss) at March 31, 2015 | -14 |
Alabama Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 54,000,000 |
Longest Hedge Date | 2018 |
Georgia Power [Member] | Maturity Date May 2025 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 350 |
Interest Rate Received, Description | 3-month LIBORB |
Weighted Average Interest Rate Paid | 2.57% |
Hedge Maturity Date | 1-May-25 |
Fair Value Gain (Loss) at March 31, 2015 | -17 |
Georgia Power [Member] | Maturity Date November 2025 [Member] | Cash Flow Hedges Of Forecasted Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 350 |
Interest Rate Received, Description | 3-month LIBORB |
Weighted Average Interest Rate Paid | 2.57% |
Hedge Maturity Date | 1-Nov-25 |
Fair Value Gain (Loss) at March 31, 2015 | -13 |
Georgia Power [Member] | Maturity Date March 2016 [Member] | Cash Flow Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 250 |
Interest Rate Received, Description | 3-month LIBORB + 0.32% |
Interest Rate Received | 0.32% |
Weighted Average Interest Rate Paid | 0.75% |
Hedge Maturity Date | 1-Mar-16 |
Fair Value Gain (Loss) at March 31, 2015 | 0 |
Georgia Power [Member] | Maturity Date August 2016 [Member] | Cash Flow Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 200 |
Interest Rate Received, Description | 3-month LIBORB + 0.40% |
Interest Rate Received | 0.40% |
Weighted Average Interest Rate Paid | 1.01% |
Hedge Maturity Date | 1-Aug-16 |
Fair Value Gain (Loss) at March 31, 2015 | 0 |
Georgia Power [Member] | Maturity Date June 2018 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 250 |
Interest Rate Received | 5.40% |
Weighted Average Interest Rate Paid | 4.02% |
Weighted Average Interest Rate Paid, Description | 3-month LIBORB + 4.02% |
Hedge Maturity Date | 1-Jun-18 |
Fair Value Gain (Loss) at March 31, 2015 | 2 |
Georgia Power [Member] | Maturity Date December 2019 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 200 |
Interest Rate Received | 4.25% |
Weighted Average Interest Rate Paid | 2.46% |
Weighted Average Interest Rate Paid, Description | 3-month LIBORB + 2.46% |
Hedge Maturity Date | 1-Dec-19 |
Fair Value Gain (Loss) at March 31, 2015 | 4 |
Georgia Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 44,000,000 |
Longest Hedge Date | 2017 |
Southern Company [Member] | Maturity Date August 2017 [Member] | Fair Value Hedges Of Existing Debt [Member] | |
Notional amount of interest rate derivatives | |
Notional Amount | 250 |
Interest Rate Received | 1.30% |
Weighted Average Interest Rate Paid | 0.17% |
Weighted Average Interest Rate Paid, Description | 3-month LIBORB + 0.17% |
Hedge Maturity Date | 1-Aug-17 |
Fair Value Gain (Loss) at March 31, 2015 | $1 |
Southern Company [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 241,000,000 |
Longest Hedge Date | 2020 |
Longest Non-Hedge Date | 2017 |
Gulf Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 92,000,000 |
Longest Hedge Date | 2020 |
Mississippi Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 49,000,000 |
Longest Hedge Date | 2018 |
Southern Power [Member] | Gas [Member] | |
Energy-related derivative contracts | |
Net Purchased mmBtu | 2,000,000 |
Longest Non-Hedge Date | 2017 |
Derivatives_Balance_Sheet_Pres
Derivatives - Balance Sheet Presentation (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $6 | [1] | ||
Southern Company [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 15 | 21 | ||
Derivative Liability, Fair Value, Gross Liability | 271 | 225 | ||
Southern Company [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4 | |||
Alabama Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | 73 | 61 | ||
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | ||
Alabama Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Georgia Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12 | 13 | ||
Derivative Liability, Fair Value, Gross Liability | 55 | 41 | ||
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | ||
Georgia Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Gulf Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 90 | 72 | ||
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | ||
Gulf Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Mississippi Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 52 | 45 | ||
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | ||
Mississippi Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Southern Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 5 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 4 | ||
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5 | [1] | ||
Southern Power [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 4 | |||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8 | 8 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 46 | 24 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 7 | 7 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 45 | 17 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Company [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 1 | 7 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 14 | 8 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 14 | 8 | ||
Cash Flow and Fair Value Hedging [Member] | Alabama Power [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | 6 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 31 | 14 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5 | 5 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 31 | 9 | ||
Cash Flow and Fair Value Hedging [Member] | Georgia Power [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 5 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Gulf Power [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Mississippi Power [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | Interest Rate Contract [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | Interest Rate Contract [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | Interest Rate Contract [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Cash Flow and Fair Value Hedging [Member] | Southern Power [Member] | Interest Rate Contract [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Southern Company [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 7 | 7 | ||
Derivative Liability, Fair Value, Gross Liability | 225 | 197 | ||
Hedging Instruments for Regulatory Purposes [Member] | Southern Company [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | 7 | ||
Hedging Instruments for Regulatory Purposes [Member] | Southern Company [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Southern Company [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 117 | [2] | 118 | [2] |
Hedging Instruments for Regulatory Purposes [Member] | Southern Company [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 108 | 79 | ||
Hedging Instruments for Regulatory Purposes [Member] | Alabama Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | 59 | 53 | ||
Hedging Instruments for Regulatory Purposes [Member] | Alabama Power [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Hedging Instruments for Regulatory Purposes [Member] | Alabama Power [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Alabama Power [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 33 | [2] | 32 | [2] |
Hedging Instruments for Regulatory Purposes [Member] | Alabama Power [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 26 | 21 | ||
Hedging Instruments for Regulatory Purposes [Member] | Georgia Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | 7 | ||
Derivative Liability, Fair Value, Gross Liability | 24 | 27 | ||
Hedging Instruments for Regulatory Purposes [Member] | Georgia Power [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5 | 6 | ||
Hedging Instruments for Regulatory Purposes [Member] | Georgia Power [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Hedging Instruments for Regulatory Purposes [Member] | Georgia Power [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 21 | [2] | 23 | [2] |
Hedging Instruments for Regulatory Purposes [Member] | Georgia Power [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 3 | 4 | ||
Hedging Instruments for Regulatory Purposes [Member] | Gulf Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 90 | 72 | ||
Hedging Instruments for Regulatory Purposes [Member] | Gulf Power [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Gulf Power [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Gulf Power [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 37 | [2] | 37 | [2] |
Hedging Instruments for Regulatory Purposes [Member] | Gulf Power [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 53 | 35 | ||
Hedging Instruments for Regulatory Purposes [Member] | Mississippi Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 52 | 45 | ||
Hedging Instruments for Regulatory Purposes [Member] | Mississippi Power [Member] | Energy Related Derivative [Member] | Other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Mississippi Power [Member] | Energy Related Derivative [Member] | Other deferred charges and assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Hedging Instruments for Regulatory Purposes [Member] | Mississippi Power [Member] | Energy Related Derivative [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 26 | [2] | 26 | [2] |
Hedging Instruments for Regulatory Purposes [Member] | Mississippi Power [Member] | Energy Related Derivative [Member] | Other deferred credits and liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | $26 | $19 | ||
[1] | Southern Power includes current assets related to derivatives not designated as hedging instruments in "Assets from risk management activities." | |||
[2] | Georgia Power and Gulf Power include current liabilities related to derivatives designated as hedging instruments in "Liabilities from risk management activities." |
Derivatives_Balance_Sheet_Offs
Derivatives - Balance Sheet Offsetting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Southern Company [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $15 | $21 | ||
Derivative Liability, Fair Value, Gross Liability | 271 | 225 | ||
Southern Company [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | 4 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 219 | 192 | ||
Southern Company [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 7 | [1] | 13 | [1] |
Derivative Liability, Fair Value, Gross Liability | 225 | [1] | 201 | [1] |
Southern Company [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -6 | [2] | -9 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -6 | [2] | -9 | [2] |
Southern Company [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 6 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 44 | 16 | ||
Southern Company [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8 | [1] | 8 | [1] |
Derivative Liability, Fair Value, Gross Liability | 46 | [1] | 24 | [1] |
Southern Company [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -2 | [2] | -8 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -2 | [2] | -8 | [2] |
Alabama Power [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | 73 | 61 | ||
Alabama Power [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 1 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 58 | 53 | ||
Alabama Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | [1] | 1 | [1] |
Derivative Liability, Fair Value, Gross Liability | 59 | [1] | 53 | [1] |
Alabama Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -1 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -1 | [2] | 0 | [2] |
Alabama Power [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 14 | 8 | ||
Alabama Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 14 | [1] | 8 | [1] |
Alabama Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Georgia Power [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 12 | 13 | ||
Derivative Liability, Fair Value, Gross Liability | 55 | 41 | ||
Georgia Power [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 18 | 20 | ||
Georgia Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | [1] | 7 | [1] |
Derivative Liability, Fair Value, Gross Liability | 24 | [1] | 27 | [1] |
Georgia Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -6 | [2] | -7 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -6 | [2] | -7 | [2] |
Georgia Power [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 29 | 8 | ||
Georgia Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | [1] | 6 | [1] |
Derivative Liability, Fair Value, Gross Liability | 31 | [1] | 14 | [1] |
Georgia Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -2 | [2] | -6 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -2 | [2] | -6 | [2] |
Gulf Power [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 90 | 72 | ||
Gulf Power [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 90 | 72 | ||
Gulf Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 90 | [1] | 72 | [1] |
Gulf Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Gulf Power [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Gulf Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [1] |
Gulf Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Mississippi Power [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 52 | 45 | ||
Mississippi Power [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 52 | 45 | ||
Mississippi Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 52 | [1] | 45 | [1] |
Mississippi Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Mississippi Power [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Mississippi Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [1] |
Mississippi Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Southern Power [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 5 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 4 | ||
Southern Power [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 5 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 4 | ||
Southern Power [Member] | Energy Related Derivative [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 5 | [1] |
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 4 | [1] |
Southern Power [Member] | Energy Related Derivative [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Southern Power [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Southern Power [Member] | Interest Rate Contract [Member] | Net Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] |
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [1] |
Southern Power [Member] | Interest Rate Contract [Member] | Gross Amount Of Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [2] | 0 | [2] |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $0 | [2] | $0 | [2] |
[1] | None of the registrants offsets fair value amounts for multiple derivative instruments executed with the same counterparty on the balance sheets; therefore, gross and net amounts of derivative assets and liabilities presented on the balance sheets are the same. | |||
[2] | Includes gross amounts subject to netting terms that are not offset on the balance sheets and any cash/financial collateral pledged or received. |
Derivatives_Pretax_Effects_of_
Derivatives - Pre-tax Effects of Derivatives Designated as Cash Flow Hedging Instruments (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Southern Company [Member] | Energy Related Derivative [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | ($218) | ($190) | |||
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory assets current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -117 | -118 | |||
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory assets deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -108 | -79 | |||
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory liabilities current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 6 | [1] | 7 | [1] | |
Southern Company [Member] | Energy Related Derivative [Member] | Other regulatory liabilities deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 1 | [2] | 0 | [3] | |
Southern Company [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -29 | 0 | |||
Southern Company [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -2 | -2 | |||
Alabama Power [Member] | Energy Related Derivative [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -58 | -52 | |||
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory assets current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -33 | -32 | |||
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory assets deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -26 | -21 | |||
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 1 | [1] | 1 | [1] | |
Alabama Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | [2] | 0 | [3] | |
Alabama Power [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -6 | 0 | |||
Alabama Power [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -1 | -1 | |||
Georgia Power [Member] | Energy Related Derivative [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -18 | -20 | |||
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory assets current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -21 | -23 | |||
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory assets deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -3 | -4 | |||
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 5 | [1] | 6 | [1] | |
Georgia Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 1 | [2] | 1 | [3] | |
Georgia Power [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -23 | 0 | |||
Georgia Power [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -1 | -1 | |||
Gulf Power [Member] | Energy Related Derivative [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -90 | -72 | |||
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory assets current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -37 | -37 | |||
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory assets deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -53 | -35 | |||
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | [1] | 0 | [1] | |
Gulf Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | [2] | 0 | [3] | |
Mississippi Power [Member] | Energy Related Derivative [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -52 | -45 | |||
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory assets current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -26 | -26 | |||
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory assets deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | -26 | -19 | |||
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities current [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | 0 | [1] | 0 | [1] | |
Mississippi Power [Member] | Energy Related Derivative [Member] | Other regulatory liabilities deferred [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet | $0 | [2] | $0 | [3] | |
[1] | Southern Company and Georgia Power include other regulatory liabilities, current in other current liabilities. | ||||
[2] | Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities.Regulatory Hedge Unrealized Gain (Loss) Recognized on the Balance Sheet at December 31, 2014Derivative Category and Balance SheetLocationB SouthernCompanyB AlabamaPowerB GeorgiaPowerB GulfPowerB MississippiPower (in millions)Energy-related derivatives: Other regulatory assets, currentB $(118)B $(32)B $(23)B $(37)B $(26)Other regulatory assets, deferredB (79)B (21)B (4)B (35)B (19)Other regulatory liabilities, current (a)B 7B 1B 6B bB bOther regulatory liabilities, deferred (b)B bB bB 1B bB bTotal energy-related derivative gains (losses)B $(190)B $(52)B $(20)B $(72)B $(45) | ||||
[3] | Georgia Power includes other regulatory liabilities, deferred in other deferred credits and liabilities. |
Derivatives_Narrative_Details
Derivatives - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Btu | |
Derivatives (Textual) [Abstract] | |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Southern Company [Member] | |
Derivatives (Textual) [Abstract] | |
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | 4,000,000 |
Georgia Power [Member] | |
Derivatives (Textual) [Abstract] | |
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | 3,000,000 |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Southern Power [Member] | |
Derivatives (Textual) [Abstract] | |
Expected volume of natural gas subject to option to sell back excess gas due to operational constraints | 1,000,000 |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Alabama Power [Member] | |
Derivatives (Textual) [Abstract] | |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Gulf Power [Member] | |
Derivatives (Textual) [Abstract] | |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Mississippi Power [Member] | |
Derivatives (Textual) [Abstract] | |
Maximum Potential Collateral Requirements Arising from Credit Risk Related Contingent Features | 59 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 19, 2015 | Mar. 31, 2015 | Feb. 24, 2015 | Mar. 12, 2015 | Apr. 15, 2015 | Apr. 22, 2015 | Apr. 30, 2015 |
Southern Power [Member] | Decatur Parkway Solar Project, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 80 | ||||||
Life Output Of Plant | 25 years | ||||||
Southern Power [Member] | Decatur County Solar Project, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 19 | ||||||
Life Output Of Plant | 20 years | ||||||
Southern Power [Member] | Decatur County Solar Projects [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Beginning Year Of Output Of Constructed Plant | 2015 | ||||||
Construction Capital Costs | $32 | ||||||
Southern Power [Member] | Decatur County Solar Projects [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 200 | ||||||
Southern Power [Member] | Decatur County Solar Projects [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 220 | ||||||
Southern Power [Member] | Kay Wind, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Beginning Year Of Output Of Constructed Plant | 2015 | ||||||
Life Output Of Plant | 20 years | ||||||
Energy From Wind-Powered Generating Facilities (in MWs) | 299 | ||||||
Acquisition - cash consideration | 492 | ||||||
Southern Power [Member] | Butler Solar LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 100 | ||||||
Beginning Year Of Output Of Constructed Plant | 2016 | ||||||
Life Output Of Plant | 30 years | ||||||
Southern Power [Member] | Butler Solar LLC [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 220 | ||||||
Southern Power [Member] | Butler Solar LLC [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 230 | ||||||
Southern Power [Member] | Lost Hills Blackwell Holdings, LLC [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Beginning Year Of Output Of Constructed Plant | 2015 | ||||||
Life Output Of Plant | 29 years | ||||||
Acquisition - cash consideration | 74 | ||||||
Southern Power [Member] | Lost Hills Blackwell Holdings, LLC [Member] | Class A Membership Interest [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Percentage Of Entitled Cash Distributions | 51.00% | ||||||
Southern Power [Member] | Lost Hills Solar Facility [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 20 | ||||||
Southern Power [Member] | Blackwell Solar Facility [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 12 | ||||||
Southern Power [Member] | LS Pawpaw, LLC [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 30 | ||||||
Beginning Year Of Output Of Constructed Plant | 2015 | ||||||
Life Output Of Plant | 30 years | ||||||
Southern Power [Member] | LS Pawpaw, LLC [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 65 | ||||||
Southern Power [Member] | LS Pawpaw, LLC [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Cost | 75 | ||||||
Southern Power [Member] | North Star [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power of solar polycrystalline silicon facility (in MWs) | 60 | ||||||
Beginning Year Of Output Of Constructed Plant | 2015 | ||||||
Life Output Of Plant | 20 years | ||||||
Acquisition - cash consideration | 208 | ||||||
Southern Power [Member] | North Star [Member] | Class A Membership Interest [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Percentage Of Entitled Cash Distributions | 51.00% | ||||||
First Solar [Member] | Lost Hills Blackwell Holdings, LLC [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition - cash consideration | 34 | ||||||
First Solar [Member] | Lost Hills Blackwell Holdings, LLC [Member] | Class B Membership Interest [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Percentage Of Entitled Cash Distributions | 49.00% | ||||||
First Solar [Member] | North Star [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition - cash consideration | $99 | ||||||
First Solar [Member] | North Star [Member] | Class B Membership Interest [Member] | Subsequent Event [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
Percentage Of Entitled Cash Distributions | 49.00% |
Segment_and_Related_Informatio2
Segment and Related Information - Financial Data for Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||
Number of States in which Entity Operates | 4 | |||||
Operating revenues | $4,183 | $4,644 | ||||
Segment net income (loss) | 508 | [1],[2] | 351 | [1],[2] | ||
Total assets | 71,610 | 70,923 | ||||
Kemper Igcc [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Pre-tax charge to income | 9 | 380 | 868 | 1,200 | ||
After tax charge to income | 6 | 235 | 536 | 729 | ||
Electric Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 4,172 | 4,627 | ||||
Segment net income (loss) | 510 | [1],[2] | 351 | [1],[2] | ||
Total assets | 70,821 | 70,063 | ||||
Traditional Operating Companies [Member] | Electric Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 3,948 | 4,378 | ||||
Segment net income (loss) | 477 | [1],[2] | 318 | [1],[2] | ||
Total assets | 65,530 | 64,644 | ||||
Southern Power [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 114 | 72 | ||||
Southern Power [Member] | Electric Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 348 | 351 | ||||
Segment net income (loss) | 33 | [1],[2] | 33 | [1],[2] | ||
Total assets | 5,564 | 5,550 | ||||
Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | -29 | -24 | ||||
Segment net income (loss) | -5 | [1],[2] | 0 | [1],[2] | ||
Total assets | -302 | -296 | ||||
Eliminations [Member] | Electric Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | -124 | -102 | ||||
Segment net income (loss) | 0 | [1],[2] | 0 | [1],[2] | ||
Total assets | -273 | -131 | ||||
All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 40 | 41 | ||||
Segment net income (loss) | 3 | [1],[2] | 0 | [1],[2] | ||
Total assets | $1,091 | $1,156 | ||||
[1] | Segment net income (loss) for the traditional operating companies for the three months ended MarchB 31, 2015 and MarchB 31, 2014 includes a $9 million pre-tax charge ($6 million after tax) and a $380 million pre-tax charge ($235 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle b Kemper IGCC Schedule and Cost Estimate" herein for additional information. | |||||
[2] | After dividends on preferred and preference stock of subsidiaries. |
Segment_and_Related_Informatio3
Segment and Related Information - Financial Data for Products and Services (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | $4,172 | $4,627 |
Retail [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | 3,542 | 3,858 |
Wholesale [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | 467 | 604 |
Other [Member] | ||
Revenue from External Customer [Line Items] | ||
Electric Utilities' Revenues | $163 | $165 |