Updated
The most significant concentration Southern Company (The) discloses is Georgia Power nuclear generation at 36%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Southern Company (The)’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'Southern Nuclear ... represented approximately 22% and 36% of the total KWHs generated by Alabama Power and Georgia Power, respectively, in the year ended December 31, 2025'”
“10-K Item 1A: 'Southern Nuclear ... represented approximately 22% and 36% of the total KWHs generated by Alabama Power and Georgia Power, respectively, in the year ended December 31, 2025'”
The company's only disclosed concentration concerns the nuclear generation share within two of its regulated utility subsidiaries, both characterized as structural exposures tied to a single fleet operator. Southern Nuclear represented approximately 36% of the total kilowatt-hours generated by Georgia Power in the year ended December 31, 2025, a moderate-share structural exposure, and approximately 22% of the total kilowatt-hours generated by Alabama Power in the same period, a smaller-share structural exposure. Both figures reflect the proportion of each subsidiary's generation portfolio that flows through nuclear facilities operated by Southern Nuclear, which is itself an affiliate. The character of both exposures is structural: nuclear generation's share within a regulated utility is a function of the long-term capital planning decisions embedded in each subsidiary's integrated resource plan and is subject to rate case approval rather than short-term commercial decisions. Nuclear plants have high fixed costs, multi-decade asset lives, and are central to baseload generation strategies, so the nuclear share is a deliberate and persistent portfolio feature rather than an idiosyncratic counterparty dependency. The disclosed shares also operate in an affiliated corporate structure: Southern Nuclear operates the plants for the regulated subsidiaries, so the concentration is intra-family rather than involving a third-party counterparty. This reduces the risk of abrupt commercial disruption but does not eliminate the operational risk of an unplanned outage or regulatory action at the nuclear fleet level. On balance the nuclear generation concentration is well-disclosed, structural, and typical for large integrated utilities operating nuclear baseload capacity, with operational performance the primary monitoring variable.
For the engine’s reasoning on SO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNP | CenterPoint Energy, Inc (Holdin | 2 | 2 | 0 | 4 |
| D | Dominion Energy, Inc. | 2 | 1 | 0 | 3 |
| AEE | Ameren Corporation | 2 | 0 | 0 | 2 |
| AEP | American Electric Power Company | 0 | 2 | 0 | 2 |
| SO● | Southern Company (The) | 0 | 1 | 1 | 2 |
| CMS | CMS Energy Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.