The Southern Company (SO): Business Model Canvas [Dec-2025 Updated]

You're digging into The Southern Company's (SO) strategy, trying to map exactly how this utility giant is navigating the energy transition while simultaneously powering the AI boom. Honestly, the business model is shifting fast: they've got a massive $76 billion earmarked for capital investment through 2029, largely to support a pipeline of potential load that's heavily skewed toward hyperscale data centers-their usage jumped 17% in Q3 2025 alone. With operating revenues hitting $22.6 billion in the first nine months of 2025, understanding their key partnerships and regulated value proposition is crucial before you make any investment call for the 9 million customers they serve. Here's the quick math on how they plan to keep the lights on reliably while building out the next-gen grid.

The Southern Company (SO) - Canvas Business Model: Key Partnerships

You're looking at how The Southern Company (SO) builds its infrastructure and innovation pipeline through crucial external relationships. These aren't just casual vendor agreements; they are strategic alliances that unlock massive capital deployment and future-proof their service delivery, especially given the massive load growth from data centers.

State Regulatory Commissions for Rate and Investment Approvals

The relationship with state regulatory commissions, particularly the Georgia Public Service Commission (PSC), is foundational. Without their sign-off, SO's ability to invest in the necessary generation and grid upgrades stalls. In late 2025, the Georgia PSC unanimously approved Georgia Power's 2025 Integrated Resource Plan (IRP) in September. This approval opens the door for SO to boost spending by as much as $15 billion to meet projected surges in electricity demand from data centers, new factories, and electric vehicles.

This IRP specifically addresses the need to meet over eight gigawatts of additional load projected over the next six years, partly by delaying coal plant retirements and adding clean energy. Jefferies analysts noted this regulatory win creates a clear pathway for Georgia Power to deploy between $10 billion and $15 billion in upside capital beyond their existing plan. Furthermore, the PSC approved 1,068 MW of new solar Power Purchase Agreements (PPAs) for Georgia Power in September.

Edged for Developing Ultra-Efficient, AI-Ready Data Centers

The partnership between SO's subsidiary, PowerSecure, and Edged Energy is a direct play on the AI boom, focusing on ultra-efficient, AI-ready data centers. This alliance is a six-year commitment. PowerSecure provides advanced electrical and mechanical systems, including Tier 4 Final EPA-certified ultra-low emissions engines for backup generation.

The collaboration has already deployed solutions across seven major U.S. markets, including Atlanta, Chicago, and Phoenix. To date, PowerSecure has supplied 152 MW of critical load capacity to Edged facilities. The design philosophy is aggressive on efficiency; Edged facilities are engineered to reduce energy consumption by an impressive 74% compared to traditional sites, notably by using zero water cooling technology. The Edged Atlanta Campus itself is a 168 MW critical IT campus.

Federal Agencies for Carbon-Free Energy Solutions

While direct GSA contracts weren't immediately apparent, SO engages with federal bodies for clean energy deployment. For instance, Southern Company Services, Inc. received substantial federal funding to support the development of the National Carbon Capture Center. A concrete example of federal partnership in clean mobility is the collaboration with General Motors (GM) under the U.S. Department of Energy's SuperTruck 3 program. This $65 million project aims to demonstrate hydrogen fuel-cell medium-duty trucks for use as shop vehicles at SO worksites, creating a hydrogen-based ecosystem.

Clean Tech Venture Funds like Energy Impact Partners (EIP) for Innovation

As a founding partner, The Southern Company leverages Energy Impact Partners (EIP) to scout and invest in emerging energy technology startups. EIP is a utility-backed venture capital fund that, as of late 2024, was managing over $4 billion in assets. SO anchored EIP's Flagship Fund, Fund II, which received $1 billion in commitments when announced in November 2021, focusing on zero-carbon economy solutions. This partnership helps SO identify technologies across supply decarbonization, electrification, and tech-enabled infrastructure.

Norfolk Southern and Remora for Carbon-Capturing Rail Car Pilots

The partnership with Norfolk Southern (NS) and startup Remora targets decarbonizing freight transport. This collaboration pilots the industry's first carbon-capturing rail car, which places a tender car behind the locomotive to scrub emissions. Remora has raised $117 million in venture capital to date. The technology is designed to capture up to 70% of carbon dioxide and reduce other air pollutants by 90% without impacting the train's power.

The captured $\text{CO}_2$ is stored as liquid and transported to end-users like concrete or fuel producers, creating a revenue stream shared with the railroad. The goal for the pilot is to produce 500 units annually by 2030, which could reduce 714,000 metric tons of $\text{CO}_2$ per year.

Here's a quick view of the scale of these external commitments:

These partnerships define where The Southern Company is placing its bets for near-term capacity and long-term innovation. For instance, the $76 billion capital plan announced by July 2025 is heavily influenced by the need to satisfy the load pipeline secured through these regulatory and industrial relationships.

• PSC-approved IRP targets meeting over 8,000 MW of new load over six years.
• PowerSecure's alliance with Edged is a six-year agreement.
• EIP manages over $4 billion in assets, leveraging SO's founding partnership.
• The Norfolk Southern/Remora pilot aims for 500 units annually by 2030.
• Georgia Power secured approval for 1,068 MW of new solar capacity.

Finance: draft the cash flow impact analysis for the $15 billion PSC-approved spending by next Tuesday.

The Southern Company (SO) - Canvas Business Model: Key Activities

You're looking at the core engine driving The Southern Company's strategy right now, which is heavily focused on massive capital deployment to meet explosive, specific customer demand. This isn't just about keeping the lights on; it's about building the next decade of infrastructure.

Generation, transmission, and distribution of electricity and natural gas.

The Southern Company acts as a vertically integrated provider, serving a massive footprint. As of late 2025, the company serves nearly 9 million customers across its electric utilities in Alabama, Georgia, and Illinois, alongside natural gas distribution in four states. The operational scale is significant:

• Rate-regulated generating capacity owned totals 44 gigawatts.
• Southern Power segment owns 13 gigawatts of natural gas generation and renewable energy.
• Retail electricity sales for 2025 are projected to grow 2% to 3% compared to 2024.
• In Q3 2025, weather-normalized retail electricity sales were up 2.6% year-over-year.

The natural gas side is also active, with Southern Company Gas contributing to the overall energy mix.

Executing the $76 billion five-year capital investment plan through 2029.

The commitment to capital expenditure has escalated dramatically, reflecting the urgency of load growth. The five-year base capital plan, running through 2029, now stands at $76 billion, which is an increase of $13 billion from earlier projections (which were around $63 billion earlier in 2025). This plan is the central financial lever for the near term. Management also noted potential for up to $5 billion in additional capital investment through 2029, tied to pending certifications and gas pipeline expansions. The company is proactively managing its funding, having priced an additional $1.2 billion of equity since the prior earnings call to support this spending.

Developing and certifying new generation resources (e.g., 10 GW under review).

A major activity is securing the necessary generation capacity to match the pipeline of new load. As of Q2 2025, The Southern Company highlighted approximately 10 gigawatts (GW) of new generation requests under review. Specifically, Georgia Power filed a request to certify about 10 GW of new generation. This includes 7 GW of Georgia Power owned resources and 2.8 GW from third-party power purchase agreements within the Georgia Power 2025 Integrated Resource Plan (IRP).

Maintaining and modernizing the diverse generation fleet (nuclear, hydro, fossil).

The company is managing its existing fleet while integrating new capacity. The Southern Company operates eight nuclear units, including the recently completed Vogtle Units 3 and 4. To address near-term demand, a February 2025 filing proposed extending the operational life of 8,200 MW of coal-fired power plants. For hydro assets, modernization efforts are underway, targeting nine hydro fleets with refurbishments expected to keep them operational for at least another 40 years.

Proactive economic development to secure large industrial and data center loads.

Securing large, long-term loads, especially from data centers, is a primary driver of current activity. The total pipeline of potential new load from data centers and other large industrial users exceeds 50 GW across the service territories. Of this, 10 GW are already committed to projects. Data center usage specifically surged 17% year-over-year in Q3 2025. The economic development pipeline is translating into tangible projects; in Q3 2025, 22 companies announced new or expanded operations, representing expected capital investments totaling approximately $2.8 billion.

• Total potential large load pipeline: Exceeds 50 GW.
• Committed load from pipeline: 10 GW.
• Q3 2025 data center usage growth: 17% year-over-year.
• Q3 2025 announced project investment value: Approximately $2.8 billion.

The Southern Company (SO) - Canvas Business Model: Key Resources

You're looking at the hard assets and financial muscle that power The Southern Company (SO)'s strategy right now. These aren't just line items; they are the physical and financial foundations supporting massive growth, especially from data centers.

Regulated Utility Infrastructure and Customer Base

The core resource is the vast, regulated footprint. The Southern Company serves a total of 9 million gas and electric utility customers across 6 U.S. states, including Alabama, Georgia, Illinois, Mississippi, Tennessee, and Virginia. Specifically, the Georgia Power subsidiary serves 2.8 million electric customers. This infrastructure includes a regulated regional electric utility territory spanning 120,000 square miles supported by 27,000 miles of distribution lines.

• Electric operating companies in 3 states.
• Natural gas distribution companies in 4 states.
• Rate-regulated generating capacity owned: 44 GW.

Diverse Generation Portfolio: Carbon-Free Nuclear Anchor

The generation fleet is anchored by significant carbon-free nuclear capacity. Plant Vogtle in Waynesboro, Georgia, is now the largest generator of clean energy in the country, featuring 4 units. The newer units, Vogtle Units 3 and 4, are the first new commercial nuclear units built in the U.S. in over 30 years.

• Vogtle Unit 3 commercial operation started: July 31, 2023.
• Vogtle Unit 4 commercial operation started: April 29, 2024.
• Total Plant Vogtle Generating Capacity: Approximately 4,800 megawatts.

Southern Power, the competitive generation subsidiary, adds another 13 GW of natural gas and renewable energy capacity, mostly under long-term contracts.

Financial Capital for Deployment

The company has aggressively increased its funding commitment to meet projected demand. The five-year base capital plan, running through 2029, now stands at $76 billion, up from $63 billion. This is a massive commitment to infrastructure execution.

Here's the quick math on that capital plan increase:

Regulatory Certainty and Stability

You can't build this kind of infrastructure without a clear regulatory path. Georgia Power secured a stipulated agreement extending its alternate rate plan, which means they will not file a 2025 base rate case. This anchors regulatory predictability for base rates through at least February 19, 2028. The agreement also set the maximum Return on Equity (ROE) at 11.9%.

• Rate freeze period: Through at least 2028.
• Storm costs (e.g., Hurricane Helene) to be addressed in a separate proceeding in 2026.

Large Customer Load Pipeline

The most significant near-term demand driver is the pipeline of large customers, overwhelmingly data centers. The total pipeline across electric subsidiaries is more than 50 GW of potential incremental load by the mid-2030s. Georgia is the epicenter, accounting for 40 GW, or 80%, of that total pipeline. You see this demand translating to revenue; data center usage was up 17% year-over-year in Q3 2025.

• Total large load pipeline: Over 50 GW.
• Contracts signed in the last two months (as of Q3 2025 earnings): Over 2 GW.
• Contracts in place through 2029: 7 GW.

Finance: draft 13-week cash view by Friday.

The Southern Company (SO) - Canvas Business Model: Value Propositions

You're looking at the core promises The Southern Company makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete capital plans and operational results.

Premier reliability and resilient service across the Southeast

The Southern Company serves 9 million energy customers across the Southeast, and its commitment to keeping the lights on is quantified by recent performance. The system managed a year-to-date peak load of nearly 39 gigawatts during an extreme heat wave in the second quarter of 2025 without major operational issues. The massive capital deployment is directly tied to enhancing this resilience.

• The Southern Company was named the highest-ranked U.S. energy company on Newsweek's World's Most Trustworthy Companies 2025 list.

Clean, safe, and affordable energy solutions for a growing economy

The value proposition here is balancing growth enablement with financial discipline and environmental stewardship. The company's service territories are seeing significant economic expansion, evidenced by 22 companies announcing expansions in the third quarter of 2025, which is expected to bring about 5,000 new jobs and capital investments of about $2.8 billion. Financially, The Southern Company issued full-year 2025 adjusted earnings guidance of $4.20 to $4.30 per share, targeting 6% growth from 2024.

The company continues to reward shareholders with stability, having increased its annual dividend by 8 cents per share, marking its 24th consecutive annual hike and extending its streak of uninterrupted payouts to 78 years. This financial performance underpins the affordability claim.

Stable and predictable rates for customers (e.g., Alabama Power through 2027)

For customers served by its subsidiary, Alabama Power, the value proposition is explicit rate certainty. Alabama Power announced a commitment to keep all regulated retail rate components steady through 2027. This involves delaying the implementation of previously approved adjustments for the Lindsay Hill generation facility until 2028 and absorbing that facility's costs in 2027. This stability is supported by internal cost management, citing a reduction in operating expenses by about $100 million since 2017.

Scalable power capacity to meet surging demand from hyperscale data centers

The demand from data centers is the primary driver of capacity expansion. The total pipeline of potential large-load additions across The Southern Company's service territories stands at more than 50 GW by the mid-2030s. Within this pipeline, Georgia is the epicenter, accounting for 40 GW, or 80%, of that total. To meet this, the five-year capital plan for 2025-2029 ballooned to $76 billion by July 2025, up from $43 billion in 2024, with this increase explicitly driven by data center demand. The immediate execution involves a fossil-fuel-first approach to ensure dispatchable power, including a February 2025 filing to extend the operational life of 8,200 MW of coal-fired power plants. Contracted projects currently represent 7 GW of demand through 2029.

Here's a quick look at the financial and load growth metrics driving this capacity build:

Commitment to achieving net zero greenhouse gas emissions by 2050

The Southern Company maintains its enterprise-wide goal of net zero equity-share Scope 1 emissions by 2050. The company has already achieved significant progress, reducing its Scope 1 GHG emissions by 49% in 2024 from 2007 levels. This means emissions fell to 79 million metric tons of CO2e from 157 million metric tons of CO2e in 2007. The 50% reduction goal (from 2007 levels by 2030) is now expected to be achieved well in advance, possibly as early as 2025. This transition is supported by over $15 billion invested in environmental controls on power plants. The renewable resource portfolio was expected to reach approximately 14,000 MW by 2024.

The path to net zero involves a mix of strategies:

• Continued coal transition and thoughtful use of natural gas.
• Further growth in zero-carbon resources, including nuclear energy and renewables.
• Continued investment in R&D for emerging technologies like carbon capture and sequestration.

Finance: draft 13-week cash view by Friday.

The Southern Company (SO) - Canvas Business Model: Customer Relationships

You're looking at how The Southern Company (SO) manages its customer connections, which is heavily shaped by regulation and massive infrastructure needs. It's not just about billing; it's about long-term service commitments under state watch.

Highly regulated, long-term service agreements with state oversight

The relationship is cemented by regulatory approvals that provide a predictable framework for investment. For instance, the Georgia Power 2025 Integrated Resource Plan (IRP), approved by the Georgia Public Service Commission (PSC), effectively locks in base rates through February 2028. This regulatory clarity supports a massive capital outlay; SO projects an investment of approximately $76 billion over its five-year planning horizon (2025-2029), with 95% of that tied to its state-regulated utilities. Management is tracking for a long-term state-regulated rate base growth of 7% annually.

Here are some key regulatory and investment metrics:

Dedicated economic development teams for large commercial/industrial customers

SO's teams are clearly focused on capturing large, high-demand customers, especially data centers. The growth here is concrete, not just theoretical. In Q1 2025 alone, economic development announcements brought in over $11 billion in capital investment and created 4,000 new jobs across the service territories. By Q3 2025, announcements from 22 companies signaled about $2.8 billion in capital investment and an expected 5,000 new jobs. The impact is visible in usage: electricity usage from data centers was up 17% year-over-year in the third quarter of 2025.

Digital tools and programs (e.g., Bill Explainer) for residential customer self-service

For the millions of residential customers, self-service digital interaction is key to managing usage and costs. Alabama Power, a subsidiary, helps its 1.5 million customers with tools like the Bill Explainer, Rate Advisor, and Energy Assistant. Overall, The Southern Company serves approximately 9 million customers across its seven electric and natural gas distribution units. These digital resources help customers understand their bills and choose suitable rate options.

Here's a quick look at customer scale and specific tools:

• Total Customers Served (Approximate): 9 million
• Alabama Power Customers: 1.5 million
• Digital Self-Service Tool Example: Bill Explainer
• Customer Usage Monitoring: 24/7 access to usage information available online.

Proactive communication on grid resilience and storm recovery

When the weather hits hard, communication and infrastructure readiness become the primary customer relationship touchpoint. Following Hurricane Helene, which impacted nearly 1.5 million customers in Georgia Power's territory, the response involved over 20,000 electric and natural gas personnel. To prevent future issues, the 2025 IRP includes a 10-year transmission plan proposing new resources across more than 1,000 miles of transmission lines to boost reliability. The company is also investing in cleaner, resilient generation, projecting solar capacity to hit 2,500 MW and wind capacity to reach 1,800 MW by the end of 2025.

Finance: draft 13-week cash view by Friday.

The Southern Company (SO) - Canvas Business Model: Channels

You're looking at how The Southern Company (SO) gets its power and gas to its customers, which is a mix of regulated monopolies and competitive wholesale deals. It's a massive footprint, so the channels are naturally diverse.

State-regulated electric distribution networks (e.g., Georgia Power, Alabama Power)

This is the core, where The Southern Company acts as the sole provider under state commission oversight. You see this through its operating companies like Georgia Power and Alabama Power.

• Total energy customers served across electric and gas distribution units: 9 million as of late 2025.
• Georgia Power served 2,804,103 total electric customers as of December 31, 2024.
• The company owns 44 gigawatts of rate-regulated generating capacity.
• Alabama Power received approval on December 2, 2025, to freeze customer electric rates through the end of 2027.
• Georgia Power secured approval in July 2025 for a three-year rate freeze.

Here's a quick look at the customer segmentation for the largest regulated utility, Georgia Power, based on end-of-2024 data:

Natural gas distribution systems (via Southern Company Gas)

Southern Company Gas handles the delivery of natural gas across several states, using an extensive network of pipes and storage.

• Service territory includes Illinois, Georgia, Virginia, and Tennessee.
• Operates approximately 78,500 miles of natural gas pipelines.
• Operates 14 storage facilities.
• Serves around 4.4 million natural gas customers.

Southern Power's competitive wholesale generation sales

Southern Power develops and operates generation assets, selling power at market-based rates, mostly through long-term contracts (PPAs) with other utilities and large customers across 15 states.

The wholesale side is heavily focused on securing future load through contracts.

• Contracts in place with large load customers represent 7 GW through 2029.
• These contracts are projected to ramp to 8 GW into the 2030s.
• Southern Power and its subsidiaries are part of a pipeline that sees more than 50 GW of possible incremental load additions across electric subsidiaries by the mid-2030s.

Direct sales and contract negotiation for large industrial and data center customers

This channel is increasingly important, driven by the massive power needs of data centers and industrial expansion in the Southeast. The Southern Company is actively negotiating direct contracts for these large loads.

• Data centers usage was up 17% year-over-year in the third quarter of 2025.
• The company signed four contracts in the two months preceding October 30, 2025, representing over 2 GW of demand.
• In Q3 2025, 22 companies announced new or expanded operations, representing expected capital investments of approximately $2.8 billion.
• The commercial sector, heavily influenced by data centers, saw weather-normal electricity sales growth of 3.5% in Q3 2025.

The pipeline for these large loads is substantial; it's more than 50 gigawatts across the electric subsidiaries. That's the future of their direct sales channel, honestly.

The Southern Company (SO) - Canvas Business Model: Customer Segments

You're looking at the customer base of The Southern Company (SO) as of late 2025, and it's clear the AI boom is reshaping the load profile.

The core of The Southern Company (SO)'s business remains its vast regulated utility customer base across the Southeast.

Residential electric and natural gas customers total over 9 million across the service territory. For the third quarter of 2025, weather-normal retail electricity sales for this segment grew by 2.7% year-over-year. The company added approximately 12,000 new residential customers in Q3 alone.

The commercial and industrial segments are showing strong, albeit varied, growth driven by regional economic expansion.

The Southern Company (SO) tracks its customer segments with precision, which helps in capital planning.

The real story in 2025 is the massive demand from Hyperscale Data Centers and large industrial users. This segment is the primary driver of new load growth. Electricity usage from data centers specifically surged by 17% in Q3 2025 compared to the third quarter of the prior year. The total pipeline for this large-load demand remains robust, exceeding 50 gigawatts through the mid-2030s.

The Southern Company (SO) manages its wholesale energy needs and sales through its subsidiary, Southern Power.

Wholesale energy purchasers are served by Southern Power, which acts as a competitive generation company. This segment serves municipalities, electric cooperatives, and other utility customers. Southern Power owns or operates generating capacity exceeding 13,150 MW across 15 states. To ensure revenue stability, over 90% of its natural gas generation portfolio is contracted through the end of the decade.

You can see the breakdown of Southern Power's capacity:

• Total Generating Capacity (Owned or Operated): Over 13,150 MW
• Number of Facilities Operating or Under Development: 55
• Number of States Served: 15
• Natural Gas Generation Contracted Through End of Decade: Over 90%

The company's overall strategy is built on serving these distinct, yet interconnected, customer groups.

The Southern Company (SO) - Canvas Business Model: Cost Structure

You're looking at the hard costs The Southern Company is facing to keep the lights on and build out the grid for the AI boom. It's a capital-intensive game, and the numbers reflect that commitment to massive infrastructure spending.

Capital expenditures for infrastructure have seen a significant escalation. The five-year base capital plan, as of mid-2025, is set at $76 billion through 2029, which is a $13 billion increase from the prior projection. This plan prioritizes electric utility spending at $50.3 billion.

Here's a breakdown of the capital allocation within that plan:

• Grid Modernization: $13 billion
• Renewables and Innovation: $18 billion
• Total Transmission Work (5-year plan): $17.2 billion
• Transmission Work Planned for 2025: $2.6 billion

The Southern Company also notes a potential upside of approximately $5 billion pending final certifications for generation projects and gas pipeline expansions.

Fuel and purchased power costs remain a major variable expense, directly tied to energy generation needs. The costs for the first nine months of 2025 were substantial:

For comparison, Q2 2025 Fuel and purchased power for the six months ended June 30, 2025, totaled $2,918 million.

Interest expense on long-term debt has been a growing pressure point, noted as higher in the 2025 reporting periods. For context on the debt load impact, Q4 2024 interest costs were reported at $693 million, representing a 9.3% rise year-over-year.

Operations and maintenance (O&M) expenses are also increasing, with non-fuel O&M being specifically called out as a drag on margins.

Here are the non-fuel O&M figures from the first half of 2025:

• Non-fuel operations and maintenance (Q2 2025): $1,685 million
• Non-fuel operations and maintenance (6 Months Ended June 30, 2025): $3,305 million

In Q4 2024, total operating and maintenance costs rose 14.6% year-over-year to $1.99 billion.

Depreciation and amortization costs are another component increasing the cost base, mentioned alongside interest expense as an offset to higher revenues in Q3 2025. Regarding future depreciation charges, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025 (as of September 30, 2025).

The Southern Company (SO) - Canvas Business Model: Revenue Streams

The revenue streams for The Southern Company (SO) are fundamentally anchored in its regulated utility operations, supplemented by competitive generation and significant growth from large industrial customers, particularly in the data center space.

Operating revenues were $22.6 billion for the first nine months of 2025, compared to $20.4 billion for the corresponding period in 2024, marking an increase of 10.7%.

The primary revenue source is regulated retail electric sales through its major operating companies. For the third quarter of 2025, year-to-date retail electric revenues reached $15.1 billion, up from $13.8 billion the prior year. This segment is bolstered by customer growth, with Total Traditional Electric Operating Companies rising 1.1% year-over-year in customer count as of September 30, 2025.

The breakdown of operating revenues by key utility segment for the third quarter of 2025 illustrates the weighting of these regulated businesses:

The regulated natural gas sales component, primarily through Southern Company Gas, contributed $734 million in operating revenue in the third quarter of 2025.

Wholesale electric power sales, generated via the competitive generation subsidiary Southern Power, accounted for $613 million in Q3 2025 operating revenue. Subsidiary Southern Power owns 13 gigawatts of natural gas generation and renewable energy across the US, selling electricity primarily under long-term contracts.

A critical driver for near-term revenue acceleration is revenue from large-load customer contracts, especially data centers. Electricity usage from data centers jumped 17% year-over-year in the third quarter of 2025. This growth is part of a larger trend, as the total pipeline of potential incremental load across electric subsidiaries is more than 50 GW by the mid-2030s. The Southern Company has recently signed four contracts representing over 2 GW of demand from large load customers.

You can see the growth in customer usage driving these figures:

• Weather-normal retail electricity sales were up 1.8% year-to-date for the first nine months of 2025 compared to the same period in 2024.
• Commercial sector electricity sales grew 3.5% in Q3 2025 on a weather-normal basis.
• The company added approximately 12,000 new electric customers during the third quarter, which is substantially higher than historical trends.

Finance: draft 13-week cash view by Friday.