Georgia Power (GPJA) risk factors, 2025 10-K

Georgia Power's 2025 10-K lists 33 risk factors in 2 groups. No earlier 10-K is on file to compare against, so the most company-specific risks are read out below.

Open GPJA in Gloomberb →
Risk factors listed
332 groups
Section length
11k wordsItem 1A

What dominates the section

  • Environmental compliance, climate policy, and nuclear obligations dominate the risk disclosures.
  • Operational resilience depends on cybersecurity, fuel supplies, weather protection, and reliable utility infrastructure.
  • Plant Vogtle financing covenants and broader capital, construction, and supply-chain pressures remain material.

The risks most specific to Georgia Power

  • The Southern Company system's costs of compliance with environmental laws and satisfying related AROs are significant

    Air, greenhouse-gas, water, coal-ash, and habitat rules could require significant compliance spending and asset-retirement obligations.

  • The Southern Company system may be exposed to regulatory and financial risks related to the impact of GHG legislation, regulation, and emission reduction goals

    Climate legislation and emissions-reduction goals could impose unrecovered costs, while customers increasingly demand conservation and sustainable energy.

  • OPERATIONAL RISKS

    Damages, decommissioning, or other costs could exceed the amount of decommissioning trusts or insurance coverage, including statutorily required nuclear incident insurance

    Nuclear accidents, regulatory noncompliance, decommissioning, or shutdowns could exceed insurance and nuclear decommissioning trust coverage.

  • OPERATIONAL RISKS

    Physical attacks, both threatened and actual, could impact the ability of the Subsidiary Registrants to operate

    Physical attacks on generation, storage, transmission, or distribution infrastructure could disrupt Georgia Power’s ability to deliver electricity.

  • OPERATIONAL RISKS

    An information security incident, including a cybersecurity breach, or the failure of, or inability to remotely access, one or more key technology systems, networks, or processes could impact the ability of the Registrants to operate

    Cybersecurity incidents or loss of access to interconnected technology systems could interrupt regulated generation, transmission, and distribution operations.

  • OPERATIONAL RISKS

    The Southern Company system may not be able to obtain adequate natural gas, fuel supplies, and other resources required to operate the traditional electric operating companies' and Southern Power's electric generating plants or serve Southern Company Gas' natural gas customers

    Shortages or disruptions in natural gas, fuel, and other resources could limit generating capacity or service to customers.

  • OPERATIONAL RISKS

    Supply chain disruptions, inflation, elevated interest rates, tariffs, and other economic factors could negatively impact operations

    Supply-chain disruptions, inflation, tariffs, and higher interest rates could delay or raise the cost of equipment and operations.

  • FINANCIAL, ECONOMIC, AND MARKET RISKS

    Electric power and natural gas supply are generally seasonal businesses. The Subsidiary Registrants have historically sold less power and natural gas when weather conditions are milder

    Severe weather could damage power lines, generating facilities, and gas infrastructure, reducing revenue and increasing restoration costs.

  • FINANCIAL, ECONOMIC, AND MARKET RISKS

    Failure to comply with debt covenants or conditions could adversely affect the ability of the Registrants, SEGCO, Southern Company Gas Capital, or Nicor Gas to execute future borrowings

    Debt covenant breaches could restrict future borrowing; Georgia Power’s DOE loan guarantee includes requirements tied to Plant Vogtle Units 3 and 4.

All 33 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01UTILITY REGULATORY, LEGISLATIVE, AND LITIGATION RISKS
  2. 02The Southern Company system's costs of compliance with environmental laws and satisfying related AROs are significant
  3. 03however, that all such costs will be recovered. The Registrants expect future compliance expenditures will continue to be significant
  4. 04The Southern Company system may be exposed to regulatory and financial risks related to the impact of GHG legislation, regulation, and emission reduction goals
  5. 05gas could likewise result in increased costs to the Southern Company system and affect the demand for natural gas as well as the prices charged to customers and the competitive position of natural gas

OPERATIONAL RISKS

  1. 06The financial performance of Southern Company and its subsidiaries may be adversely affected if the subsidiaries are unable to successfully operate their facilities or perform certain corporate functions
  2. 07Damages, decommissioning, or other costs could exceed the amount of decommissioning trusts or insurance coverage, including statutorily required nuclear incident insurance
  3. 08Generation, transmission, and distribution of electricity and transportation and storage of natural gas involve risks that may result in accidents and other operating risks and costs and that may present potential exposures in excess of insurance coverage
  4. 09Physical attacks, both threatened and actual, could impact the ability of the Subsidiary Registrants to operate
  5. 10An information security incident, including a cybersecurity breach, or the failure of, or inability to remotely access, one or more key technology systems, networks, or processes could impact the ability of the Registrants to operate
  6. 11The Southern Company system may not be able to obtain adequate natural gas, fuel supplies, and other resources required to operate the traditional electric operating companies' and Southern Power's electric generating plants or serve Southern Company Gas' natural gas customers
  7. 12Increased competition from other companies that supply energy or generation and storage technologies and changes in customer demand for energy could negatively impact Southern Company and its subsidiaries
  8. 13Customers and stakeholders are increasingly focused on the Registrants' ability to meet rapidly changing demands for new and varied products, services, and offerings. Additionally, the risk of global climate change continues to shape customers' and stakeholders' sustainability goals and energy needs
  9. 14It is also possible that rapid advances in power generation technology could reduce the value of the current electric generating facilities owned by the traditional electric operating companies and Southern Power. Changes in technology could also alter the channels through which electric customers buy or utilize power
  10. 15The Subsidiary Registrants are subject to workforce factors that could affect operations
  11. 16Supply chain disruptions, inflation, elevated interest rates, tariffs, and other economic factors could negatively impact operations
  12. 17interconnect facilities to transmission grids; and increased financing costs as a result of changes in interest rates or as a result of project delays
  13. 18Southern Company Gas' significant investment in pipeline development projects involves financial and execution risks

FINANCIAL, ECONOMIC, AND MARKET RISKS

  1. 19The electric generation and energy marketing operations of the traditional electric operating companies and Southern Power and the natural gas operations of Southern Company Gas are subject to changes in energy prices and fuel costs
  2. 20The Registrants are subject to risks associated with a changing economic environment, customer behaviors, including increased energy conservation, and adoption patterns of technologies by customers
  3. 21Customers could also voluntarily reduce their consumption of energy in response to decreases in their disposable income, increases in energy prices, or individual conservation efforts
  4. 22Electric power and natural gas supply are generally seasonal businesses. The Subsidiary Registrants have historically sold less power and natural gas when weather conditions are milder
  5. 23Acquisitions, dispositions, or other strategic ventures or investments may not result in anticipated benefits and may present risks, including risks not originally contemplated
  6. 24Southern Company and Southern Company Gas are holding companies and Southern Power owns many of its assets indirectly through subsidiaries. Each of these companies is dependent on cash flows from their respective subsidiaries to meet their ongoing and future financial obligations
  7. 25A downgrade in the credit ratings of any of the Registrants, Southern Company Gas Capital, or Nicor Gas could negatively affect their ability to access capital at reasonable costs and/or could require posting of collateral or replacing certain indebtedness
  8. 26Uncertainty in demand for energy can result in lower earnings or higher costs
  9. 27The businesses of the Registrants and Nicor Gas are dependent on their ability to successfully access capital through capital markets and financial institutions
  10. 28Failure to comply with debt covenants or conditions could adversely affect the ability of the Registrants, SEGCO, Southern Company Gas Capital, or Nicor Gas to execute future borrowings
  11. 29Volatility in the securities markets, interest rates, and other factors could substantially increase defined benefit pension and other postretirement plan costs and affect the funding available for nuclear decommissioning
  12. 30Shareholder activism could cause Southern Company to incur significant expense, hinder execution of Southern Company's business strategy, and impact Southern Company's stock price
  13. 31The Registrants are subject to risks associated with their ability to obtain adequate insurance at acceptable costs
  14. 32The use of derivative contracts by Southern Company and its subsidiaries in the normal course of business could result in financial losses that negatively impact the net income of the Registrants or in reported net income volatility
  15. 33Future impairments of goodwill or long-lived assets could have a material adverse effect on the Registrants' results of operations

Other Georgia Power 10-Ks

  • 2026 10-K risk factors

    33 risks, 3 new, 3 dropped, 11 reworded since the prior year. New risks emphasize uncertain tax changes, broader GHG policies affecting natural gas and electrification, and nuclear operations at Georgia Power and Alabama Power.

    Filed Feb 19, 2026

About this page

Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.

Georgia Power (GPJA) Risk Factors: 2025 10-K, What Changed | Gloomberb