Watt‘s the Q2‘26 number for SO?

Research evidence excerpt

Watt‘s the Q2‘26 number for SO?

increasing 2.3% year over year and data center usage rising 42%. The company reported

more than 11GW of contracted large-load demand, up approximately 2GW from the prior

quarter, with an additional 12GW of projects in late-stage or finalizing discussions.

Management emphasized that these opportunities support the existing growth outlook

while potentially extending the duration of the company's long-term earnings growth

trajectory. Executives also noted that approximately 6GW of projects currently in late-

stage negotiations could be finalized in the near term.

The company also continues to position itself to capture incremental investment

opportunities associated with this demand growth. Management recently initiated the

regulatory process for an all-source RFP in Georgia seeking 2GW to 6GW of new

generation resources for service in the 2032-2033 period and reiterated that additional

company-owned generation selected through this process could represent meaningful

capital investment above the current plan. At the same time, Southern Power continues

to pursue growth opportunities, including recently announced gas turbine uprates and

potential additional capacity additions. While management characterized these

opportunities as upside to the existing outlook, executives stressed that their primary

value may be to enhance the durability and visibility of the company's long-term growth

profile.

On financing, management reiterated its objective of maintaining a strong balance sheet

while funding the company's substantial capital program. The recently announced $26.5

billion of DOE loan agreements for Alabama Power and Georgia Power are expected to

satisfy a significant portion of future funding requirements while reducing pressure on