2022 Sustainability Summary - Flipbook - Page 28
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this report is forward-looking information based on current expectations and
plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements
concerning greenhouse gas emissions reductions goals, expected renewable generation growth, future unit
retirements or repowerings, projected capital investments and the projected in-service date for Plant Vogtle Unit
4. Southern Company cautions that there are certain factors that can cause actual results to differ materially
from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance
on this forward-looking information, which is not a guarantee of future performance and is subject to a number
of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly,
there can be no assurance that such suggested results will be realized. The following factors, in addition to those
discussed in Southern Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and
subsequent securities filings, could cause actual results to differ materially from management expectations as
suggested by such forward-looking information: the impact of recent and future federal and state regulatory
changes, including tax, environmental and other laws and regulations to which Southern Company and its
subsidiaries are subject, as well as changes in application of existing laws and regulations; the extent and timing
of costs and legal requirements related to coal combustion residuals; current and future litigation or regulatory
investigations, proceedings or inquiries, including litigation and other disputes related to the Kemper County
energy facility and Plant Vogtle Units 3 and 4; the effects, extent and timing of the entry of additional
competition in the markets in which Southern Company’s subsidiaries operate, including from the development
and deployment of alternative energy sources; variations in demand for electricity and natural gas; available
sources and costs of natural gas and other fuels and commodities; the ability to complete necessary or desirable
pipeline expansion or infrastructure projects, limits on pipeline capacity, public and policymaker support for such
projects and operational interruptions to natural gas distribution and transmission activities; transmission
constraints; the ability to control costs and avoid cost and schedule overruns during the development,
construction and operation of facilities or other projects, including Plant Vogtle Unit 4 (which includes
components based on new technology that only within the last few years began initial operation in the global
nuclear industry at this scale) and Plant Barry Unit 8, due to current and/or future challenges which include, but
are not limited to, changes in labor costs, availability and productivity, challenges with the management of
contractors or vendors, subcontractor performance, adverse weather conditions, shortages, delays, increased
costs or inconsistent quality of equipment, materials and labor, contractor or supplier delay, the impacts of
inflation, delays due to judicial or regulatory action, nonperformance under construction, operating, or other
agreements, operational readiness, including specialized operator training and required site safety programs,
engineering or design problems or any remediation related thereto, design and other licensing-based compliance
matters, challenges with start-up activities, including major equipment failure, or system integration, and/or
operational performance, continued challenges related to the COVID-19 pandemic or future pandemic health
events, continued public and policymaker support for projects, environmental and geological conditions, delays
or increased costs to interconnect facilities to transmission grids and increased financing costs as a result of
changes in market interest rates or as a result of project delays; the ability to overcome or mitigate the current
challenges, or challenges yet to be identified, at Plant Vogtle Unit 4 that could further impact the cost and
schedule for the project; legal proceedings and regulatory approvals and actions related to construction projects,
such as Plant Vogtle Unit 4 and Plant Barry Unit 8, including Public Service Commission approvals and Federal
Energy Regulatory Commission and U.S. Nuclear Regulatory Commission (NRC) actions; under certain specified
circumstances, a decision by holders of more than 10% of the ownership interests of Plant Vogtle Units 3 and 4
not to proceed with construction; the notices of tender by Oglethorpe Power Corporation and the City of Dalton
of a portion of their ownership interests in Plant Vogtle Units 3 and 4 to Georgia Power, including related
litigation; in the event Georgia Power becomes obligated to provide funding to Municipal Electric Authority of
Georgia (MEAG Power) with respect to the portion of MEAG Power’s ownership interest in Plant Vogtle Units 3
and 4 involving Jacksonville Electric Authority, any inability of Georgia Power to receive repayment of such
funding; the ability to construct facilities in accordance with the requirements of permits and licenses (including
satisfaction of NRC requirements), to satisfy any environmental performance standards and the requirements of
tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion
of construction; investment performance of the employee and retiree benefit plans and nuclear decommissioning
trust funds; advances in technology, including the pace and extent of development of low- to no-carbon energy
and battery energy storage technologies and negative carbon concepts; performance of counterparties under
ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the
impact of pending and future rate cases and negotiations, including rate actions relating to return on equity,
equity ratios, additional generating capacity and fuel and other cost recovery mechanisms; the ability to
successfully operate the electric utilities’ generation, transmission and distribution facilities, Southern Power’s
generation facilities and Southern Company Gas’ natural gas distribution and storage facilities and the successful
performance of necessary corporate functions; the inherent risks involved in operating and constructing nuclear
generating facilities; the inherent risks involved in transporting and storing natural gas; the performance of
projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new
opportunities; internal restructuring or other restructuring options that may be pursued; potential business
strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed
or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its
subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and
long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system’s
business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; global
and U.S. economic conditions, including impacts from recession, inflation, interest rate fluctuations and financial
market conditions, and the results of financing efforts; access to capital markets and other financing sources;
changes in Southern Company’s and any of its subsidiaries’ credit ratings; the replacement of the London
Interbank Offered Rate with an alternative reference rate; the ability of Southern Company’s electric utilities to
obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic
events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic
health events, political unrest, wars or other similar occurrences; the potential effects of the continued COVID-19
pandemic; the direct or indirect effects on the Southern Company system’s business resulting from incidents
affecting the U.S. electric grid, natural gas pipeline infrastructure or operation of generating or storage resources;
impairments of goodwill or long-lived assets; and the effect of accounting pronouncements issued periodically
by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forwardlooking information.
SouthernCompany.com
