# Who are Southern Company's customers? Who does Southern Company earn revenue from?
Canonical: https://valuechain.wiki/southern-company · Facet: customers · Updated: 2026-07-12T04:15:08.054+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Southern Company discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 소매·도매 전력 및 천연가스 고객 (미 남동부) (high)
- metric: Revenue 29.55 USD_B · consolidated operating revenues FY2025
- note: Core revenue across the three reportable segments. Electric Utilities FY2025 revenue $23.78B (retail $19.33B, wholesale $2.94B); Southern Company Gas distributes gas over 77,900 miles of pipeline. Consolidated operating revenues FY2025 $29.55B (prior year $26.72B).
- [confirms] U.S. SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/92122/000009212226000006/so-20251231.htm: "Total operating revenues $29,553M in 2025 (vs $26,724M 2024). Electric Utilities revenues 2025: retail $19,331M, wholesale $2,940M, total $23,777M."

### 데이터센터·대형부하 고객 (Google·Meta·Microsoft 등) (high)
- metric: volume 9 GW · contracted large load (>100MW each)
- note: Since 2023 the traditional electric operating companies signed ~9 GW of contracts with data centers and other large-load customers (each contract >100 MW max annual load). Prospective pipeline 75 GW, 10 GW fully contracted. Data-center electricity sales up 42%; commercial sales projected to grow ~20% annually through the end of the decade.
- [mentions] Money Insight (KO, news, published 2026-06-26) https://finance-benefit.kr/us-power-stock-top5/: "Power demand in the US South is rising fast on a manufacturing revival and data-center attraction; the new Vogtle nuclear units in Georgia are also seen as a long-term growth driver."
- [mentions] Seeking Alpha (EN, research, published 2026-05-01) https://seekingalpha.com/article/4913269-southern-company-11gw-of-contracted-large-load-demand-supports-my-buy-rating: "Analyst notes ~11 GW of contracted large-load demand across 28 projects, with a 75+ GW pipeline including high-credit customers such as Google, Meta and Microsoft."
- [confirms] Utility Dive (EN, news, published 2026-02-20) https://www.utilitydive.com/news/southern-co-load-data-center-earnings/812681/: "The utility company's large load pipeline now sits at 75 GW, with 10 GW fully contracted."
- [confirms] U.S. SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/92122/000009212226000006/so-20251231.htm: "Since 2023, the traditional electric operating companies have contracted with new data centers and other large load customers covering approximately nine GWs of electric load, with each contract individually representing a maximum annual electric load greater than 100 MWs."

Reverse side: https://valuechain.wiki/southern-company/suppliers.md · Ripple: https://valuechain.wiki/southern-company/ripple.md

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Full node: https://valuechain.wiki/southern-company.md · JSON: https://valuechain.wiki/southern-company.json