Regulatory and Political Scrutiny: The company operates in a highly regulated environment, and adverse regulatory decisions or political interventions regarding rate setting, environmental policies, or infrastructure projects can significantly impact profitability and operational flexibility.

Major Project Cost Overruns and Delays: The successful execution and on-budget, on-schedule completion of large-scale infrastructure projects, such as the Vogtle nuclear expansion, pose significant financial and reputational risks due to potential cost overruns, construction delays, and regulatory challenges.

Fuel Price Volatility and Supply Chain Risks: Fluctuations in the cost and availability of primary fuels like natural gas, coal, and nuclear fuel can directly impact generation costs, which may not always be fully recoverable through rate adjustments, affecting financial performance.