1. Southern Company
2nd Quarter 2008 Earnings
June 30, 2008
Contents
Press Release 1
Financial Highlights 4
Significant Factors Impacting EPS 4
EPS Earnings Analysis 5
Consolidated Earnings 6
Kilowatt-Hour Sales 6
Financial Overview 7
NOTE: Updated as of February 25, 2009 to reflect revised wholesale and total kilowatt-hour sales statistical data. Total kilowatt-hour
sales for the three months ended June 30, 2008 decreased 0.7% and were flat for the six months ended June 30, 2008 as compared to
2007. Wholesale kilowatt-hour sales for the three months ended June 30, 2008 increased 1.0% and decreased 0.5% for the six months
ended June 30, 2008 as compared to 2007. See page 6 for revised wholesale and total kilowatt-hour sales statistical data for the three
and six months ended June 30, 2008 and 2007. The total kilowatt-hour sales data on page 2 of the earnings release has also been
revised. See page II-16 of the Company’s Annual Report on Form 10-K for a quarterly tabular presentation of this information. The
revisions to the kilowatt-hour sales statistical data do not affect the Company's financial statements.

2. News
Media Contact: Terri Cohilas
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investor Relations Contact:
Glen Kundert
404-506-5135
gakunder2@southernco.com
July 30, 2008
Southern Company reports second quarter earnings
ATLANTA – Southern Company (NYSE: SO) today reported second quarter earnings of $416.4 million,
or 54 cents a share, compared with $429.2 million for the second quarter of 2007, or 57 cents a share, in
the same period a year ago.
For the six months ended June 30, Southern Company’s earnings were $775.6 million, or $1.01 a share,
compared with $767.8 million, or $1.02 a share, for the same period a year ago.
Earnings for the second quarter and six months ended June 30, 2008, included a $67 million charge, or 9
cents per share, related to three leveraged leases from the 1990s when Southern Company pursued
development of international energy projects. Earnings for the second quarter and six months ended June
30, 2007, included synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.
Excluding the impact of synthetic fuel investments and charges related to the leveraged leases, Southern
Company earned 63 cents a share for the second quarter of 2008, compared with 55 cents a share for the
same period in 2007, and earnings for the first six months of 2008 were $1.10 a share, compared with 97
cents a share for the same period in 2007.
Revenues for the second quarter were $4.22 billion, compared with $3.77 billion in the same period a year
ago, an 11.8 percent increase. For the first six months of the year, revenues totaled $7.90 billion,
compared with $7.18 billion in the same period a year ago, a 10 percent increase.
“Through hard work and dedication, our employees continue to safely provide reliable electricity to our
customers at prices below the national average and with industry leading customer service,” said Southern
Company Chairman, President and CEO David M. Ratcliffe. “By maintaining this focus on the execution
of our business strategy, we continue to produce solid results for our shareholders.”
As compared with the nation, the economic slowdown is less severe in the Southeast, as evidenced in part
by a job growth rate of 0.45 percent in the Southeast versus 0.04 percent for the nation. Although

3. customer growth has slowed, Southern Company has added 40,000 customers since the end of the second
quarter in 2007, a 0.9 percent increase.
Positive earnings drivers for the second quarter include recovery of investments made for transmission
and distribution infrastructure and environmental control technology. These investments are needed to
help ensure that Southern Company continues to meet growing demand, maintain reliability and produce
cleaner energy. Contributions from customers on our market-response rates also helped drive earnings.
The positive earnings drivers were offset in part by the charge for leveraged leases, asset depreciation
primarily associated with increased investment in environmental equipment and infrastructure, and higher
non-fuel operations and maintenance expenses.
In the second quarter, kilowatt-hour sales to retail customers in Southern Company’s four-state service
area decreased 1.2 percent compared with sales in the second quarter of 2007. Residential electricity sales
decreased 2.7 percent. Electricity sales to commercial customers increased 0.9 percent, and industrial sales
decreased 1.8 percent. Year-to-date, kilowatt-hour sales to retail customers increased 0.1 percent
compared with sales during the same period in 2007. Residential electricity sales decreased 0.4 percent.
Commercial sales increased 1.3 percent and industrial sales declined 0.7 percent.
Total energy sales to Southern Company’s customers in the Southeast, including wholesale sales,
decreased 0.7 percent in the second quarter of 2008 compared with the same period of 2007. Year-to-date,
total sales of electricity were flat as compared with the same period in 2007.
With nearly 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based
Southern Company (NYSE: SO) is the premier energy company serving the Southeast, one of America’s
fastest-growing regions. A leading U.S. producer of electricity, Southern Company owns electric utilities
in four states and a growing competitive generation company, as well as fiber optics and wireless
communications. Southern Company brands are known for excellent customer service, high reliability and
retail electric prices that are significantly below the national average. Southern Company has been listed
the top ranking U.S. electric service provider in customer satisfaction for nine consecutive years by the
American Customer Satisfaction Index (ACSI). Visit our Web site at www.southerncompany.com.
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current
expectations and plans that involve risks and uncertainties. Forward-looking information includes, among
other things, statements concerning results of operations and customer and economic growth. 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, 2007, and subsequent securities filings, could cause results to differ materially from

4. management expectations as suggested by such forward-looking information: the impact of recent and
future federal and state regulatory change, including legislative and regulatory initiatives regarding
deregulation and restructuring of the electric utility industry, implementation of the Energy Policy Act of
2005, environmental laws including regulation of water quality and emissions of sulfur, nitrogen,
mercury, carbon, soot, or particulate matter and other substances, and also changes in tax 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; current and future litigation, regulatory investigations,
proceedings, or inquiries, including the pending EPA civil actions against certain Southern Company
subsidiaries, FERC matters, IRS audits, and Mirant matters; the effects, extent, and timing of the entry of
additional competition in the markets in which Southern Company’s subsidiaries operate; variations in
demand for electricity, including those relating to weather, the general economy, population and business
growth (and declines), and the effects of energy conservation measures; available sources and costs of
fuels; effects of inflation; ability to control costs; investment performance of Southern Company’s
employee benefit plans; advances in technology; state and federal rate regulations and the impact of
pending and future rate cases and negotiations, including rate actions relating to fuel and storm
restoration cost recovery; regulatory approvals related to the potential Plant Vogtle expansion, including
Georgia PSC and NRC approvals; 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 neighboring utilities; the direct or indirect effect on Southern Company’s business
resulting from terrorist incidents and the threat of terrorist incidents; interest rate fluctuations and
financial market conditions and the results of financing efforts, including Southern Company’s and its
subsidiaries’ credit ratings; the ability of Southern Company and its subsidiaries to obtain additional
generating capacity at competitive prices; catastrophic events such as fires, earthquakes, explosions,
floods, hurricanes, droughts, pandemic health events such as an avian influenza, or other similar
occurrences; the direct or indirect effects on Southern Company’s business resulting from incidents
similar to the August 2003 power outage in the Northeast; and the effect of accounting pronouncements
issued periodically by standard setting bodies. Southern Company and its subsidiaries expressly disclaim
any obligation to update any forward-looking information.
###

5. Southern Company Page 4
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended June Year-to-Date June
2008 2007 2008 2007
Consolidated Earnings–As Reported (Notes) (Notes) (Notes) (Notes)
(See Notes)
Traditional Operating Companies $ 452 $ 383 $ 794 $ 668
Southern Power 35 40 64 72
Total 487 423 858 740
Synthetic Fuels 1 12 (1) 41
Parent Company and Other (72) (6) (81) (13)
$ 416 $ 776
$ 429 $ 768
Net Income - As Reported
Basic Earnings Per Share - (See Notes) $ 0.54 $ 0.57 $ 1.01 $ 1.02
Average Shares Outstanding (in millions) 769 755 768 753
771 757
End of Period Shares Outstanding (in millions)
3 Months Ended June Year-to-Date June
2008 2007 2008 2007
Consolidated Earnings–Excluding Items
(See Notes)
Net Income - As Reported $ 416 $ 429 $ 776 $ 768
Leveraged Lease Adjustment 67 - 67 -
Synthetic Fuels (1) (12) 1 (41)
Net Income–Excluding Items $ 482 $ 417 $ 844 $ 727
Basic Earnings Per Share–Excluding Items $ 0.63 $ 0.55 $ 1.10 $ 0.97
Significant Factors Impacting EPS
3 Months Ended June Year-to-Date June
2008 2007 Change 2008 2007 Change
Consolidated Earnings–As Reported $ 0.54 $ 0.57 $ (0.03) $ $1.01 $ 1.02 $ (0.01)
(See Notes)
Significant Factors:
Traditional Operating Companies 0.09 0.16
Southern Power (0.01) (0.01)
Synthetic Fuels (0.02) (0.05)
Parent Company and Other (0.08) (0.09)
Additional Shares (0.01) (0.02)
Total–As Reported $ (0.03) $ (0.01)
3 Months Ended June Year-to-Date June
2008 2007 Change Change
2008 2007
Consolidated Earnings–Excluding Items $ 0.63 $ 0.55 $ 0.08 $ 1.10 $ 0.97 $ 0.13
(See Notes)
Total–As Reported (0.03) (0.01)
Leveraged Lease Adjustment 0.09 0.09
Synthetic Fuels 0.02 0.05
Total–Excluding Items $ 0.08 $ 0.13
Notes
- For the 3 months and 6 months ended June 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not material.
- The charge related to Southern Company's investments in leveraged lease transactions significantly impacted the presentation of earnings and
earnings per share for the three months and six months ended June 30, 2008, and significant charges related to these investments are not expected to
occur on a regular basis.
- Tax credits associated with Southern Company's synthetic fuel investments expired December 31, 2007.
Synthetic fuel related income no longer materially contributes to Southern Company's earnings or earnings per share.
- Certain prior year data has been reclassified to conform with current year presentation.
- Information contained in this report is subject to audit and adjustments. Certain classifications may be different from
final results published in the Form 10-Q.

6. Page 5
Southern Company
EPS Earnings Analysis
Three Months Ended June 2008
Cents Description
Retail Non-Fuel Revenues
$0.17
Weather Impact on Retail Non-Fuel Revenues
(0.01)
Other Income & Deductions
0.01
Non-Fuel O&M
(0.03)
Depreciation & Amortization
(0.04)
Taxes Other Than Income Taxes
(0.01)
$0.09 Total Traditional Operating Companies
Southern Power
(0.01)
Parent and Other (excluding leveraged lease adjustment)
0.01
Increase in Shares
(0.01)
$0.08 Total Change in QTD EPS (x-Items)
Synthetic Fuels
(0.02)
Leveraged Lease Adjustment
(0.09)
($0.03) Total Change - QTD EPS (As Reported)
Notes
- The charge related to Southern Company's investments in leveraged lease transactions
significantly impacted the presentation of earnings and earnings per share for the three
months and six months ended June 30, 2008, and significant charges related to these
investments are not expected to occur on a regular basis.
- Tax credits associated with Southern Company's synthetic fuel investments expired
December 31, 2007. Synthetic fuel related income no longer materially contributes to
Southern Company's earnings or earnings per share.
- Information contained in this report is subject to audit and adjustments. Certain
classifications may be different from final results published in the Form 10-Q.

7. Page 6
Southern Company
Consolidated Earnings
(In Millions of Dollars)
3 Months Ended June Year-to-Date June
2007 Change 2007 Change
2008 2008
Income Account-
Retail Revenue-
Fuel $ 1,392 $ 1,239 $ 153 $ 2,595 $ 2,332 $ 263
Non-Fuel 2,058 1,866 192 3,860 3,517 343
Wholesale Revenue 592 487 105 1,105 968 137
Other Electric Revenues 141 130 11 271 251 20
Non-regulated Operating Revenues 32 50 (18) 67 113 (46)
Total Revenues 4,215 3,772 443 7,898 7,181 717
Fuel and Purchased Power 1,819 1,558 261 3,364 2,938 426
Non-fuel O & M 915 875 40 1,812 1,723 89
Depreciation and Amortization 359 310 49 703 617 86
Taxes Other Than Income Taxes 198 185 13 387 368 19
Total Operating Expenses 3,291 2,928 363 6,266 5,646 620
Operating Income 924 844 80 1,632 1,535 97
Other Income, net (38) 24 (62) 25 55 (30)
Interest Charges and Dividends 245 233 12 478 461 17
Income Taxes 225 206 19 403 361 42
NET INCOME (See Notes) $ 416 $ 429 $ (13) $ 776 $ 768 $ 8
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended June Year-to-Date June
Weather Weather
Adjusted Adjusted
As Reported (See Notes) 2007 Change Change 2007 Change Change
2008 2008
Kilowatt-Hour Sales-
Total Sales 49,931 50,306 -0.7% 98,096 98,124 0.0%
Total Retail Sales- 39,882 40,354 -1.2% -0.6% 78,458 78,395 0.1% 0.2%
Residential 12,127 12,460 -2.7% -0.8% 24,830 24,924 -0.4% 0.1%
Commercial 13,834 13,716 0.9% 0.9% 26,339 25,993 1.3% 1.3%
Industrial 13,688 13,940 -1.8% -2.0% 26,823 27,001 -0.7% -0.7%
Other 233 238 -1.9% -1.8% 466 477 -2.4% -2.3%
Total Wholesale Sales 10,049 9,952 1.0% N/A 19,638 19,729 -0.5% N/A
Notes
- Certain prior year data has been reclassified to conform with current year presentation.
- Information contained in this report is subject to audit and adjustments. Certain classifications may be different from final results published in the Form 10-Q.

8. Page 7
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended June Year-to-Date June
2008 2007 % Change 2008 2007 % Change
Consolidated –
Operating Revenues $ 4,215 $ 3,772 11.8% $ 7,898 $ 7,181 10.0%
Earnings Before Income Taxes 641 635 1.0% 1,179 1,129 4.4%
Net Income 416 429 -3.0% 776 768 1.0%
Alabama Power –
Operating Revenues $ 1,470 $ 1,336 10.0% $ 2,806 $ 2,533 10.8%
Earnings Before Income Taxes 257 250 2.8% 470 445 5.5%
Net Income Available to Common 153 147 3.9% 283 262 8.0%
Georgia Power –
Operating Revenues $ 2,111 $ 1,844 14.5% $ 3,976 $ 3,501 13.6%
Earnings Before Income Taxes 385 289 32.9% 649 492 31.8%
Net Income Available to Common 248 188 31.6% 424 320 32.6%
Gulf Power –
Operating Revenues $ 350 $ 298 17.3% $ 661 $ 595 11.2%
Earnings Before Income Taxes 44 35 25.5% 75 66 13.8%
Net Income Available to Common 27 21 26.9% 47 40 15.9%
Mississippi Power –
Operating Revenues $ 298 $ 273 9.0% $ 583 $ 530 10.1%
Earnings Before Income Taxes 38 43 -11.0% 64 75 -14.2%
Net Income Available to Common 24 26 -8.7% 40 46 -12.5%
Southern Power –
Operating Revenues $ 317 $ 244 29.7% $ 532 $ 437 21.9%
Earnings Before Income Taxes 60 66 -8.7% 106 119 -11.2%
Net Income Available to Common 35 40 -11.1% 64 72 -10.4%
Notes
- Certain prior year data has been reclassified to conform with current year presentation.
- Information contained in this report is subject to audit and adjustments. Certain classifications may be different from
final results published in the Form 10-Q.