Southern Company reported first quarter 2007 earnings of $338.7 million, or $0.45 per share, up from $261.6 million, or $0.35 per share in the first quarter of 2006. Population growth in the Southeast drove a 1.7% increase in customers and 6.7% rise in kilowatt-hour sales. However, higher interest costs partially offset these positive factors. Excluding synthetic fuels, earnings were $311 million, or $0.41 per share, up from $254 million, or $0.34 per share in the year-ago period. Southern Company expects average annual earnings growth of 5% over the long term and maintains its commitment to customer service and investment.

1. Southern Company
1st Quarter 2007 Earnings
March 31, 2007
Contents
Press Release 1
Business Outlook 4
Financial Highlights 7
Significant Factors Affecting EPS 7
Analysis of Consolidated Earnings 8
Kilowatt-Hour Sales 8
Financial Overview 9

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
April 26, 2007
Population growth and robust economy drive
Southern Company’s first quarter earnings
ATLANTA – Southern Company today reported first quarter earnings of $338.7 million,
or 45 cents a share, compared with $261.6 million, or 35 cents a share, in the same period
a year ago.
“The population growth in the Southeast is a reflection of our robust regional economy.
Economic development in the Southeast is strong, the job market is vibrant, income
levels have increased, and our housing market is outperforming the nation as a whole,”
said David M. Ratcliffe, Southern Company chairman, president and CEO.
The result for the company has been increases in residential and commercial customers
and electricity usage. Southern Company has added 70,000 customers since the end of
the first quarter in 2006, a 1.7 percent increase. Total kilowatt-hour sales to Southern
Company’s customers in the Southeast, including wholesale sales, grew 6.7 percent in the
first quarter, compared with the previous year. These positive earnings drivers were offset
in part by higher interest costs.
“We maintain our commitment to deliver superior service to customers and excellent
results to shareholders. We’re excited about the growth in our region and we’re
committed to investing in our infrastructure to ensure that we maintain high reliability.
We’re also meeting increasing demand with cleaner electricity by installing new
environmental controls at our facilities. And, we’re working hard to keep our costs to
customers well below the national average,” Ratcliffe said.

3. Excluding the financial impact of the synthetic fuel business, first quarter earnings per
share were 41 cents, compared with 34 cents in the first quarter of 2006.
Revenues for the first quarter were $3.41 billion, compared with $3.06 billion in the same
period a year ago, an 11.3 percent increase.
Kilowatt-hour sales to retail customers in Southern Company’s four-state service area
increased 3.3 percent in the first quarter, compared with 2006. Residential electricity use
increased 6.4 percent. Electricity use by commercial customers increased 5.1 percent,
while industrial sales decreased 1.0 percent.
With 4.3 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
seven consecutive years by the American Customer Satisfaction Index (ACSI). Visit our
Web site at www.southerncompany.com.
Forward Looking Statements Note:
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, customer and
economic growth, capital investments, retail rates and Southern Company’s strategies. 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 Dec. 31, 2006, and
subsequent securities filings, could cause results to differ materially from 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 and implementation of the Energy
Policy Act of 2005, and also changes in environmental, 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-related 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 and population and business growth (and declines); available sources and costs
of fuels; 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

4. restoration cost recovery; the performance of projects undertaken by the non-utility businesses
and the success of efforts to invest in and develop new opportunities; fluctuations in the level of
oil prices; the level of production, if any, by the synthetic fuel operations at Carbontronics
Synfuels Investors LP and Alabama Fuel Products LLC for fiscal year 2007; 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; 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, floods, hurricanes, 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. Page 4
2007 Business Outlook
Financial Goals Our Focus in 2007
Earnings Per Share Growth – Near term:
Regular, predictable, sustainable;
Georgia Power retail rate case
average 5% over the long term, with
Capital projects, including a $4.6 billion
annual growth within a 4-6% range
environmental construction program over
2007 Guidance, ex-synfuel: $2.13 to $2.18
the next 3 years
($2.18 to $2.25, including synfuel)
On-going and Long term:
Return on Equity - Top quartile of
electric utilities Continued industry-leading reliability and
customer satisfaction, while maintaining
Dividend Growth – Since 2005,
our low retail prices relative to the
annual growth of approximately 4%.
national average
Long-term growth consistent with a
Meeting increased energy demand with
targeted dividend payout ratio range of
the best economic and environmental
70-75%
choices
Financial Integrity – Achieve an
Continuing to deliver on our value
attractive risk-adjusted return, supported
proposition: superior risk-adjusted total
by a low-risk business model, sound
shareholder return
financial policy, and a stable 'A' credit
rating
Our Major Businesses How We Do Business
Our Four Traditional Operating
SouthernStyle
Companies
Unquestionable Trust
Alabama Power, Georgia Power, Gulf
Superior Performance
Power, Mississippi Power
Over 4.3 million retail electric Total Commitment
customers with expected customer
growth of 1.7% and 2.0% territorial
demand growth
Constructive
Over 35,000 MW of nameplate Healthy Capital
Regulation Spending
generation capacity
Customers
Over 4,300 MW of capacity under
long-term wholesale contracts
Southern Power Company High Reliability
Low Prices
Over 6,700 MW of gas-fired, High Customer
generation capacity Satisfaction
Near-term construction projects
include new units at plants Franklin,
Oleander and Stanton
See caution regarding forward-looking statements on page six of this document

6. Page 5
2007 Business Outlook
Financial Information
Forecast Data (in billions)
‘07-‘09 Capital Expenditures ‘07-‘09
Sources of Cash New Generation $0.7
Net Operating Cash Flow $11.0 Fossil/Hydro Retrofits 1.0
Common Equity 1.5 Environmental 4.6
Net Debt and Preferred 4.6 Nuclear Fuel & Retrofits 0.7
Total Sources $17.1 Transmission 1.5
Distribution 2.3
Uses of Cash Other/General 0.6
Capital Expenditures $13.2 Traditional Operating Cos $11.4
Common Dividends 3.9 Southern Power 1.6
Total Uses $17.1 Other 0.2
Total $13.2
Senior Unsecured Alabama Georgia Gulf Mississippi Southern Southern
Credit Ratings Power Power Power Power Power Company
S&P A A A A BBB+ A-
Moody’s A2 A2 A2 A1 Baa1 A3
Fitch A+ A+ A AA- BBB+ A
2006 Key Metrics (unaudited, in millions)
Total Net Return on Operating
Revenues Income Avg Equity Cash Flow
Traditional Operating Cos $13,920 $1,462 13.5% $2,549
Southern Company $14,356 $1,573 14.3% $2,820
Total Total Total Common
Assets Debt Pref Stock Equity
Traditional Operating Cos $38,825 $12,440 $744 $11,303
Southern Company $42,858 $15,861 $744 $11,371
See caution regarding forward-looking statements on page six of this document

7. Page 6
Caution Regarding Forward-Looking Statements
The information contained in this 2007 Business Outlook is forward-looking information
based on current expectations and plans that involve risks and uncertainties. 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 of 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, 2006, 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 change,
including legislative and regulatory initiatives regarding deregulation and restructuring of the
electric utility industry and implementation of the Energy Policy Act of 2005, and also changes in
environmental, 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-related
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 and population and business growth (and
declines); available sources and costs of fuels; 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; the performance of projects
undertaken by the non-utility businesses and the success of efforts to invest in and develop new
opportunities; fluctuations in the level of oil prices; the level of production, if any, by the synthetic
fuel operations at Carbontronics Synfuels Investors LP and Alabama Fuel Products LLC for fiscal
year 2007; 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; 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, floods, hurricanes, 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.

8. Page 7
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended March
2007 2006
(Notes) (Notes)
Consolidated Earnings–As Reported
(See Notes)
$ 285 $ 242
Traditional Operating Companies
Southern Power 32 20
Total 317 262
Synthetic Fuels 28 8
Leasing Business 1 6
(7) (14)
Parent Company and Other
$ 339 $ 262
Net Income - As Reported
0.45 $ 0.35
$
Basic Earnings Per Share - (See Notes)
$ 3,409 $ 3,063
Operating Revenues
750 742
Average Shares Outstanding (in millions)
752 742
End of Period Shares Outstanding (in millions)
3 Months Ended March
2007 2006
Consolidated Earnings–Excluding Synfuels
(See Notes)
$ 339 $ 262
Net Income - As Reported
(28) (8)
Less: Synthetic Fuels
$ 311 $ 254
Net Income–Excluding Synthetic Fuels
$ 0.41 $ 0.34
Basic Earnings Per Share–Excluding Synfuels
Significant Factors Impacting EPS
3 Months Ended March
2007 2006 Change
$ 0.45 0.35 $ 0.10
$
Consolidated Earnings–As Reported
(See Notes)
Significant Factors:
0.05
Traditional Operating Companies
0.02
Southern Power
0.03
Synthetic Fuels
(0.01)
Leasing
0.01
Parent Company and Other
$ 0.10
Total–As Reported
3 Months Ended March
2007 2006 Change
$ 0.41 0.34 $ 0.07
$
Consolidated Earnings–Excluding Synfuels
(See Notes)
0.10
Total–As Reported
(0.03)
Less: Synthetic Fuels
$ 0.07
Total–Excluding Synthetic Fuels
Notes
- For the first quarters 2007 and 2006, diluted earnings per share was less than 1 cent.
- Tax credits associated with Southern Company's synthetic fuel investments expire December 31, 2007
and will not contribute to Southern Company's earnings and earnings per share after 2007.
- 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.

9. Southern Company
Page 8
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended March
2007 2006 Change
Income Account-
Retail Revenue $ 2,471 $ 273
$ 2,744
Wholesale Revenue 415 66
481
Other Electric Revenues 111 10
121
Non-regulated Operating Revenues 66 (3)
63
Total Revenues 3,063 346
3,409
Fuel and Purchased Power 1,153 228
1,381
Non-fuel O & M 846 2
848
Depreciation and Amortization 299 7
306
Taxes Other Than Income Taxes 175 8
183
Total Operating Expenses 2,473 245
2,718
Operating Income 590 101
691
Other Income, net (4) 36
32
Interest Charges and Dividends 216 12
228
Income Taxes 108 48
156
$ $ 262 $ 77
339
NET INCOME (See Notes)
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended March
As Reported (See Notes) 2007 2006 Change
Kilowatt-Hour Sales-
48,286 45,270 6.7%
Total Sales
38,040 36,821 3.3%
Total Retail Sales-
12,464 11,716 6.4%
Residential
12,276 11,682 5.1%
Commercial
13,060 13,187 -1.0%
Industrial
240 236 1.6%
Other
10,246 8,449 21.3%
Total Wholesale Sales
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 and certain
classifications may be different from final results published in the Form 10-Q.

10. Page 9
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended March
2007 2006 % Change
Consolidated –
Operating Revenues $ 3,409 $ 3,063 11.3%
Earnings Before Income Taxes 494 370 33.7%
Net Income $ 339 $ 262 29.5%
Alabama Power –
Operating Revenues $ 1,197 $ 1,073 11.6%
Earnings Before Income Taxes 196 142 38.3%
Net Income Available to Common $ 115 $ 82 39.9%
Georgia Power –
Operating Revenues $ 1,657 $ 1,584 4.6%
Earnings Before Income Taxes 203 214 -5.0%
Net Income Available to Common $ 131 $ 132 -0.5%
Gulf Power –
Operating Revenues $ 296 $ 263 12.6%
Earnings Before Income Taxes 31 21 48.7%
Net Income Available to Common $ 19 $ 12 52.1%
Mississippi Power –
Operating Revenues $ 257 $ 209 22.9%
Earnings Before Income Taxes 32 25 29.9%
Net Income Available to Common $ 20 $ 15 28.5%
Southern Power –
Operating Revenues $ 192 $ 140 37.7%
Earnings Before Income Taxes 54 32 64.8%
Net Income Available to Common $ 32 $ 20 61.0%
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 and certain
classifications may be different from final results published in the Form 10-Q.