1. Southern Company
3rd Quarter 2008 Earnings
September 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 and nine months ended September 30, 2008 decreased 4.1% and 1.6%, respectively, as compared to 2007.
Wholesale kilowatt-hour sales for the three and nine months ended September 30, 2008 decreased 2.2% and 1.1%, respectively, as
compared to 2007. See page 6 for revised wholesale and total kilowatt-hour sales statistical data for the three and nine months ended
September 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
Oct. 23, 2008
Southern Company third quarter positive
despite economic challenges, mild weather
ATLANTA – Southern Company reported third quarter earnings of $780.4 million, or $1.01 a share. The
earnings compared with $762.0 million, or $1.00 a share, in the third quarter of 2007.
Earnings for the first nine months of 2008 were $1.56 billion, or $2.02 a share, compared with $1.53
billion, or $2.03 a share, for the same period a year ago.
Earnings for the nine months ended Sept. 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 third quarter and nine months ended Sept. 30, 2007,
included synthetic fuel earnings of 1 cent per share and 7 cents per share, respectively.
Excluding the impact of synthetic fuel investments, Southern Company earned $1.01 a share for the third
quarter of 2008, compared with 99 cents a share for the same period in 2007. Excluding the impact of
synthetic fuel investments and charges related to the leveraged leases, earnings for the first nine months of
2008 were $2.11 a share, compared with $1.96 a share for the same period in 2007.
Revenues for the third quarter were $5.43 billion compared with $4.83 billion in the third quarter of 2007,
a 12.3 percent increase. For the first nine months of the year, revenues totaled $13.32 billion, compared
with $12.01 billion in the same period a year ago, an increase of 10.9 percent.
Chairman, President and CEO David M. Ratcliffe said that despite the challenges of mild weather, a
sluggish economy and turmoil in the financial markets, Southern Company’s businesses continued to
perform well overall in the third quarter, giving the company positive results and keeping the company on
track to deliver on its financial and operational goals for the year.

3. “We remain committed to the strategy that has provided our customers with reliable energy and
outstanding service at prices below the national average and that has rewarded investors, even in
challenging times,” Ratcliffe said.
The economy in the Southeast continues to experience the same stress as other regions of the country, but
to a lesser degree. While customer growth has slowed, it is still positive. Southern Company is serving
more than 28,000 additional customers, compared with the same time last year. This growth partially
offset a decrease in usage.
Positive third-quarter earnings drivers include increased retail rates and revenues from market-response
rates offered to commercial and industrial customers. These positive drivers were primarily offset by mild
summer temperatures as compared to the same period in 2007, and asset depreciation primarily associated
with increased investment in environmental equipment and transmission and distribution equipment.
These investments are needed to produce cleaner energy and maintain reliability.
In the third quarter, kilowatt-hour sales to retail customers in Southern Company’s four-state service area
decreased 4.6 percent compared with sales during the 2007 third quarter. Residential electricity sales
decreased 7.6 percent. Commercial sales decreased 2.3 percent and industrial sales declined 3.4 percent.
Total sales of electricity to Southern Company’s customers in the Southeast, including wholesale sales,
are down 4.1 percent compared with the third quarter last year. The major contributor to the decrease in
third-quarter sales was the milder weather as compared to the same period last year.
For the first nine months of 2008, kilowatt-hour sales to Southern Company’s retail customers decreased
1.7 percent compared with sales during the same period in 2007. Residential electricity sales decreased 3.4
percent, commercial sales are unchanged and industrial sales declined 1.6 percent as compared with the
first nine months of 2007. Total sales of electricity to Southern Company’s customers in the Southeast,
including wholesale sales, are down 1.6 percent compared with the first nine months of last year.
With 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. 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. Southern Company cautions that there are
certain factors that can cause actual results to differ materially from the forward-looking information that

4. 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 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. Page 4
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended September Year-to-Date September
2008 2007 2008 2007
Consolidated Earnings–As Reported (Notes) (Notes) (Notes) (Notes)
(See Notes)
Traditional Operating Companies $ 727 $ 714 $ 1,520 $ 1,382
Southern Power 59 52 124 123
Total 786 766 1,644 1,505
Synthetic Fuels - 15 (1) 55
Parent Company and Other (6) (19) (87) (30)
$ 780 $ 1,556
$ 762 $ 1,530
Net Income - As Reported
$ 1.01 $ 2.02
Basic Earnings Per Share - (See Notes) $ 1.00 $ 2.03
773 769
Average Shares Outstanding (in millions) 758 755
775 760
End of Period Shares Outstanding (in millions)
3 Months Ended September Year-to-Date September
2008 2007 2008 2007
Consolidated Earnings–Excluding Items
(See Notes)
Net Income - As Reported $ 780 $ 762 $ 1,556 $ 1,530
Leveraged Lease Adjustment - - 67 -
- 1
Synthetic Fuels (15) (55)
Net Income–Excluding Items $ 780 $ 747 $ 1,624 $ 1,475
$ 1.01 $ 2.11
Basic Earnings Per Share–Excluding Items $ 0.99 $ 1.96
Significant Factors Impacting EPS
3 Months Ended September Year-to-Date September
2008 2007 Change 2008 2007 Change
Consolidated Earnings–As Reported $ 1.01 0.01 $ $2.02 (0.01)
$ 1.00 $ $ 2.03 $
(See Notes)
Significant Factors:
0.02 0.18
Traditional Operating Companies
0.01 0.00
Southern Power
(0.01) (0.07)
Synthetic Fuels
0.01 (0.08)
Parent Company and Other
(0.02) (0.04)
Additional Shares
Total–As Reported $ 0.01 $ (0.01)
3 Months Ended September Year-to-Date September
2008 2007 Change Change
2008 2007
Consolidated Earnings–Excluding Items $ 1.01 0.02 $ 2.11 0.15
$ 0.99 $ $ 1.96 $
(See Notes)
0.01 (0.01)
Total–As Reported
0.00 0.09
Leveraged Lease Adjustment
0.01 0.07
Synthetic Fuels
Total–Excluding Items $ 0.02 $ 0.15
Notes
- For the three months and nine months ended September 30, 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not materi
- The charge related to Southern Company's investments in leveraged lease transactions significantly impacted the presentation of earnings an
earnings per share for the nine months ended September 30, 2008, and significant charges related to these investments are not expected
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 September 2008
Cents Description
Non-Fuel Revenues
$0.14
Weather Impact on Non-Fuel Revenues
(0.07)
Depreciation & Amortization
(0.04)
Taxes Other Than Income Taxes
(0.01)
$0.02 Total Traditional Operating Companies
Southern Power
0.01
Parent and Other
0.01
Increase in Shares
(0.02)
$0.02 Total Change in QTD EPS (x-Items)
Synthetic Fuels
(0.01)
$0.01 Total Change in QTD EPS (As Reported)
Notes
- 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 September Year-to-Date September
2007 Change 2007 Change
2008 2008
Income Account-
Retail Revenue-
Fuel $ 1,911 $ 1,600 $ 311 $ 4,506 $ 3,932 $ 574
Non-Fuel 2,567 2,486 81 6,428 6,003 425
Wholesale Revenues 775 563 212 1,880 1,531 349
Other Electric Revenues 142 131 11 414 381 33
Non-regulated Operating Revenues 31 52 (21) 97 166 (69)
Total Revenues 5,426 4,832 594 13,325 12,013 1,312
Fuel and Purchased Power 2,531 2,020 511 5,895 4,959 936
Non-fuel O & M 908 911 (3) 2,720 2,634 86
Depreciation and Amortization 367 312 55 1,070 929 141
Taxes Other Than Income Taxes 215 207 8 603 574 29
Total Operating Expenses 4,021 3,450 571 10,288 9,096 1,192
Operating Income 1,405 1,382 23 3,037 2,917 120
Other Income, net 45 68 (23) 70 123 (53)
Interest Charges and Dividends 235 243 (8) 713 704 9
Income Taxes 435 445 (10) 838 806 32
NET INCOME (See Notes) $ 780 $ 762 $ 18 $ 1,556 $ 1,530 $ 26
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended September Year-to-Date September
Weather Weather
Adjusted Adjusted
As Reported (See Notes) 2007 Change Change 2007 Change Change
2008 2008
Kilowatt-Hour Sales-
Total Sales 56,769 59,205 -4.1% 154,865 157,329 -1.6%
Total Retail Sales- 45,800 47,989 -4.6% -1.4% 124,258 126,384 -1.7% -0.4%
Residential 16,153 17,488 -7.6% -2.4% 40,983 42,412 -3.4% -0.9%
Commercial 15,546 15,910 -2.3% 1.1% 41,885 41,903 0.0% 1.3%
Industrial 13,866 14,348 -3.4% -3.0% 40,688 41,349 -1.6% -1.5%
Other 235 243 -3.0% -2.4% 702 720 -2.6% -2.4%
Total Wholesale Sales 10,969 11,216 -2.2% N/A 30,607 30,945 -1.1% 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 September Year-to-Date September
2008 2007 % Change 2008 2007 % Change
Consolidated –
Operating Revenues $ 5,426 $ 4,832 12.3% $ 13,325 $ 12,013 10.9%
Earnings Before Income Taxes 1,215 1,207 0.6% 2,394 2,336 2.5%
Net Income 780 762 2.4% 1,556 1,530 1.7%
Alabama Power –
Operating Revenues $ 1,865 $ 1,635 14.1% $ 4,672 $ 4,168 12.1%
Earnings Before Income Taxes 418 408 2.5% 888 853 4.1%
Net Income Available to Common 252 246 2.2% 535 508 5.2%
Georgia Power –
Operating Revenues $ 2,644 $ 2,444 8.2% $ 6,620 $ 5,945 11.4%
Earnings Before Income Taxes 644 630 2.2% 1,292 1,122 15.1%
Net Income Available to Common 402 399 0.6% 826 719 14.8%
Gulf Power –
Operating Revenues $ 422 $ 377 12.0% $ 1,083 $ 971 11.5%
Earnings Before Income Taxes 62 55 12.5% 137 121 13.2%
Net Income Available to Common 37 34 9.3% 84 74 12.9%
Mississippi Power –
Operating Revenues $ 381 $ 333 14.5% $ 965 $ 863 11.8%
Earnings Before Income Taxes 56 56 0.8% 121 131 -7.8%
Net Income Available to Common 36 34 5.1% 76 80 -4.9%
Southern Power –
Operating Revenues $ 516 $ 348 48.3% $ 1,048 $ 784 33.6%
Earnings Before Income Taxes 97 86 13.5% 203 205 -0.9%
Net Income Available to Common 60 51 15.8% 124 123 0.5%
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.