1. Southern Company
4th Quarter 2008 Earnings
December 31, 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 twelve months ended December 31, 2008 decreased 4.8% and 2.3%, respectively, as compared to 2007.
Wholesale kilowatt-hour sales for the three and twelve months ended December 31, 2008 decreased 10.6% and 3.4%, respectively, as
compared to 2007. See page 6 for revised wholesale and total kilowatt-hour sales statistical data for the three and twelve months
ended December 31, 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
Jan. 28, 2009
Southern Company reports solid 2008 earnings
despite weak economy, mild weather
ATLANTA – Southern Company today reported full-year 2008 earnings of $1.74 billion, or $2.26 a share,
compared with earnings for 2007 of $1.73 billion, or $2.29 a share.
Southern Company also reported fourth quarter earnings of $185.6 million, or 24 cents a share, compared
with earnings of $204.1 million, or 27 cents a share, in the fourth quarter of 2007.
Earnings for the fourth quarter and year ended Dec. 31, 2008, included charges of 2 cents a share and 11
cents a share, respectively, related to three leveraged leases from the 1990s when Southern Company
pursued development of international energy projects. Earnings for the fourth quarter and year ended Dec.
31, 2007, included synthetic fuel earnings of 1 cent per share and 8 cents per share, respectively.
Excluding the impact of synthetic fuel investments and charges related to the leveraged leases, Southern
Company earned $2.37 a share for the full-year 2008, compared with $2.21 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 fourth quarter of 2008 were 26 cents a share, compared with 26 cents a share for the same
period in 2007.
For most of 2008, the Southeast experienced less of an economic downturn than the rest of the nation. The
region is now experiencing the same economic stresses that have been plaguing the rest of the nation for
some time, as evidenced in part by the continued decline in electricity sales and usage.
“Just as our customers are finding ways to manage through this economic recession, we are working to
take the necessary steps to manage costs in our business and maintain the level of customer satisfaction
and reliability our customers have come to expect,” said CEO David M. Ratcliffe. “While we expect these
economic challenges to continue through 2009, we’re optimistic that the long-term viability of the region
remains strong. We continue to execute our proven business strategy while preparing for the future growth
of the Southeast,” Ratcliffe said.

3. Positive earnings drivers in 2008 include increased retail rates, revenues from market-response rates
offered to commercial and industrial customers, and revenues associated with the recovery of investments
in environmental equipment. These positive drivers were primarily offset by the weak economy, mild
summer temperatures as compared with 2007, higher non-fuel operations and maintenance expenses, 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.
Revenues for the full year were $17.13 billion, compared with $15.35 billion in 2007, an 11.6 percent
increase. Fourth quarter revenues were $3.80 billion, compared with $3.34 billion in the same period a
year earlier, an increase of 13.8 percent.
Kilowatt-hour sales to retail customers in Southern Company’s four-state service area decreased 2.1
percent in 2008, compared with 2007. Residential energy sales decreased 2.0 percent. Commercial energy
sales decreased 0.4 percent. Industrial energy sales declined 3.7 percent.
Total energy sales to Southern Company’s customers in the Southeast, including wholesale sales,
decreased 2.3 percent in 2008 compared with 2007.
In conjunction with this earnings announcement, Southern Company has posted on its Web site detailed
financial information on its fourth quarter and 2008 performance. These materials are available at
www.southerncompany.com.
Southern Company’s financial analyst call will be at 1 p.m. Eastern time Jan. 28, at which time Ratcliffe
and Chief Financial Officer Paul Bowers will discuss earnings and earnings guidance as well as a general
business update. Investors, media and the public may listen to a live Webcast of the call at
www.southerncompany.com. A replay of the Webcast will be available at the site for 12 months.
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 and customer and economic growth. Southern
Company cautions that there are certain factors that can cause actual results to differ materially from the

4. 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
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)
Three Months Ended December Year-to-Date December
2008 2007 2008 2007
Consolidated Earnings–As Reported
(See Notes)
Traditional Operating Companies $ 183 $ 202 $ 1,703 $ 1,584
Southern Power 20 8 145 132
Total 203 210 1,848 1,716
Synthetic Fuels 1 8 (1) 61
Parent Company and Other (18) (14) (105) (43)
Net Income–As Reported $ 186 $ 204 $ 1,742 $ 1,734
Basic Earnings Per Share - $ 0.24 $ 0.27 $ 2.26 $ 2.29
Average Shares Outstanding (in millions) 776 762 771 756
778 763
End of Period Shares Outstanding (in millions)
Three Months Ended December Year-to-Date December
2008 2007 2008 2007
Consolidated Earnings–Excluding Items
(See Notes)
Net Income - As Reported $ 186 $ 204 $ 1,742 $ 1,734
Leveraged Lease Adjustments 16 - 83 -
Synthetic Fuels (1) (8) 1 (61)
Net Income–Excluding Items $ 201 $ 196 $ 1,826 $ 1,673
Basic Earnings Per Share–Excluding Items $ 0.26 $ 0.26 $ 2.37 $ 2.21
Significant Factors Impacting EPS
Three Months Ended December Year-to-Date December
2008 2007 Change 2008 2007 Change
Consolidated Earnings–As Reported $ 0.24 $ 0.27 $ (0.03) $ $2.26 $ 2.29 $ (0.03)
(See Notes)
Significant Factors:
Traditional Operating Companies (0.03) 0.16
Southern Power 0.01 0.01
Synthetic Fuels (0.01) (0.08)
Parent Company and Other 0.00 (0.08)
Additional Shares 0.00 (0.04)
Total–As Reported $ (0.03) $ (0.03)
Three Months Ended December Year-to-Date December
2008 2007 Change Change
2008 2007
Consolidated Earnings–Excluding Items $ 0.26 $ 0.26 $ 0.00 $ 2.37 $ 2.21 $ 0.16
(See Notes)
Total–As Reported (0.03) (0.03)
Leveraged Lease Adjustments 0.02 0.11
Synthetic Fuels 0.01 0.08
Total–Excluding Items $ 0.00 $ 0.16
Notes
- For the three months and twelve months ended December 31, 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not material.
- The charges 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 twelve months ended December 31, 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-K.

6. Page 5
Southern Company
EPS Earnings Analysis
Year-to-Date December 2008
Cents Description
$0.54 Non-Fuel Revenues
(0.09) Weather Impact on Non-Fuel Revenues
0.02 Other Operating Revenues
0.02 Other Income & Deductions
(0.10) Non-Fuel O&M
(0.16) Depreciation & Amortization
(0.02) Interest Expense
(0.05) Taxes
$0.16 Total Traditional Operating Companies
0.01 Southern Power
0.03 Parent and Other (excluding leveraged lease adjustments)
(0.04) Increase in Shares
$0.16 Total Change in YTD EPS (x-Items)
(0.11) Leveraged Lease Adjustments
(0.08) Synthetic Fuels
($0.03) Total Change in YTD EPS (As Reported)
Notes
- The charges 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 twelve months ended December 31, 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-K.

7. Page 6
Southern Company
Consolidated Earnings
(In Millions of Dollars)
Three Months Ended December Year-to-Date December
2007 Change 2007 Change
2008 2008
Income Account-
Retail Revenue-
Fuel $ 1,406 $ 1,102 $ 304 $ 5,912 $ 5,034 $ 878
Non-Fuel 1,715 1,602 113 8,143 7,605 538
Wholesale Revenues 520 457 63 2,400 1,988 412
Other Electric Revenues 131 132 (1) 545 514 31
Non-regulated Operating Revenues 30 47 (17) 127 212 (85)
Total Revenues 3,802 3,340 462 17,127 15,353 1,774
Fuel and Purchased Power 1,738 1,412 326 7,633 6,371 1,262
Non-fuel O & M 1,034 1,036 (2) 3,754 3,670 84
Depreciation and Amortization 373 316 57 1,443 1,245 198
Taxes Other Than Income Taxes 194 167 27 797 741 56
Total Operating Expenses 3,339 2,931 408 13,627 12,027 1,600
Operating Income 463 409 54 3,500 3,326 174
Other Income, net 18 54 (36) 88 177 (89)
Interest Charges and Dividends 218 230 (12) 931 934 (3)
Income Taxes 77 29 48 915 835 80
NET INCOME (See Notes) $ 186 $ 204 $ (18) $ 1,742 $ 1,734 $ 8
Kilowatt-Hour Sales
(In Millions of KWHs)
Three Months Ended December Year-to-Date December
Weather Weather
Adjusted Adjusted
2007 Change Change 2007 Change Change
2008 2008
As Reported (See Notes)
Kilowatt-Hour Sales-
Total Sales 44,761 47,031 -4.8% 199,627 204,360 -2.3%
Total Retail Sales- 36,001 37,230 -3.3% -2.6% 160,259 163,614 -2.1% -0.9%
Residential 11,278 10,914 3.3% 3.2% 52,262 53,326 -2.0% 0.0%
Commercial 12,543 12,762 -1.7% 0.1% 54,427 54,665 -0.4% 1.0%
Industrial 11,948 13,313 -10.3% -10.0% 52,636 54,662 -3.7% -3.5%
Other 232 241 -3.5% -3.7% 934 961 -2.9% -2.7%
Total Wholesale Sales 8,760 9,801 -10.6% N/A 39,368 40,746 -3.4% 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-K.

8. Page 7
Southern Company
Financial Overview
(In Millions of Dollars)
Three Months Ended December Year-to-Date December
2008 2007 % Change 2008 2007 % Change
Consolidated –
Operating Revenues $ 3,802 $ 3,340 13.8% $ 17,127 $ 15,353 11.6%
Earnings Before Income Taxes 263 233 13.2% 2,657 2,569 3.4%
Net Income 186 204 -9.0% 1,742 1,734 0.4%
Alabama Power –
Operating Revenues $ 1,405 $ 1,192 17.9% $ 6,077 $ 5,360 13.4%
Earnings Before Income Taxes 136 114 19.0% 1,023 967 5.8%
Net Income Available to Common 81 71 13.9% 616 580 6.3%
Georgia Power –
Operating Revenues $ 1,791 $ 1,627 10.1% $ 8,412 $ 7,572 11.1%
Earnings Before Income Taxes 116 137 -15.9% 1,408 1,260 11.8%
Net Income Available to Common 77 117 -34.0% 903 836 8.0%
Gulf Power –
Operating Revenues $ 304 $ 289 5.3% $ 1,387 $ 1,260 10.1%
Earnings Before Income Taxes 22 14 53.8% 159 135 17.4%
Net Income Available to Common 14 10 47.5% 98 84 16.9%
Mississippi Power –
Operating Revenues $ 292 $ 251 16.4% $ 1,257 $ 1,114 12.8%
Earnings Before Income Taxes 16 7 125.0% 136 138 -1.1%
Net Income Available to Common 10 4 161.0% 86 84 2.3%
Southern Power –
Operating Revenues $ 266 $ 188 41.4% $ 1,314 $ 972 35.1%
Earnings Before Income Taxes 34 11 227.5% 237 215 10.3%
Net Income Available to Common 20 8 145.5% 144 132 9.7%
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-K.