Exhibit 99.04
	Page 1
Southern Company
EPS Earnings Analysis
Three Months Ended March 2018 vs. March 2017
Cents	Description
2¢	Retail Sales
1¢	Retail Revenue Impacts, Excluding Tax Reform Changes
9¢	Weather
(1)¢	Non-Fuel O&M
(3)¢	Depreciation and Amortization
(1)¢	Taxes Other Than Income Taxes
1¢	Dividends on Preferred and Preference Stock
3¢	Impacts of Tax Reform (Ongoing Basis), Net of Amounts to be Returned to Customers
1¢	Income Taxes, Excluding Tax Reform
12¢	Total Traditional Electric Operating Companies
5¢	Southern Power
6¢	Southern Company Gas
(1)¢	Increase in Shares
22¢	Total Change in EPS (Excluding Items)
2¢	Kemper IGCC Impacts1
2¢	Loss on Plant Scherer Unit 32
(5)¢	Acquisition, Integration, and Disposition Costs3
3¢	Wholesale Gas Services4
3¢	Adoption of Tax Reform5
27¢	Total Change in EPS (As Reported)
- See Notes on the following page.

Exhibit 99.04

Page 2

Southern Company

EPS Earnings Analysis

Three Months Ended March 2018 vs. March 2017

Notes

(1) Earnings for the three months ended March 31, 2018 and 2017 include charges related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC) that significantly impacted the presentation of earnings and earnings per share. Additional pre-tax cancellation costs of up to $50 million are expected to occur during the remainder of 2018 and 2019.

Earnings for the three months ended March 31, 2017 include allowance for funds used during construction (AFUDC) equity as a result of extending the Kemper IGCC construction schedule beyond November 30, 2016, as assumed when Southern Company issued its 2017 guidance. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also used such measures to evaluate Southern Company's 2017 performance. AFUDC equity ceased in connection with the project's suspension in June 2017.

(2) Earnings for the three months ended March 31, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of its 2017 retail rate case settlement. Further charges are not expected to occur.

(3) Earnings for the three months ended March 31, 2018 and 2017 include costs related to the acquisition and integration of Southern Company Gas and earnings for the three months ended March 31, 2018 include costs related to the pending dispositions of Elizabethtown Gas, Elkton Gas, and Pivotal Home Solutions. The costs associated with the Pivotal Home Solutions transaction include a goodwill impairment charge of $42 million. Further costs are expected to continue to occur in connection with integration activities and closing the dispositions; however, the amount and duration of such expenditures is uncertain.

(4) Earnings for the three months ended March 31, 2018 and 2017 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.

(5) Earnings for the three months ended March 31, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law on December 22, 2017. During the current period, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are expected until Southern Company's 2017 federal income tax return is complete and provisional estimates are actualized during the measurement period ending December 31, 2018. Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.