Exhibit 99.04
Page 1
Southern Company
EPS Earnings Analysis
Description	Three Months Ended December 2023 vs. 2022	Year-To-Date December 2023 vs. 2022
Retail Sales	—¢	(2)¢
Retail Revenue Impacts	26	30
Weather	(2)	(16)
Wholesale & Other Operating Revenues	1	10
Non-Fuel O&M(*)	20	35
Depreciation and Amortization	(15)	(59)
Interest Expense and Other	(2)	(10)
Income Taxes	9	25
Total Traditional Electric Operating Companies	37¢	13¢
Southern Power	(2)	—
Southern Company Gas	3	2
Parent Company and Other	—	(4)
Increase in Shares	—	(6)
Total Change in EPS (Excluding Items)	38¢	5¢
Estimated Loss on Plants Under Construction1	29	17
Acquisition and Disposition Impacts2	12	10
Loss on Extinguishment of Debt3	—	—
Estimated Loss on Qualifying Infrastructure Plant and Other Capital Investments4	(4)	(7)
Impairments5	11	11
Total Change in EPS (As Reported)	86¢	36¢
(*) Includes non-service cost-related benefits income.
- See additional Notes on the following page.

Exhibit 99.04

Page 2

Southern Company

EPS Earnings Analysis

Notes

(1)Earnings for the three and twelve months ended December 31, 2023 include a credit of $228 million pre tax ($170 million after tax) and a net credit of $68 million pre tax ($50 million after tax), respectively, and earnings for the three and twelve months ended December 31, 2022 include a charge of $201 million pre tax ($150 million after tax) and net charges of $183 million pre tax ($137 million after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges may occur; however, the amount and timing of any such charges are uncertain. Earnings for the three and twelve months ended December 31, 2023 and 2022 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025.

(2)Earnings for the three and twelve months ended December 31, 2023 include a $35 million favorable tax impact related to a reversal of an uncertain tax position associated with the 2019 sale of Gulf Power Company. Earnings for the three and twelve months ended December 31, 2022 include impairment charges totaling $131 million pre-tax ($99 million after-tax) and other disposition impacts associated with the sales of Southern Company Gas' natural gas storage facilities. Earnings for the twelve months ended December 31, 2022 also include a $14 million pre-tax ($11 million after-tax) gain as a result of the early termination of the transition services agreement related to the 2019 sale of Gulf Power Company. Further impacts may result from future acquisition and disposition activities; however, the amount and timing of any such impacts are uncertain.

(3)Earnings for the twelve months ended December 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.

(4)Earnings for the three and twelve months ended December 31, 2023 include a charge of $58 million pre tax ($44 million after tax) and charges totaling $96 million pre tax ($72 million after tax), respectively, for estimated losses at Southern Company Gas associated with the Illinois Commerce Commission disallowances related to (1) its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas under the QIP rider, or Investing in Illinois program and (2) Nicor Gas' general base rate case proceeding. Further charges may occur; however, the amount and timing of any such charges are uncertain.

(5)Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of $119 million (pre tax and after tax) associated with goodwill at PowerSecure, Inc. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.