EXHIBIT 99.04

Southern Company

Analysis of Consolidated Earnings

(In Millions of Dollars)

	3 Months Ended March
	2007		2006		Change
Income Account-
Retail Revenue	$	2,744	$	2,471	$	273
Wholesale Revenue		481		415		66
Other Electric Revenues		121		111		10
Non-regulated Operating Revenues		63		66		(3)
Total Revenues		3,409		3,063		346
Fuel and Purchased Power		1,381		1,153		228
Non-fuel O & M		848		846		2
Depreciation and Amortization		306		299		7
Taxes Other Than Income Taxes		183		175		8
Total Operating Expenses		2,718		2,473		245
Operating Income		691		590		101
Other Income, net		32		(4)		36
Interest Charges and Dividends		228		216		12
Income Taxes		156		108		48
NET INCOME (See Notes)	$	339	$	262	$	77

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.