Exhibit 99.04

Southern Company

Analysis of Consolidated Earnings

(In Millions of Dollars)

	3 Months Ended December						Year-to-Date December
		2007		2006		Change		2007		2006		Change
Income Account-
Retail Revenue-
Fuel	$	1,102	$	947	$	155	$	5,034	$	4,475	$	559
Non-Fuel		1,602		1,558		44		7,605		7,326		279
Wholesale Revenue		457		461		(4)		1,988		1,822		166
Other Electric Revenues		132		119		13		514		465		49
Non-regulated Operating Revenues		47		67		(20)		212		268		(56)
Total Revenues		3,340		3,152		188		15,353		14,356		997
Fuel and Purchased Power		1,412		1,231		181		6,371		5,695		676
Non-fuel O & M		1,036		971		65		3,670		3,519		151
Depreciation and Amortization		316		304		12		1,245		1,200		45
Taxes Other Than Income Taxes		167		177		(10)		741		718		23
Total Operating Expenses		2,931		2,683		248		12,027		11,132		895
Operating Income		409		469		(60)		3,326		3,224		102
Other Income, net		54		5		49		177		29		148
Interest Charges and Dividends		230		240		(10)		934		900		34
Income Taxes		29		46		(17)		835		780		55
NET INCOME (See Notes)	$	204	$	188	$	16	$	1,734	$	1,573	$	161

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.