EXHIBIT 99.04

Southern Company

Analysis of Consolidated Earnings

(In Millions of Dollars)

		3 Months Ended June						Year-to-Date June
		2007		2006		Change		2007		2006		Change
Income Account-
Retail Revenue	$	3,105	$	2,971	$	134	$	5,849	$	5,442	$	407
Wholesale Revenue		487		440		47		968		855		113
Other Electric Revenues		130		116		14		251		227		24
Non-regulated Operating Revenues		50		65		(15)		113		131		(18)
Total Revenues		3,772		3,592		180		7,181		6,655		526
Fuel and Purchased Power		1,558		1,447		111		2,938		2,600		338
Non-fuel O & M		875		861		14		1,723		1,707		16
Depreciation and Amortization		310		298		12		617		597		20
Taxes Other Than Income Taxes		185		179		6		368		354		14
Total Operating Expenses		2,928		2,785		143		5,646		5,258		388
Operating Income		844		807		37		1,535		1,397		138
Other Income, net		24		18		6		55		14		41
Interest Charges and Dividends		233		219		14		461		435		26
Income Taxes		206		221		(15)		361		329		32
NET INCOME (See Notes)	$	429	$	385	$	44	$	768	$	647	$	121

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.