Exhibit 99.04

Southern Company

EPS Earnings Analysis

Three Months Ended September 2008

Cents	Description
$0.14	Non-Fuel Revenues
(0.07)	Weather Impact on Non-Fuel Revenues
(0.04)	Depreciation & Amortization
(0.01)	Taxes Other Than Income Taxes
$0.02	Total Traditional Operating Companies
0.01	Southern Power
0.01	Parent and Other
(0.02)	Increase in Shares
$0.02	Total Change in QTD EPS (x-Items)
(0.01)	Synthetic Fuels
$0.01	Total Change in QTD EPS (As Reported)

Notes
-	Tax credits associated with Southern Company's synthetic fuel investments expired December 31, 2007. Synthetic fuel related income no longer materially contributes to Southern Company's earnings or earnings per share.
-	Information contained in this report is subject to audit and adjustments. Certain classifications may be different from final results published in the Form 10-Q.