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Southern Company Reports Second Quarter Earnings

ATLANTA July 27, 2011 $603.3 million 71 cents $510.2 million 62 cents

June 30 $1.03 billion $1.20 $1.00 billion $1.22

$4.52 billion $4.21 billion $8.53 billion $8.36 billion

Jan. 1, 2011 $300 million

Earnings were negatively affected by higher depreciation and amortization – including reduced amortization of the cost of removal obligations at Georgia Power that helped offset the need for a rate request in 2009 – as well as an increase in the number of Southern Company outstanding shares.

Thomas A. Fanning

Kilowatt-hour sales to retail customers in Southern Company’s four-state service area increased 1.6 percent in the second quarter of 2011 compared with the second quarter of 2010. Residential electricity sales increased 2.2 percent, while commercial sales decreased 0.4 percent and industrial sales increased 3.3 percent.

Total energy sales to Southern Company’s customers in the Southeast, including wholesale sales, increased 1.2 percent in the second quarter of 2011 compared with the same period in 2010.

1 p.m. Eastern time Art P. Beattie http://investor.southerncompany.com/events.cfm

www.southerncompany.com

Atlanta www.southerncompany.com

Cautionary Note Regarding Forward-Looking Statements:

December 31, 2010 Kemper County, Mississippi

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)

Three Months Ended June

Year-to-Date June

2011

2010

2011

2010

Consolidated Earnings–As Reported

(See Notes)

Traditional Operating Companies

$

558

$

475

$

943

$

957

Southern Power

45

32

82

46

Total

603

507

1,025

1,003

Parent Company and Other

3

1

2

Net Income–As Reported

$

603

$

510

$

1,026

$

1,005

Basic Earnings Per Share

$

0.71

$

0.62

$

1.20

$

1.22

Average Shares Outstanding (in millions)

855

828

851

825

End of Period Shares Outstanding (in millions)

858

831

Notes

– For the three months and six months ended June 30, 2011 and 2010, dilution does not change basic earnings per share by more than 1 cent and is not material.

– 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 and rounding may be different from final results published in the Form 10-Q.

Southern Company

Significant Factors Impacting EPS

Three Months Ended June

Year-to-Date June

2011

2010

Change

2011

2010

Change

Consolidated Earnings Per Share–

As Reported (See Notes)

$0.71

$0.62

$0.09

$1.20

$1.22

($0.02)

Significant Factors:

Traditional Operating Companies

0.09

(0.02)

Southern Power

0.02

0.04

Parent Company and Other

0.00

0.00

Additional Shares

(0.02)

(0.04)

Total–As Reported

$0.09

($0.02)

Notes

– For the three months and six months ended June 30, 2011 and 2010, dilution does not change basic earnings per share by more than 1 cent and is not material.

– 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 and rounding may be different from final results published in the Form 10-Q.

Southern Company

EPS Earnings Analysis

Three Months Ended June 2011

Cents

Description

2

Retail Sales

14

Retail Revenue Impacts

1

Weather

(1)

Wholesale Revenues

1

Other Operating Revenues

(5)

Depreciation & Amortization

(2)

Other Income & Deductions

1

Interest Expense

(1)

Taxes Other Than Income Taxes

(1)

Income Taxes

9

Total Traditional Operating Companies

2

Southern Power

(2)

Increase in Shares

9

Total Change in QTD EPS

Notes

Information contained in this report is subject to audit and adjustments.  Certain classifications and rounding may be different from final results published in the Form 10-Q.

Southern Company

Consolidated Earnings

(In Millions of Dollars)

Three Months Ended June

Year-to-Date June

2011

2010

Change

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