1. Southern Company
4th Quarter 2004 Earnings
December 31, 2004
Contents
Press Release 1
Business Outlook 5
Financial Highlights 9
Factors Affecting Earnings 9
Analysis of Consolidated Earnings 10
Kilowatt Hour Sales 10
Financial Overview 11

2. News
Media Contact: Marc Rice
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investor Relations Contact:
Glen Kundert
404-506-5135
gakunder2@southernco.com
Jan. 25, 2005
Economic strength in Southeast drives
Southern Company earnings above expectations
ATLANTA – Southern Company today reported fourth quarter earnings of $204.5
million, or 27 cents a share, compared with $125.0 million, or 17 cents a share, in the
fourth quarter of 2003.
For the full year, Southern Company reported earnings of $1.53 billion, or $2.07 per
share, compared with reported earnings of $1.47 billion, or 2.03 per share, in 2003. The
company’s earnings target for 2004 was in a range of $1.94 and $1.99 per share.
Continued economic vitality in the Southeast helped boost electricity sales and was a key
contributor to the fourth quarter and full-year results, which exceeded analysts’
expectations. Businesses and individuals continued to be drawn to the Southeast,
boosting the number of customers Southern Company serves by 61,342, or 1.5 percent, in
2004.
“We are pleased with the excellent results we achieved in 2004,” said Chairman,
President and CEO David M. Ratcliffe. “Our people delivered another outstanding
performance by continuing to focus on the fundamentals of giving customers reliable
power, low prices and great service.”

3. The 2004 earnings included one-time items in the fourth quarter related to the resolution
of an Internal Revenue Service audit for the years 2000 and 2001, which had the net
effect of increasing earnings by $24 million, or 3 cents per share. Excluding the impact of
these items, fourth quarter earnings were $180.4 million, or 24 cents a share. Earnings for
the full year, excluding the one-time items, were $1.51 billion, or $2.04 per share.
The 2003 earnings for the fourth quarter included a one-time after-tax expense related to
a regulatory order in Mississippi which reduced earnings for that period by $37 million,
or 5 cents a share. Excluding the impact of that one-time item, earnings for the fourth
quarter a year ago were $162.3 million, or 22 cents a share.
The full-year results for 2003 also included a one-time after-tax gain of $88 million
related to the termination of all long-term wholesale power contracts with Dynegy, Inc.
After adjusting for revenues that would have been recognized in 2003 had the contracts
remained in place, the adjusted gain for 2003 was $83 million, or 11 cents per share.
Excluding the impact of the Dynegy settlement and the Mississippi regulatory order, full-
year earnings for 2003 were $1.43 billion, or $1.97 per share.
The fourth quarter saw a continuation of the economic rebound that helped boost
electricity sales, most notably among large industrial customers, throughout 2004.
Particularly strong growth in demand for electricity was seen during the fourth quarter in
the building materials, carpet, automobile equipment, steel and paper industries.
The strong results for 2004 were achieved despite the extensive damage and economic
disruption in Florida and Alabama caused by Hurricane Ivan in September. “Because of
the outstanding response by Southern Company employees, with assistance from many
other companies and organizations, we were able to restore service to our customers in
record time and withstand the most severe storm ever to hit our service territory,”
Ratcliffe said.
Revenues for the fourth quarter were $2.72 billion, compared with $2.52 billion in the
same period a year ago, an increase of 8.0 percent. Revenues for the full year were
$11.90 billion, compared with $11.19 billion in 2003, up 6.4 percent.
Kilowatt-hour sales to retail customers in Southern Company's four-state service area
increased 3.6 percent in 2004, compared with 2003. Residential electricity use increased
3.9 percent. Electricity use by commercial customers -- offices, stores and other non-
manufacturing firms – increased 3.4 percent. Industrial energy use increased 3.6 percent.
Total sales of electricity to Southern Company's customers in the Southeast, including
wholesale sales, increased 0.1 percent in 2004, compared with the previous year.
In conjunction with this earnings announcement, Southern Company has posted on its
Web site a package of detailed financial information on its fourth quarter and full-year
2004 performance. These materials are available at 7:30 a.m. EST Jan. 25 at
www.southerncompany.com.

4. Southern Company's financial analyst call will be at 1 p.m. EST Jan. 25, at which time
Ratcliffe and Chief Financial Officer Tom Fanning will discuss earnings and provide
earnings guidance for 2005 as well as a general business update. Investors, media and the
public may listen to a live Webcast of the call at www.southerncompany.com. A replay
of the Webcast will be available at the site for 12 months.
With more than 4 million customers and nearly 39,000 megawatts of generating capacity,
Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy
company in the Southeast and a leading U.S. producer of electricity. Southern Company
owns electric utilities in four states, a growing competitive generation company, an
energy services business and a competitive retail natural gas business, as well as fiber
optics and wireless communications. Southern Company brands are known for excellent
customer service, high reliability and retail electric prices that are 15 percent below the
national average. Southern Company has been named three consecutive years No. 1 on
Fortune magazine’s “America’s Most Admired Companies” list in the Electric and Gas
Utility industry. Southern Company has been ranked the nation’s top energy utility in the
American Customer Satisfaction Index five years in a row. Southern Company has more
than 500,000 shareholders, making its common stock one of the most widely held in the
United States. Visit the Southern Company Web site at www.southerncompany.com.
Forward Looking Statements Note:
Certain information contained in this release is forward-looking information based on current expectations
and plans that involve risks and uncertainties. Forward-looking information includes, among other things,
statements concerning continued customer growth and Southern Company's strategies. Southern Company
cautions that there are certain factors that can cause actual results to differ materially from the forward-
looking information that has been provided. The reader is cautioned not to put undue reliance on this
forward-looking information, which is not a guarantee of future performance and is subject to a number of
uncertainties and other factors, many of which are outside the control of Southern Company; accordingly,
there can be no assurance that such suggested results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2003, and subsequent securities filings, could cause results to differ materially
from management expectations as suggested by such forward-looking information: the impact of recent
and future federal and state regulatory change, including legislative and regulatory initiatives regarding
deregulation and restructuring of the electric utility industry, and also changes in environmental, tax and
other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes
in application of existing laws and regulations; current and future litigation, regulatory investigations,
proceedings or inquiries, including the pending EPA civil actions against certain Southern Company
subsidiaries, current IRS audits and Mirant-related matters; the effects, extent and timing of the entry of
additional competition in the markets in which Southern Company’s subsidiaries operate; variations in
demand for electricity and gas, including those relating to weather, the general economy and population
and business growth (and declines); available sources and costs of fuels; ability to control costs;
investment performance of Southern Company’s employee benefit plans; advances in technology; state and
federal rate regulations and the impact of pending and future rate cases and negotiations; the performance
of projects undertaken by the non-traditional business and the success of efforts to invest in and develop
new opportunities; internal restructuring or other restructuring options that may be pursued; potential
business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured
to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of
Southern Company and its subsidiaries to make payments as and when due; the ability to obtain new short-
and long-term contracts with neighboring utilities; the direct or indirect effect on Southern Company’s

5. business resulting from terrorist incidents and the threat of terrorist incidents; interest rate fluctuations
and financial market conditions and the results of financing efforts, including Southern Company’s credit
ratings; the ability of Southern Company and its subsidiaries to obtain additional generating capacity at
competitive prices; catastrophic events such as fires, earthquakes, floods, hurricanes or other similar
occurrences; the direct or indirect effects on Southern Company’s business resulting from incidents similar
to the August 2003 power outage in the Northeast; and the effect of accounting pronouncements issued
periodically by standard-setting bodies. Southern Company and its subsidiaries expressly disclaim any
obligation to update any forward-looking information.
###

6. Page 5
Southern Company Business Outlook
Strategy focused on the business, markets and customers we know best
1. Regulated retail business
− Transmission, distribution and, with the expected completion of McIntosh
units 10 and 11 mid-2005, over 35,000 MW of regulated generation within
our five operating companies.
− More than 4 million utility customers in Alabama, Georgia, Florida and
Mississippi.
− Annual revenues of over $11 billion and approximately 26,000 employees.
− Average long-term demand growth in our service territory projected to be 2
percent.
− Average long-term customer growth projected to be 1.5 percent per year.
2. Competitive wholesale generation business
− Focused on competitive wholesale energy business in the Super Southeast.
− Competitive generation net income includes Southern Power Company’s
results in addition to the existing wholesale businesses in our five operating
companies.
− 4,785 MW of capacity owned by Southern Power Company.
Goals for our Major Businesses
1. Lead the industry in service and customer satisfaction.
2. Earn superior risk adjusted returns.
3. Earn net income of at least $300 million from the company’s competitive
wholesale generation business by 2007.
See caution regarding forward looking statements on page eight of this document

7. Page 6
Financial Goals for the Company
1. Earnings per Share Growth – 5% long-term growth target
2. Return on Equity – top quartile of electric utilities
3. Dividend Payout – target 70%
4. Dividend Growth – consistent with our payout objectives
5. Capital Structure – maintain common equity ratio of approximately 40%
2005 EPS Guidance: $2.04 - $2.09
This range is based on our 5% long-term growth target and provides for normal
variability which might result from:
• Moderate weather variances
• Changes in energy prices
• Economic recovery
• Other items within the scope of normal operations
Projected Sources and Uses of Funds from 2005 to 2007
Sources 2005-2007
($ Billions)
Funds from Operations $9.4
Equity Issuances -
Net Debt and Preferred 1.9
$11.3
Uses
Capital Expenditures: $7.9
Detailed Breakout Page 6
Common Dividends 3.4
$11.3
See caution regarding forward looking statements on page eight of this document

8. Page 7
Projected Capital Expenditures 2005 – 2007
($ Billions)
Regulated Infrastructure
Fossil/Hydro Retrofits $0.8
Environmental 2.0
Nuclear Fuel & Retrofits 0.5
Transmission & Distribution 3.1
All Other 0.5
Total Regulated Infrastructure $6.9
0.9
Competitive Generation
0.1
Products/Services & Other
$ 7.9
Total Capital Expenditures
Credit Ratings
S&P Moody’s Fitch
Senior Commercial Senior Commercial Senior Commercial
Unsecured Paper Unsecured Paper Unsecured Paper
Alabama Power A A-1** A2 P-1** A+ F-1**
Georgia Power A A-1* A2 P-1* A+ F-1*
Gulf Power A A-1* A2 P-1* A F-1*
Mississippi Power A A-1* A1 P-1* AA- F-1*
Savannah Electric A A-1* A2 P-1* - -
Southern Power BBB+ A-2 Baa1 P-2 BBB+ -
Southern Company A- A-1 A3 P-1 A F-1
Southern Co. Svcs A A3
*Commercial Paper issued through Southern Company Funding Corporation
**Alabama Power can issue commercial paper through the Southern Company Funding Corporation or through its own
commercial paper program.
See caution regarding forward looking statements on page eight of this document

9. Page 8
Forward Looking Statement Disclosure:
All of the information contained in this Business Outlook is forward-looking information
based on current expectations and plans that involve risks and uncertainties. Southern Company
cautions that there are certain factors that can cause actual results to differ materially from the
forward-looking information that has been provided. The reader is cautioned not to put undue
reliance on this forward-looking information, which is not a guarantee of future performance and
is subject to a number of uncertainties and other factors, many of which are outside the control of
Southern Company; accordingly, there can be no assurance that such suggested results will be
realized.
The following factors, in addition to those discussed in Southern Company’s Annual Report on
Form 10-K for the year ended Dec. 31, 2003, and subsequent securities filings, could cause
results to differ materially from management expectations as suggested by such forward-looking
information: the impact of recent and future federal and state regulatory change, including
legislative and regulatory initiatives regarding deregulation and restructuring of the electric
utility industry, and also changes in environmental, tax and other laws and regulations to which
Southern Company and its subsidiaries are subject, as well as changes in application of existing
laws and regulations; current and future litigation, regulatory investigations, proceedings or
inquiries, including the pending EPA civil actions against certain Southern Company
subsidiaries, current IRS audits and Mirant related matters; the effects, extent and timing of the
entry of additional competition in the markets in which Southern Company’s subsidiaries
operate; variations in demand for electricity and gas, including those relating to weather, the
general economy and population and business growth (and declines); available sources and costs
of fuels; ability to control costs; investment performance of Southern Company’s employee
benefit plans; advances in technology; state and federal rate regulations and the impact of
pending and future rate cases and negotiations; the performance of projects undertaken by the
non-traditional business and the success of efforts to invest in and develop new opportunities;
internal restructuring or other restructuring options that may be pursued; potential business
strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured
to be completed or beneficial to Southern Company or its subsidiaries; the ability of
counterparties of Southern Company and its subsidiaries to make payments as and when due; the
ability to obtain new short- and long-term contracts with neighboring utilities; the direct or
indirect effect on Southern Company’s business resulting from terrorist incidents and the threat
of terrorist incidents; interest rate fluctuations and financial market conditions and the results of
financing efforts, including Southern Company’s credit ratings; the ability of Southern Company
and its subsidiaries to obtain additional generating capacity at competitive prices; catastrophic
events such as fires, earthquakes, floods, hurricanes or other similar occurrences; the direct or
indirect effects on Southern Company’s business resulting from incidents similar to the August
2003 power outage in the Northeast; and the effect of accounting pronouncements issued
periodically by standard-setting bodies. Southern Company and its subsidiaries expressly
disclaim any obligation to update any forward-looking information.

10. Page 9
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended December 12 Months Ended December
2004 2003 2004 2003
(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings–
(See Notes)
$ 122 $ 117 $ 1,200 $ 1,153
Retail Business
44 220
30 224
Competitive Generation
Total 166 147 1,420 1,377
Synthetic Fuels 14 14 74 58
Leasing Business 1 8 24 29
(1) (10)
(7) (36)
Parent Company and Other
Net Income - Excluding One-Time Items (See Notes) $ 180 $ 162 $ 1,508 $ 1,428
$ 204 $ 125 $ 1,532 $ 1,474
- As Reported
Basic Earnings Per Share–(Notes)
$ 0.24 $ 0.22 $ 2.04 $ 1.97
- Excluding One-Time Items (See Notes)
$ 0.27 $ 0.17 $ 2.07 $ 2.03
- As Reported
$ 2,721 $ 2,520 $ 11,903 $ 11,186
Operating Revenues
741 733 739 727
Average Shares Outstanding(in millions)
741 735
End of Period Shares Outstanding(in millions)
Significant Factors Impacting EPS (Notes)
3 Months Ended December 12 Months Ended December
2004 2003 Change 2004 2003 Change
$ 0.24 $ 0.22 $ 0.02 $2.04 $1.97 $0.07
Consolidated Earnings-
Significant Factors:
- 0.06
Retail Business
0.02 (0.01)
Competitive Generation
- 0.02
Synthetic Fuels
- -
Leasing Business
0.01 0.04
Parent Company and Other
(0.01) (0.04)
Impact of Additional Shares
$ 0.02 $ 0.07
Total
Notes
- Excludes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 200
- Excludes a one-time after tax gain of $83 million in May 2003 from the previously announced termination of all long-term wholesa
power contracts between Southern Company and Dynegy, Inc. as adjusted for revenues that otherwise would have been recogniz
for the remainder of the year
- Excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003.
- Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period
year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspon
to the variance in millions of dollars shown above
- Diluted earnings per share are not more than 1 cent for any period reported above and are not materi
- 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-K.

11. Page 10
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended December 12 Months Ended December
2004 2003 Change 2004 2003 Change
Income Account-
Retail Revenue $ 1,968 $ 226 $ 8,875 $ 856
$ 2,194 $ 9,731
Wholesale Revenue 324 (19) 1,358 (15)
305 1,343
Other Electric Revenues 105 - 373 19
105 392
Contract Termination - - 142 (142)
- -
117 437
123 (6) 438 (1)
Non-regulated Operating Revenues
2,721 11,903
2,520 201 11,186 717
Total Revenues
Fuel and Purchased Power 824 124 3,594 571
948 4,165
Non-fuel O & M 953 31 3,174 155
984 3,329
Depreciation and Amortization 263 (23) 1,027 (72)
240 955
153 627
139 14 586 41
Taxes Other Than Income Taxes
2,325 9,076
2,179 146 8,381 695
Total Operating Expenses
Operating Income 341 55 2,805 22
396 2,827
Other Income, net (10) (5) (20) 9
(15) (11)
Interest Charges and Dividends 180 (1) 699 (1)
179 698
(2) 586
26 (28) 612 (26)
Income Taxes
$ 125 $ 79 $ 1,474 $ 58
$ 204 $ 1,532
NET INCOME AS REPORTED (See Note)
$ 162 $ 18 $ 1,428 $ 80
$ 180 $ 1,508
NET INCOME EXCLUDING ONE-TIME ITEMS
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended December 12 Months Ended December
2004 2003 Change 2004 2003 Change
Kilowatt-Hour Sales-
45,217 47,147 -4.1% 192,382 192,138 0.1%
Total Sales
37,056 35,474 4.5% 157,143 151,618 3.6%
Total Retail Sales-
10,748 10,275 4.6% 49,703 47,833 3.9%
Residential
12,020 11,460 4.9% 50,037 48,372 3.4%
Commercial
14,039 13,492 4.0% 56,399 54,415 3.6%
Industrial
8,161 11,673 -30.1% 35,239 40,520 -13.0%
Total Wholesale Sales
Note
- Includes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001.
- Includes a one-time after tax gain of $83 million in May 2003 from the previously announced termination of all long-term
wholesale power contracts between Southern Company and Dynegy, Inc as adjusted for revenues
that otherwise would have been recognized for the remainder of the year.
- Includes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003.
- 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-K.

12. Page 11
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended December 12 Months Ended December
2004 2003 % Change 2004 2003 % Change
Consolidated –
Operating Revenues $2,721 $2,520 8.0% $11,903 $11,186 6.4%
Earnings Before Income Taxes 202 151 33.9% 2,118 2,086 1.5%
Net Income As Reported (See Note) 204 125 63.6% 1,532 1,474 4.0%
Alabama Power –
Operating Revenues $971 $904 7.5% $4,236 $3,960 7.0%
Earnings Before Income Taxes 117 102 13.5% 818 781 4.6%
Net Income Available to Common 66 58 14.7% 481 473 1.8%
Georgia Power –
Operating Revenues $1,238 $1,111 11.5% $5,372 $4,914 9.3%
Earnings Before Income Taxes 106 122 -13.0% 1,038 998 4.0%
Net Income Available to Common 71 74 -3.7% 658 631 4.3%
Gulf Power –
Operating Revenues $235 $212 10.8% $960 $878 9.4%
Earnings Before Income Taxes 1 4 -76.8% 108 110 -1.8%
Net Income Available to Common 0 3 -86.1% 68 69 -1.1%
Mississippi Power –
Operating Revenues $210 $184 14.1% $911 $870 4.7%
-
Earnings Before Income Taxes 5 (58) 131 121 8.1%
-
Net Income Available to Common (See Note) 2 (36) 77 73 4.5%
Savannah Electric –
Operating Revenues $85 $68 25.6% $355 $314 13.2%
-
Earnings Before Income Taxes 3 (1) 40 38 4.6%
-
Net Income Available to Common 2 (1) 24 23 5.1%
Southern Power –
Operating Revenues $154 $128 20.9% $701 $682 2.9%
Earnings Before Income Taxes 43 20 106.2% 185 240 -23.1%
Net Income Available to Common (See Note) 25 12 95.2% 112 155 -28.1%
Note
- Includes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001.
- Includes a one-time after tax gain of $83 million in May 2003 from the termination of all
long-term wholesale power contracts between Southern Company and Dynegy, Inc. as adjusted for revenues
that otherwise would have been recognized for the remainder of the year.
- Includes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003.
- 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-K.