1. Southern Company
2nd Quarter 2006 Earnings
June 30, 2006
Contents
Press Release 1
Business Outlook 4
Financial Highlights 8
Significant Factors Affecting Earnings 8
Analysis of Consolidated Earnings 9
Kilowatt-Hour Sales 9
Financial Overview 10

2. News
Contacts: Media: Terri Cohilas
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investors: Glen Kundert, 404-506-5135
July 27, 2006
Warm weather, continued customer growth drive solid earnings
performance in second quarter for Southern Company
ATLANTA – Southern Company reported second quarter earnings of $385.2 million, or
52 cents a share, as above normal temperatures and continued customer growth in the
Southeast drove increased electricity usage.
The earnings compared with $386.8 million, or 52 cents a share, in the second quarter of
2005.
For the six months ended June 30, Southern Company’s earnings were $646.8 million, or
87 cents a share, compared with $709.8 million, or 95 cents a share, for the same period a
year ago.
The positive earnings drivers in the second quarter were offset in part by higher
operations and maintenance expenses associated with increased customer demand, and
the negative impact of rising oil prices on Southern Company’s synthetic fuels
investments.
Southern Company has taken a series of actions to reduce its earnings exposure related to
synthetic fuels. The company expects to report slightly positive earnings from its
synthetic fuels investments for the full year.
Excluding Southern Company’s investments in synthetic fuels, second quarter earnings
were 53 cents a share, compared to 49 cents a share for the second quarter of 2005, and
earnings for the first six months of 2006 were 87 cents a share, compared with 89 cents a
share for the same period in 2005.
The economy in the Southeast continued to grow during the second quarter. The number
of customers served by Southern Company grew 1.3 percent above a year ago.

3. Chairman, President and CEO David M. Ratcliffe said the company continues to perform
well overall and is meeting its financial, operational and customer satisfaction targets.
“We remain focused on executing our strategy of providing our customers with reliable,
affordable energy and outstanding service, and rewarding our investors. The execution of
our business plans, along with a strong economy in the Southeast, contributed to our solid
performance despite rising oil prices and increases in operations and maintenance costs,”
said Ratcliffe.
Total revenues for the second quarter were $3.59 billion compared with $3.12 billion in
the second quarter of 2005, a 15.1 percent increase. For the first six months of the year,
revenues totaled $6.65 billion, compared with $5.91 billion in the same period a year ago,
an increase of 12.7 percent.
In the second quarter, kilowatt-hour sales to retail customers in Southern Company’s
four-state service area increased 4.6 percent compared with sales during the 2005 second
quarter. Boosted by warm weather, residential electricity sales increased 10.7 percent. In
2005, primarily in the first six months of the year, some Georgia Power industrial
customers were reclassified from the industrial class to the commercial class to be
consistent with the rate structure approved by the Georgia Public Service Commission.
Adjusting the 2005 numbers for comparison purposes, Southern Company’s electricity
sales to commercial customers – offices, stores and other non-manufacturing firms –
increased 3.9 percent and industrial energy sales increased 0.5 percent. As reported,
without adjusting the 2005 kilowatt-hour sales, commercial sales increased 4.4 percent
and industrial sales were unchanged. Total sales of electricity to Southern Company’s
customers in the Southeast, including wholesale sales, increased 5.2 percent compared
with the second quarter last year.
In conjunction with this earnings announcement, Southern Company has posted on its
Web site a package of detailed financial information on its second quarter performance.
These materials are available at 7:30 a.m. EDT July 27 at www.southerncompany.com.
Southern Company’s financial analysts’ call will be at 1 p.m. EDT July 27, at which time
Ratcliffe and Chief Financial Officer Tom Fanning will discuss earnings and earnings
guidance as well as provide 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 4.3 million customers and more than 40,000 megawatts of generating capacity,
Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving
the Southeast, one of America’s fastest-growing regions. A leading U.S. producer of
electricity, Southern Company owns electric utilities in four states and a growing
competitive generation company, 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 significantly below the national average. Southern Company
has received the highest ranking in customer satisfaction among U.S. electric service
providers for seven consecutive years by the American Customer Satisfaction Index
(ACSI). Visit our Web site at www.southerncompany.com.

4. 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 results of operations, synthetic
fuels earnings, customer and economic 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, 2005 and
Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, 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 implementation of the Energy Policy Act of 2005, and also changes in environmental, tax and
other laws and regulations to which Southern Company and its subsidiaries are subject, including
proposed legislation relating to tax credits associated with synthetic fuels investments (and the timing of
adoption of any such legislation), as well as changes in application of existing laws and regulations;
fluctuations in the level of oil prices; the level of production, if any, by the synthetic fuels operations at
Carbontronics Synfuels Investors LP and Alabama Fuel Products LLC for the remainder of fiscal year
2006; current and future litigation, regulatory investigations, proceedings or inquiries, including the
pending EPA civil actions against certain Southern Company subsidiaries, FERC matters, 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, including rate actions relating to fuel and storm
restoration cost recovery; the performance of projects undertaken by the non-utility businesses 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 and its subsidiaries’ 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.
###

5. Page 4
Southern Company 2006 Business Outlook
Our goal is to provide regular, predictable, sustainable results by
focusing on the business, markets and customers we know best
1. Regulated retail business
− Transmission, distribution and over 35,000 MW of nameplate capacity of
regulated generation within our five operating companies.
− Approximately 4.3 million utility customers in Alabama, Georgia, Florida and
Mississippi.
− Annual revenues of approximately $13 billion and over 25,000 employees.
− Average long-term demand growth in our service territory projected to be 2.0
percent.
− Average long-term customer growth projected to be 1.8 percent.
2. Competitive wholesale generation business
− Focused on competitive wholesale energy business.
− Competitive generation net income includes Southern Power Company’s
results in addition to the wholesale businesses embedded in our regulated
operating companies.
− 6,791 MW of nameplate capacity at Southern Power Company. (Includes the
proposed Plant Rowan purchase which is scheduled to close in the 3rd quarter
of 2006).
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 seven of this document

6. Page 5
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 Growth – consistent with our long-term earnings per share objectives.
4. Credit Quality – maintain a solid A credit rating and a 40 percent equity ratio.
2006 EPS Guidance: $2.03 - $2.08, excluding synfuel earnings
This range is based on our 5% long-term growth target and provides for normal
variability which might result from:
• Moderate weather variances
• Changes in energy prices
• Changes in the economy
• Other items within the scope of normal operations
Projected Sources and Uses of Funds from 2006 to 2008
Sources 2006-2008
($ Billions)
Net Operating Cash Flow $10.1
Equity Issuances 0.5
Net Debt and Preferred 3.0
$13.6
Uses
Capital Expenditures: $10.0
Detailed Breakout Page 6
Common Dividends 3.6
$13.6
See caution regarding forward looking statements on page seven of this document

7. Page 6
Projected Capital Expenditures 2006 – 2008
($ Billions)
Regulated Infrastructure
Fossil/Hydro Retrofits $0.9
Environmental 3.1
Nuclear Fuel & Retrofits 0.6
Transmission & Distribution 3.3
All Other 0.6
Total Regulated Infrastructure $8.5
1.4
Competitive Generation
0.1
Products/Services & Other
$10.0
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+ F1**
Georgia Power A A-1* A2 P-1* A+ F1*
Gulf Power A A-1* A2 P-1* A F1*
Mississippi Power A A-1* A1 P-1* AA- F1*
Southern Power BBB+ A-2 Baa1 P-2 BBB+ F2
Southern Company A- A-1 A3 P-1 A F1
Southern Co. Svcs A***
*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.
*** Corporate Credit Rating
See caution regarding forward looking statements on page seven of this document

8. Page 7
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, 2005 and Quarterly Report on Form 10-Q for
the quarter ended March 31, 2006, 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
implementation of the Energy Policy Act of 2005, and also changes in environmental, tax and
other laws and regulations to which Southern Company and its subsidiaries are subject,
including proposed legislation relating to tax credits associated with synthetic fuel investments
(and the timing of adoption of such legislation), as well as changes in application of existing laws
and regulations; fluctuations in the level of oil prices; the level of production, if any, by the
synthetic fuel operations at Carbontronics Synfuels Investors LP and Alabama Fuel Products
LLC for the remainder of fiscal year 2006; current and future litigation, regulatory
investigations, proceedings or inquiries, including the pending EPA civil actions against certain
Southern Company subsidiaries, FERC matters, 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, including rate cases relating to
fuel cost recovery; the performance of projects undertaken by the non-utility businesses 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 and its subsidiaries’ credit ratings; the ability of Southern Company and its
subsidiaries to obtain additional generating capacity at competitive prices; catastrophic events
such as fires, earthquakes, explosions, 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.

9. Southern Company Page 8
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended June Year-to-Date June
2006 2005 2006 2005
(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings–As Reported
(See Notes)
$ 320 $ 301 $ 515 $ 535
Retail Business
Competitive Generation 74 59 144 117
Total 394 360 659 652
Synthetic Fuels (6) 23 3 45
Leasing Business 6 8 11 14
(9) (4) (26) (1)
Parent Company and Other
$ 385 $ 387 $ 647 $ 710
Net Income–As Reported
$ 0.52 $ 0.52 $ 0.87 $ 0.95
Basic Earnings Per Share–(See Notes)
$ 3,592 $ 3,120 $ 6,655 $ 5,907
Operating Revenues
743 747 742 745
Average Shares Outstanding (in millions)
743 747
End of Period Shares Outstanding (in millions)
3 Months Ended June Year-to-Date June
2006 2005 2006 2005
Consolidated Earnings–Excluding Synfuels
(See Notes)
$ 385 $ 387 $ 647 $ 710
Net Income - As Reported
Less: Synthetic Fuels 6 (23) (3) (45)
$ 391 $ 364 $ 644 $ 665
Net Income–Excluding Synthetic Fuels
$ 0.53 $ 0.49 $ 0.87 $ 0.89
Basic Earnings Per Share–Excluding Synfuels
Significant Factors Impacting EPS (Notes)
3 Months Ended June Year-to-Date June
2006 2005 Change 2006 2005 Change
$ 0.52 $ 0.52 $ - $ 0.87 $ 0.95 $ (0.08)
Consolidated Earnings–As Reported
Significant Factors:
0.03 (0.02)
Retail Business
0.02 0.03
Competitive Generation
(0.04) (0.06)
Synthetic Fuels
(0.01) (0.03)
Parent Company and Other
$ - $ (0.08)
Total–As Reported
3 Months Ended June Year-to-Date June
2006 2005 Change 2006 2005 Change
$ 0.53 $ 0.49 $ 0.04 $ 0.87 $ 0.89 $ (0.02)
Consolidated Earnings–Excluding Synfuels
(See Notes)
- (0.08)
Total–As Reported
0.04 0.06
Less: Synthetic Fuels
$ 0.04 $ (0.02)
Total–Excluding Synthetic Fuels
Notes
- Southern Company GAS completed the sale of substantially all of its assets on January 4, 2006 and is included in consolidated earnings
in all periods as discontinued operations.
- For the second quarter and year-to-date 2006, diluted earnings per share are not more than 1 cent for any period reported above and are not material.
- As a result of tax credits generated from synthetic fuel production, Southern Company's synthetic fuel investments contributed significantly
to Southern Company's earnings and earnings per share for the three months and six months ended June 30, 2005. Due to higher levels of oil
prices, such tax credits are expected to be partially or completely phased out in 2006.
- 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.

10. Page 9
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended June Year-to-Date June
2006 2005 Change 2006 2005 Change
Income Account-
Retail Revenue $ 2,555 $ 415 $ 4,824 $ 618
$ 2,970 $ 5,442
Wholesale Revenue 385 55 732 123
440 855
Other Electric Revenues 110 6 211 16
116 227
66 131
70 (4) 140 (9)
Non-regulated Operating Revenues
3,592 6,655
3,120 472 5,907 748
Total Revenues
Fuel and Purchased Power 1,117 330 2,080 520
1,447 2,600
Non-fuel O & M 832 29 1,643 64
861 1,707
Depreciation and Amortization 287 11 577 20
298 597
179 354
163 16 326 28
Taxes Other Than Income Taxes
2,785 5,258
2,399 386 4,626 632
Total Operating Expenses
Operating Income 721 86 1,281 116
807 1,397
Other Income, net 8 13 20 (5)
21 15
Interest Charges and Dividends 194 25 372 63
219 435
Income Taxes 146 76 222 107
222 329
(2) (1)
(2) - 3 (4)
Discontinued Operations, net of tax
$ 387 $ (2) $ 710 $ (63)
$ 385 $ 647
NET INCOME (See Note)
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended June Year-to-Date June
As Adjusted (See Notes) 2006 2005 Change 2006 2005 Change
Kilowatt-Hour Sales-
50,177 47,714 5.2% 95,447 93,241 2.4%
Total Sales
40,214 38,452 4.6% 77,035 75,181 2.5%
Total Retail Sales-
12,408 11,205 10.7% 24,125 22,846 5.6%
Residential
13,485 12,985 3.9% 25,167 24,506 2.7%
Commercial
14,084 14,013 0.5% 27,270 27,331 -0.2%
Industrial
237 249 -4.8% 473 498 -5.1%
Other
9,963 9,262 7.6% 18,412 18,060 1.9%
Total Wholesale Sales
3 Months Ended June Year-to-Date June
As Reported (See Notes) 2006 2005 Change 2006 2005 Change
Kilowatt-Hour Sales-
50,177 47,714 5.2% 95,447 93,241 2.4%
Total Sales
40,214 38,452 4.6% 77,035 75,181 2.5%
Total Retail Sales-
12,408 11,205 10.7% 24,125 22,846 5.6%
Residential
13,485 12,920 4.4% 25,167 24,320 3.5%
Commercial
14,084 14,078 0.0% 27,270 27,517 -0.9%
Industrial
237 249 -4.8% 473 498 -5.1%
Other
9,963 9,262 7.6% 18,412 18,060 1.9%
Total Wholesale Sales
Notes
- Southern Company GAS completed the sale of substantially all of its assets on January 4, 2006 and is included in consolidated earnings
in all periods as discontinued operations.
- In 2005, some Georgia Power industrial customers were reclassified from industrial to commercial to be consistent with the
rate structure approved by the Georgia Public Service Commission. For presentation purposes, The quot;As Adjustedquot; chart reclassifies
the second quarter and year-to-date 2005 KWHs for commercial and industrial customers to be consistent with the 2006 presentation.
- 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.

11. Page 10
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended June Year-to-Date June
2006 2005 % Change 2006 2005 % Change
Consolidated –
Operating Revenues $3,592 $3,120 15.1% $6,655 $5,907 12.7%
Earnings Before Income Taxes 610 535 13.9% 977 929 5.2%
Net Income 385 387 -0.4% 647 710 -8.9%
Alabama Power –
Operating Revenues $1,249 $1,086 15.1% $2,322 $2,056 13.0%
Earnings Before Income Taxes 202 206 -2.1% 343 319 7.6%
Net Income Available to Common 118 121 -2.8% 200 215 -6.8%
Georgia Power –
Operating Revenues $1,699 $1,459 16.4% $3,186 $2,830 12.6%
Earnings Before Income Taxes 315 252 25.2% 528 479 10.2%
Net Income Available to Common 196 158 24.5% 328 300 9.3%
Gulf Power –
Operating Revenues $293 $251 16.5% $556 $476 16.8%
Earnings Before Income Taxes 37 34 6.6% 57 57 1.5%
Net Income Available to Common 22 21 2.7% 34 36 -4.6%
Mississippi Power –
Operating Revenues $255 $249 2.6% $464 $464 0.0%
Earnings Before Income Taxes 37 42 -11.8% 62 70 -11.9%
Net Income Available to Common 23 26 -11.2% 38 43 -10.6%
Southern Power –
Operating Revenues $194 $149 29.8% $333 $302 10.4%
Earnings Before Income Taxes 53 41 28.7% 85 78 8.5%
Net Income Available to Common 32 25 26.1% 52 48 7.1%
Notes
- Southern Company GAS completed the sale of substantially all of its assets on January 4, 2006 and is included in consolidated earnings
in all periods as discontinued operations.
- 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.