Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 30, 2014



Commission File Number	Registrant, State of Incorporation, Address and Telephone Number	I.R.S. Employer Identification No.

1-3526	The Southern Company (A Delaware Corporation) 30 Ivan Allen Jr. Blvd., N.W. Atlanta, Georgia 30308 (404) 506-5000	58-0690070
1-3164	Alabama Power Company (An Alabama Corporation) 600 North 18^th Street Birmingham, Alabama 35203 (205) 257-1000	63-0004250
1-6468	Georgia Power Company (A Georgia Corporation) 241 Ralph McGill Boulevard, N.E. Atlanta, Georgia 30308 (404) 506-6526	58-0257110
001-31737	Gulf Power Company (A Florida Corporation) One Energy Place Pensacola, Florida 32520 (850) 444-6111	59-0276810
001-11229	Mississippi Power Company (A Mississippi Corporation) 2992 West Beach Boulevard Gulfport, Mississippi 39501 (228) 864-1211	64-0205820
333-98553	Southern Power Company (A Delaware Corporation) 30 Ivan Allen Jr. Blvd., N.W. Atlanta, Georgia 30308 (404) 506-5000	58-2598670

The names and addresses of the registrants have not changed since the last report.

This combined Form 8-K is furnished separately by six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Information contained herein relating to each registrant is furnished by each registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On July 30, 2014, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the periods ended June 30, 2014. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the three-month and six-month periods ended June 30, 2014 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.

Use of Non-GAAP Financial Measures

Exhibits 99.01, 99.02, 99.03 and 99.04 to this Current Report on Form 8-K, in addition to including earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the three-month and six-month periods ended June 30, 2014 and 2013, also include earnings and earnings per share (1) for the six-month period ended June 30, 2014 and for the three-month and six-month periods ended June 30, 2013 excluding charges for estimated probable losses relating to Mississippi Power Company’s construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (“Kemper IGCC”) and (2) for the six-month period ended June 30, 2013 excluding a charge related to the restructuring of a leveraged lease investment that was completed in March 2013. These charges significantly impacted the presentation of earnings and earnings per share for the respective periods. Leveraged lease charges are not expected to occur with any regularity as part of Southern Company’s ongoing business activities, and any charges similar to the Kemper IGCC charges are items that may occur with uncertain frequency in the future. Southern Company believes the presentation of earnings and earnings per share, excluding these charges, is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company’s ongoing business activities. Southern Company management also uses earnings and earnings per share, excluding the effect of these charges, to evaluate the performance of Southern Company’s ongoing business activities. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.

- 1 -

Exhibits

The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant.

The following exhibits relate to the periods ended June 30, 2014:



	Exhibit 99.01	Press Release.
	Exhibit 99.02	Financial Highlights.
	Exhibit 99.03	Significant Factors Impacting EPS.
	Exhibit 99.04	EPS Earnings Analysis.
	Exhibit 99.05	Consolidated Earnings.
	Exhibit 99.06	Kilowatt-Hour Sales.
	Exhibit 99.07	Financial Overview.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date: July 30, 2014	THE SOUTHERN COMPANY
	By	/s/Ann P. Daiss
		Ann P. Daiss Comptroller

	ALABAMA POWER COMPANY GEORGIA POWER COMPANY GULF POWER COMPANY MISSISSIPPI POWER COMPANY SOUTHERN POWER COMPANY
	By	/s/Melissa K. Caen
		Melissa K. Caen Assistant Secretary

- 2 -



		Exhibit 99.01

News


Media Contact:	Southern Company Media Relations
	404-506-5333 or 866-506-5333
	www.southerncompany.com

Investor Relations Contact:
	Dan Tucker
	404-506-5310
	dstucker@southernco.com

		July 30, 2014

Southern Company reports second quarter earnings,

notes modest economic recovery in Southeast

ATLANTA - Southern Company today reported second quarter 2014 earnings of $611 million, or 68 cents per share, compared with earnings of $297 million, or 34 cents per share, in the second quarter of 2013.

For the six months ended June 30, 2014, earnings were $962 million, or $1.08 per share, compared with $378 million, or 43 cents per share, for the same period in 2013.

Earnings for the six months ended June 30, 2014, include an after-tax charge of $235 million (26 cents per share) related to increased cost estimates for the construction of Mississippi Power’s Kemper County integrated gasification combined cycle (IGCC) project recorded in the first quarter of 2014. Earnings for the three and six months ended June 30, 2013, include after-tax charges of $278 million (32 cents per share) and $611 million (70 cents per share), respectively, related to the Kemper County IGCC project. Earnings for the first six months of 2013 also include an after-tax charge of $16 million (2 cents per share) for the restructuring of a leveraged lease investment recorded in the first quarter of 2013.

Excluding these items, Southern Company earned $611 million, or 68 cents per share, during the second quarter of 2014, compared with $575 million, or 66 cents per share, during the second quarter of 2013. For the first six months of 2014, excluding these items, Southern Company earned $1.2 billion, or $1.34 per share, compared with earnings of $1.0 billion, or $1.15 per share, for the same period in 2013.

Earnings were positively influenced by increased industrial sales, normal weather and retail revenue effects at Southern Company’s traditional operating companies. Earnings were negatively influenced by increased non-fuel operations and maintenance expenses.

“Southern Company’s second quarter industrial sales growth is an indicator of the potential for a broader economic recovery across the Southeast,” said Southern Company Chairman, President and CEO Thomas A. Fanning. “Our commitment to provide clean, safe, reliable and affordable energy has enabled us to continue to meet the needs of a region that’s growing faster than the U.S as a whole.”

Second quarter 2014 operating revenues were $4.47 billion, compared with $4.25 billion for the same period in 2013, an increase of 5.2 percent. Operating revenues for the first six months of 2014 were $9.11 billion, compared with $8.14 billion for the same period in 2013, an 11.9 percent increase.

Kilowatt-hour sales to retail customers in Southern Company's four-state service area increased 2.1 percent in the second quarter of 2014 compared with the second quarter of 2013. Residential energy sales increased 2.0 percent, commercial energy sales increased 1.3 percent and industrial energy sales increased 3.0 percent.

For the first six months of 2014, retail sales increased 4.5 percent compared with the same period in 2013. Residential energy sales increased 8.5 percent, commercial energy sales increased 2.4 percent and industrial energy sales increased 2.9 percent.

Total energy sales to Southern Company's customers in the Southeast, including wholesale sales, increased 4.7 percent in the second quarter of 2014 compared with the same period in 2013. For the first six months of 2014, total energy sales increased 7.2 percent compared with the same period in 2013.

Southern Company's financial analyst call will begin at 1 p.m. Eastern time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/English/information-for-investors/investor-information/webcasts-and-presentations/default.aspx. A replay of the webcast only will be available at the site for 12 months.

Southern Company has also posted on its website detailed financial information on its second quarter performance. These materials are available at www.southerncompany.com.

With 4.4 million customers and nearly 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable 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 energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation's nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by DiversityInc as a top company for Blacks and designated a 2013 Top Employer for Hispanics by Hispanic Network. The company received the Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 and is continually ranked among the top utilities in Fortune's annual World’s Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.

Cautionary Note Regarding Forward-Looking Statements:

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 the economy. 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 December 31, 2013, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, environmental laws including regulation of water, coal combustion residuals, and emissions of sulfur, nitrogen, carbon, soot, particulate matter, hazardous air pollutants, including mercury, and other substances, and also changes in 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 Environmental Protection Agency civil actions against certain Southern Company subsidiaries, Federal Energy Regulatory Commission matters, and Internal Revenue Service and state tax audits; 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, including those relating to weather, the general economy and recovery from the recent recession, population and business growth (and declines), the effects of energy conservation measures, including from the development and deployment of alternative energy sources such as self-generation and distributed generation technologies, and any potential economic impacts resulting from federal fiscal decisions; available sources and costs of fuels; effects of inflation; ability to control costs and avoid cost overruns during the development and construction of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed, including changes in labor costs and productivity factors, adverse weather conditions, shortages and inconsistent quality of equipment, materials, and labor, contractor or supplier delay, non-performance under construction or other agreements, operational performance, operational readiness, unforeseen engineering problems, and/or delays associated with start-up activities, including major equipment failure, system integration, and operations; ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any operational and environmental performance standards, including any Public Service Commission (“PSC”) requirements and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of Southern Company’s employee and retiree benefit plans and the Southern Company system’s nuclear decommissioning trust funds; 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 other cost recovery mechanisms; legal and regulatory approvals and actions related to the Plant Vogtle expansion, including Georgia PSC approvals and Nuclear Regulatory Commission actions; actions related to cost recovery for the integrated coal gasification combined cycle facility under construction in Kemper County, Mississippi (“Kemper IGCC”), including actions relating to proposed securitization, Mississippi PSC approval of Mississippi Power Company’s proposed rate recovery plan, as ultimately amended, which currently includes the ability to complete the proposed sale of an interest in the Kemper IGCC to South Mississippi Electric Power Association, the ability to utilize bonus depreciation, which currently requires that assets be placed in service in 2014, and satisfaction of requirements to utilize investment tax credits and grants; Mississippi PSC review of the prudence of Kemper IGCC costs; the outcome of any legal or regulatory proceedings regarding the Mississippi PSC’s issuance of the Certificate of Public Convenience and Necessity for the Kemper IGCC, the settlement agreement between Mississippi Power Company and the Mississippi PSC, the March 2013 rate order approving retail rate increases consistent with the terms of the settlement agreement, or the State of Mississippi legislation designed to enhance the Mississippi PSC’s authority to facilitate development and construction of baseload generation in the State of Mississippi; the inherent risks involved in operating and constructing

nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; 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 and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system’s business resulting from terrorist incidents and the threat of terrorist incidents, including cyber intrusion; interest rate fluctuations and financial market conditions and the results of financing efforts, including Southern Company’s and its subsidiaries’ credit ratings; the impacts of any potential U.S. credit rating downgrade or other sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of the U.S. Department of Energy loan guarantees; 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, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on the Southern Company system’s business resulting from incidents affecting the U.S. electric grid or operation of generating resources; and the effect of accounting pronouncements issued periodically by standard setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.

###



Exhibit 99.02
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)

	Three Months Ended June				Year-to-Date June
	2014		2013		2014			2013
Consolidated Earnings–As Reported
(See Notes)
Traditional Operating Companies	$	580	$	268	$	899		$	334
Southern Power	31		28		64			57
Total	611		296		963			391
Parent Company and Other	—		1		(1		)	(13		)
Net Income–As Reported	$	611	$	297	$	962		$	378

Basic Earnings Per Share	$	0.68	$	0.34	$	1.08		$	0.43

Average Shares Outstanding (in millions)	895		874		892			872
End of Period Shares Outstanding (in millions)					896			874

	Three Months Ended June				Year-to-Date June
	2014		2013		2014			2013
Consolidated Earnings–Excluding Items
(See Notes)
Net Income–As Reported	$	611	$	297	$	962		$	378
Estimated Loss on Kemper IGCC	—		278		235			611
Leveraged Lease Restructure	—		—		—			16
Net Income–Excluding Items	$	611	$	575	$	1,197		$	1,005

Basic Earnings Per Share–Excluding Items	$	0.68	$	0.66	$	1.34		$	1.15

Notes
- For the three and six months ended June 30, 2014 and 2013, dilution does not change basic earnings per share by more than 1 cent and is not material.

- The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the six months ended June 30, 2014 and the three and six months ended June 30, 2013 and any similar charges may occur with uncertain frequency.

- The charge related to the restructuring of a leveraged lease investment that was completed on March 1, 2013 impacted the presentation of earnings and earnings per share for the six months ended June 30, 2013 and similar charges are not expected to occur with any regularity in the future.

- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.



Exhibit 99.03
Southern Company
Significant Factors Impacting EPS

	Three Months Ended June							Year-to-Date June
	2014		2013		Change			2014		2013		Change
Consolidated Earnings Per Share–
As Reported (See Notes)	$	0.68	$	0.34	$	0.34		$	1.08	$	0.43	$	0.65

Significant Factors:
Traditional Operating Companies					0.36							0.65
Southern Power					—							0.01
Parent Company and Other					—							0.01
Increase in Shares					(0.02		)					(0.02		)
Total–As Reported					$	0.34						$	0.65

	Three Months Ended June							Year-to-Date June
	2014		2013		Change			2014		2013		Change
Consolidated Earnings Per Share–
Excluding Items (See Notes)	$	0.68	$	0.66	$	0.02		$	1.34	$	1.15	$	0.19

Total–As Reported					0.34							0.65
Estimated Loss on Kemper IGCC					(0.32		)					(0.44		)
Leveraged Lease Restructure					—							(0.02		)
Total–Excluding Items					$	0.02						$	0.19

Notes
- For the three and six months ended June 30, 2014 and 2013, dilution does not change basic earnings per share by more than 1 cent and is not material.

- The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the six months ended June 30, 2014 and the three and six months ended June 30, 2013 and any similar charges may occur with uncertain frequency.

- The charge related to the restructuring of a leveraged lease investment that was completed on March 1, 2013 impacted the presentation of earnings and earnings per share for the six months ended June 30, 2013 and similar charges are not expected to occur with any regularity in the future.

- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.



	Exhibit 99.04
Southern Company
EPS Earnings Analysis
Three Months Ended June 2014 vs. June 2013

Cents	Description

1¢	Retail Sales

4	Retail Revenue Impacts

3	Weather

1	Other Operating Revenues

(5)	Non-Fuel O&M

(2)	Depreciation and Amortization

(1)	Taxes Other Than Income Taxes

2	Other Income and Deductions

1	Interest Expense

4¢	Total Traditional Operating Companies

(2)	Increase in Shares

2¢	Total Change in QTD EPS (x-Items)

32	Estimated Loss on Kemper IGCC

34¢	Total Change in QTD EPS (As Reported)

Notes
- The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the three months ended June 30, 2013 and any similar charges may occur with uncertain frequency.

- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.



Exhibit 99.05
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)

	Three Months Ended June								Year-to-Date June
	2014			2013		Change			2014			2013			Change
Income Account-
Retail Revenues-
Fuel	$	1,296		$	1,257	$	39		$	2,772		$	2,395		$	377
Non-Fuel	2,474			2,363		111			4,856			4,523			333
Wholesale Revenues	515			454		61			1,119			886			233
Other Electric Revenues	169			156		13			334			311			23
Non-regulated Operating Revenues	13			16		(3		)	30			28			2
Total Revenues	4,467			4,246		221			9,111			8,143			968
Fuel and Purchased Power	1,595			1,501		94			3,429			2,858			571
Non-Fuel O & M	1,019			947		72			2,005			1,921			84
Depreciation and Amortization	504			476		28			1,001			942			59
Taxes Other Than Income Taxes	246			232		14			493			467			26
Estimated Loss on Kemper IGCC	—			450		(450		)	380			990			(610		)
Total Operating Expenses	3,364			3,606		(242		)	7,308			7,178			130
Operating Income	1,103			640		463			1,803			965			838
Allowance for Equity Funds Used During Construction	62			45		17			119			86			33
Interest Expense, Net of Amounts Capitalized	210			215		(5		)	416			426			(10		)
Other Income (Expense), net	(6		)	1		(7		)	(13		)	(26		)	13
Income Taxes	321			158		163			497			189			308
Net Income	628			313		315			996			410			586
Dividends on Preferred and Preference Stock of Subsidiaries	17			16		1			34			32			2
NET INCOME AFTER DIVIDENDS ON PREFERRED AND PREFERENCE STOCK	$	611		$	297	$	314		$	962		$	378		$	584

Notes
- Certain prior year data has been reclassified to conform with current year presentation.

- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.



Exhibit 99.06
Southern Company
Kilowatt-Hour Sales
(In Millions of KWHs)

	Three Months Ended June						Year-to-Date June
As Reported	2014	2013	Change		Weather Adjusted Change		2014	2013	Change		Weather Adjusted Change
Kilowatt-Hour Sales-
Total Sales	46,903	44,808	4.7	%			94,705	88,378	7.2	%

Total Retail Sales-	39,198	38,392	2.1	%	0.9	%	78,897	75,467	4.5	%	1.1	%
Residential	12,001	11,770	2.0	%	(0.6	)%	26,175	24,117	8.5	%	0.3	%
Commercial	13,343	13,171	1.3	%	—	%	25,891	25,272	2.4	%	(0.1	)%
Industrial	13,629	13,226	3.0	%	3.0	%	26,378	25,625	2.9	%	2.9	%
Other	225	225	0.4	%	0.4	%	453	453	—	%	(0.2	)%

Total Wholesale Sales	7,705	6,416	20.1	%	N/A		15,808	12,911	22.4	%	N/A



Exhibit 99.07
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)

	Three Months Ended June							Year-to-Date June
	2014		2013			% Change		2014			2013			% Change
Consolidated –
Operating Revenues	$	4,467	$	4,246		5.2	%	$	9,111		$	8,143		11.9	%
Earnings Before Income Taxes	949		471			101.5	%	1,493			599			149.2	%
Net Income Available to Common	611		297			105.7	%	962			378			154.5	%

Alabama Power –
Operating Revenues	$	1,437	$	1,392		3.2	%	$	2,945		$	2,700		9.1	%
Earnings Before Income Taxes	302		302			—	%	626			550			13.8	%
Net Income Available to Common	173		173			—	%	360			314			14.6	%

Georgia Power –
Operating Revenues	$	2,186	$	2,042		7.1	%	$	4,455		$	3,924		13.5	%
Earnings Before Income Taxes	493		464			6.3	%	929			789			17.7	%
Net Income Available to Common	311		282			10.3	%	577			479			20.5	%

Gulf Power –
Operating Revenues	$	384	$	371		3.3	%	$	791		$	697		13.4	%
Earnings Before Income Taxes	58		55			5.1	%	120			92			29.9	%
Net Income Available to Common	34		33			4.6	%	71			54			30.3	%

Mississippi Power –
Operating Revenues	$	311	$	306		1.5	%	$	642		$	552		16.3	%
Earnings Before Income Taxes	79		(372		)	121.2	%	(222		)	(787		)	71.7	%
Net Income Available to Common	62		(219		)	128.5	%	(110		)	(465		)	76.5	%

Southern Power –
Operating Revenues	$	329	$	307		7.0	%	$	680		$	610		11.4	%
Earnings Before Income Taxes	29		33			(11.3	)%	67			77			(13.3	)%
Net Income Available to Common	31		28			10.4	%	64			57			12.6	%


Notes
- Mississippi Power Company restated its 2012 financial statements to reflect a pre-tax charge to income for the estimated probable loss on Kemper IGCC of $78 million ($48 million after tax) in 2012. Southern Company evaluated the portion of the estimated probable loss related to 2012 and concluded it was not material to Southern Company. Therefore, Southern Company reflected the pre-tax charge to income for this portion of the estimated probable loss related to 2012 in the first quarter 2013.

- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.