Alabama Power (ALP-PQ) 8-K Results of Operations and Financial Condition

Exhibit 99.02
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
	3 Months Ended June											Year-to-Date June
				2008					2007				2008			2007
Consolidated Earnings–As Reported				(Notes)					(Notes)				(Notes)			(Notes)
(See Notes)
Traditional Operating Companies		$				452		$		383	$			794	$		668
Southern Power						35				40				64			72
Total						487				423				858			740
Synthetic Fuels						1				12				(1)			41
Parent Company and Other						(72)				(6)				(81)			(13)
Net Income - As Reported		$				416		$		429	$			776	$		768
Basic Earnings Per Share - (See Notes)		$				0.54		$		0.57	$			1.01	$		1.02
Average Shares Outstanding (in millions)						769				755				768			753
End of Period Shares Outstanding (in millions)														771			757
					3 Months Ended June						Year-to-Date June
							2008			2007				2008			2007
Consolidated Earnings–Excluding Items
(See Notes)
Net Income - As Reported			$			416		$		429	$			776	$		768
Leveraged Lease Adjustment						67				-				67			-
Synthetic Fuels						(1)				(12)				1			(41)
Net Income–Excluding Items			$			482		$		417	$			844	$		727
Basic Earnings Per Share–Excluding Items			$			0.63		$		0.55	$			1.10	$		0.97

Notes

- For the 3 months and 6 months ended June 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not material.

- The charge related to Southern Company's investments in leveraged lease transactions significantly impacted the presentation of earnings and earnings per share for the three months and six months ended June 30, 2008, and significant charges related to these investments are not expected to occur on a regular basis.

- 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.

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