Gulf Power (GLFPN) 8-K Results of Operations and Financial Condition

  Exhibit 99.04

Southern Company

EPS Earnings Analysis

Three Months Ended March 2011

Cents	Description
0.12	Retail Revenue Impacts
(0.07)	Weather
(0.05)	Wholesale Revenues
0.01	Other Operating Revenues
(0.03)	Non-Fuel O&M
(0.06)	Depreciation & Amortization
(0.01)	Other Income & Deductions
(0.01)	Taxes Other Than Income Taxes
(0.02)	Income Taxes
($0.12)	Total Traditional Operating Companies
0.03	Southern Power
(0.01)	Increase in Shares
($0.10)	Total Change in YTD EPS (As Reported)

Notes
-	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.