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) February 22, 2017

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 18th 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
1-14174	Southern Company Gas (A Georgia Corporation) Ten Peachtree Place N.E. Atlanta, Georgia 30309 (404) 584-4000	58-2210952
001-37803	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 seven registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Southern Company Gas 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 registrants 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 February 22, 2017, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the three-month and twelve-month periods ended December 31, 2016. 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 twelve-month periods ended December 31, 2016 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 twelve-month periods ended December 31, 2016 and 2015, also include earnings and earnings per share (1) for the three-month and twelve-month periods ended December 31, 2016 and 2015 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 (the “Kemper IGCC”), (2) for the three-month and twelve-month periods ended December 31, 2016 and 2015 excluding costs related to the acquisition and integration of Southern Company Gas (formerly known as AGL Resources Inc.) and for the three-month and twelve-month periods ended December 31, 2016 excluding costs related to the acquisitions of PowerSecure International, Inc. and the 50% interest in Southern Natural Gas Company, L.L.C. (“SNG”), (3) for the twelve-month period ended December 31, 2015 excluding additional costs related to the discontinued operations of Mirant Corporation and the March 2009 settlement agreement with MC Asset Recovery, LLC (“MCAR”), (4) for the three-month and twelve-month periods ended December 31, 2016 excluding earnings related to the equity return related to the Kemper IGCC schedule extension beyond August 31, 2016, (5) for the three-month and twelve-month periods ended December 31, 2016 excluding earnings, net of acquisition and integration costs, related to Southern Company Gas, (6) for the three-month and twelve-month periods ended December 31, 2016 excluding the debt financing costs related to the acquisition of Southern Company Gas, and (7) for the three-month and twelve-month periods ended December 31, 2016 excluding common stock issued to finance a portion of the acquisition of the 50% interest in SNG.  The attached exhibits include additional information regarding these excluded items, as well as reconciliations of each non-GAAP financial measure to the most comparable financial measure under GAAP. Southern Company believes the presentation of earnings and earnings per share, excluding these items, 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 items, 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, Southern Company Gas and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant.

The following exhibits relate to the three-month and twelve-month periods ended December 31, 2016:

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 and Customers.
Exhibit 99.07	Financial Overview.

- 2 -

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:   February 22, 2017	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 COMPANY GAS SOUTHERN POWER COMPANY
	By	/s/Melissa K. Caen
		Melissa K. Caen Assistant Secretary

- 3 -

EX-99.01

		Exhibit 99.01
News
Media Contact:	Southern Company Media Relations
	404-506-5333 or 1-866-506-5333
	www.southerncompany.com
Investor Relations Contact:
	Aaron Abramovitz
	404-506-0780
	apabramo@southernco.com
		February 22, 2017

Southern Company reports fourth-quarter and full-year 2016 earnings

ATLANTA - Southern Company today reported fourth-quarter 2016 earnings of $197 million, or 20 cents per share, compared with earnings of $271 million, or 30 cents per share, in the fourth quarter of 2015. Southern Company also reported full year 2016 earnings of $2.45 billion, or $2.57 per share, compared with earnings of $2.37 billion, or $2.60 per share, for the same period in 2015.

Excludingthe items described in the “Net Income - Excluding Items” table below, Southern Company earned $235 million, or 24 cents per share, during the fourth quarter of 2016, compared with $403 million, or 44 cents per share, during the fourth quarter of 2015. For the full-year 2016, excluding these items, Southern Company earned $2.7 billion, or $2.89 per share, compared with earnings of $2.6 billion, or $2.89 per share, for the same period in 2015.

Non-GAAP Financial Measures	Three Months Ended December		Year-to-Date December
Net Income - Excluding Items (in millions)	2016	2015	2016	2015
Net Income - As Reported	$197	$271	$2,448	$2,367
Estimated Loss on Kemper IGCC	206	183	428	365
Tax Impact	(79)	(70)	(164)	(139)
Acquisition and Integration Costs	12	25	120	41
Tax Impact	(4)	(6)	(38)	(10)
Additional MCAR Settlement Costs	0	0	0	7
Tax Impact	0	0	0	(3)
Subtotal	$332	$403	$2,794	$2,628
Earnings Guidance Comparability Items:
Equity Return Related to Kemper IGCC     Schedule Extension	(22)	0	(29)	0
Tax Impact	(4)	0	(5)	0
Southern Company Gas Earnings,	(185)	0	(231)	0
net of Acquisition and Integration Costs
Tax Impact	72	0	90	0
Acquisition Debt Financing Costs	68	0	175	0
Tax Impact	(26)	0	(67)	0
Net Income - Excluding Items	$235	$403	$2,727	$2,628
Adjusted Average Shares Outstanding - Acquisition Financing (in millions)	964	911	942	910
Basic Earnings Per Share - Excluding Items	$0.24	$0.44	$2.89	$2.89

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Earnings for the fourth quarter and full year 2016 were positively influenced by retail revenue effects at Southern Company’s traditional electric operating companies and weather-related revenue impacts, offset by increased operations and maintenance costs, increased share issuances and lower customer usage. Full year 2016 earnings were further positively influenced by continued success with renewable energy projects at wholesale subsidiary Southern Power.

“2016 was a year of tremendous accomplishment for Southern Company,” said Chairman, President and CEO Thomas A. Fanning. “The acquisitions of Southern Company Gas, PowerSecure and a 50 percent equity interest in Southern Natural Gas have served to lengthen and strengthen our low-risk, customer-focused business model and are expected to further support our ability to deliver regular, predictable and sustainable long-term earnings and dividend growth.”

Fourth quarter 2016 operating revenues were $5.18 billion, compared with $3.57 billion for the fourth quarter of 2015, an increase of 45.2 percent. Southern Company Gas accounted for $1.11 billion of the increase in operating revenues for the fourth quarter of 2016. Operating revenues for the full year 2016 were $19.90 billion, compared with $17.49 billion for the same period in 2015, a 13.8 percent increase. Southern Company Gas accounted for $1.65 billion of the increase in operating revenues for the full year 2016.

Southern Company’s fourth quarter earnings slides with supplemental financial information, including its earnings guidance for 2017, are available at http://investor.southerncompany.com.

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/webcasts. A replay of the webcast will be available on the site for 12 months.

About Southern Company

Southern Company (NYSE: SO) is America’s premier energy company, with 44,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million electric and gas utility customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric utilities in four states, natural gas distribution utilities in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America’s energy future by developing the full portfolio of energy resources, including carbon-free nuclear, 21^st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development 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 Notes 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 expected earnings and dividend growth. 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, 2016, 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 environmental laws regulating emissions, discharges, and disposal to air, water, and land, and also changes in tax and other laws and regulations to which Southern Company and its subsidiaries are subject, including potential tax reform, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; 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 natural gas, including those relating to weather, the general economy and recovery from the last recession, population and business growth (and declines), the effects of energy conservation and efficiency 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 natural gas and other fuels; limits on pipeline capacity; effects of inflation; the ability to control costs and avoid cost overruns during the development, construction, and operation 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, adverse weather conditions, shortages and inconsistent quality of equipment, materials, and labor, sustaining nitrogen supply, contractor or supplier delay, non-performance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, unforeseen engineering or design problems, start-up activities (including major equipment failure and system integration), and/or operational performance (including additional costs to satisfy any operational parameters ultimately adopted by any Public Service Commission (PSC)); the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards 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 the Southern Company system’s employee and retiree benefit plans and nuclear decommissioning trust funds; advances in technology; ongoing renewable energy partnerships and development agreements; 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 proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, 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 (the Kemper IGCC), including the ultimate impact of the 2015 decision of the Mississippi Supreme Court, the Mississippi PSC’s December 2015 rate order, and related legal or regulatory proceedings, Mississippi PSC review of the prudence of Kemper IGCC costs and approval of further permanent rate recovery plans, actions relating to proposed securitization, satisfaction of requirements to utilize grants, and the ultimate impact of the termination of the proposed sale of an interest in the Kemper IGCC to South Mississippi Electric Power Association; the ability to successfully operate the electric utilities’ generating, transmission, and distribution facilities and Southern Company Gas’ natural gas distribution and storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; the inherent risks involved in transporting and storing natural gas; 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 possibility that the anticipated benefits from the acquisition of Southern Company Gas cannot be fully realized or may take longer to realize than expected, the possibility that costs related to the integration of Southern Company and Southern Company Gas will be greater than expected, the ability to retain and hire key personnel and maintain relationships with customers, suppliers, or other business partners, and the diversion of management time on integration-related issues; 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 cyber intrusion or terrorist incidents and the threat of terrorist incidents; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in Southern Company’s and any of its subsidiaries’ credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of the Department of Energy loan guarantees; the ability of Southern Company’s electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, 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, natural gas pipeline infrastructure, or operation of generating or storage 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.

# # #

EX-99.02

Exhibit 99.02
Page 1
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
	Three Months Ended December						Year-to-Date December
Net Income–As Reported (See Notes)	2016			2015			2016			2015
Traditional Electric Operating Companies	$	147		$	274		$	2,233		$	2,186
Southern Power	23			34			338			215
Southern Company Gas	110			—			114			—
Total	280			308			2,685			2,401
Parent Company and Other	(83		)	(37		)	(237		)	(34		)
Net Income–As Reported	$	197		$	271		$	2,448		$	2,367
Basic Earnings Per Share1	$	0.20		$	0.30		$	2.57		$	2.60
Average Shares Outstanding (in millions)	986			911			951			910
End of Period Shares Outstanding (in millions)							990			912
Non-GAAP Financial Measures	Three Months Ended December						Year-to-Date December
Net Income–Excluding Items (See Notes)	2016			2015			2016			2015
Net Income–As Reported	$	197		$	271		$	2,448		$	2,367
Estimated Loss on Kemper IGCC2	206			183			428			365
Tax Impact	(79		)	(70		)	(164		)	(139		)
Acquisition and Integration Costs3	12			25			120			41
Tax Impact	(4		)	(6		)	(38		)	(10		)
Additional MCAR Settlement Costs4	—			—			—			7
Tax Impact	—			—			—			(3		)
Subtotal	$	332		$	403		$	2,794		$	2,628
Earnings Guidance Comparability Items:
Equity Return Related to Kemper IGCC    Schedule Extension5	(22		)	—			(29		)	—
Tax Impact	(4		)	—			(5		)	—
Southern Company Gas Earnings,    net of Acquisition and Integration Costs6	(185		)	—			(231		)	—
Tax Impact	72			—			90			—
Acquisition Debt Financing Costs6	68			—			175			—
Tax Impact	(26		)	—			(67		)	—
Net Income–Excluding Items	$	235		$	403		$	2,727		$	2,628
Adjusted Average Shares Outstanding - Acquisition    Financing6(in millions)	964			911			942			910
Basic Earnings Per Share–Excluding Items	$	0.24		$	0.44		$	2.89		$	2.89
- See Notes on the following page.

Exhibit 99.02

Page 2

Southern Company

Financial Highlights

Notes

- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $25 million for January 1, 2016 through September 30, 2016.

(1) For the three and twelve months ended December 31, 2016 and 2015, dilution does not change basic earnings per share by more than 2 cents and is not material.

(2) The estimated probable losses relating to Mississippi Power Company's construction and associated rate recovery 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 and twelve months ended December 31, 2016 and 2015. Similar charges of uncertain amounts may occur with uncertain frequency in future periods.

(3) Earnings for the three and twelve months ended December 31, 2016 and 2015 include costs related to the acquisition of Southern Company Gas and earnings for the three and twelve months ended December 31, 2016 include costs related to the acquisitions of PowerSecure International, Inc. and the 50% interest in Southern Natural Gas Company, L.L.C. (SNG). Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.

(4) Earnings for the twelve months ended December 31, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur.

(5) Earnings for the three and twelve months ended December 31, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. Southern Company's February 2016 earnings guidance assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

(6) Earnings for the three and twelve months ended December 31, 2016 include the earnings of Southern Company Gas since July 1, 2016 (the date of acquisition), as well as debt financing costs related to the acquisition. Earnings of Southern Company Gas since September 1, 2016 include amounts related to its acquisition of a 50% ownership interest in SNG. In addition, earnings per share for the three and twelve months ended December 31, 2016 include the impact of 22.3 million shares ($1.1 billion) of common stock issued in August 2016 to finance a portion of the purchase price for the SNG acquisition.

The timing of completion of the acquisition of Southern Company Gas was uncertain at the time Southern Company issued earnings per share guidance in February 2016, and Southern Company's agreement to acquire a 50% interest in SNG did not occur until July 2016. Accordingly, Southern Company's February 2016 guidance did not reflect any earnings contribution from these acquisitions or the financing costs related to the acquisitions. As a result, Southern Company believes presentation of earnings per share excluding these items provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

In addition to earnings and earnings per share calculated in accordance with U.S. generally accepted accounting principles (GAAP), Southern Company intends to continue to present earnings and earnings per share excluding the impact of the Wholesale Gas Services business of Southern Company Gas in future periods. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility that results from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Management also expects to use earnings and earnings per share excluding Wholesale Gas Services to evaluate Southern Company's performance. For the three months ended December 31, 2016, pre-tax earnings from Wholesale Gas Services and the related tax impact were $15.1 million and $3.8 million, respectively. For the six months ended December 31, 2016, the pre-tax loss from Wholesale Gas Services and the related tax benefit were $3.7 million and $3.5 million, respectively.

EX-99.03

Exhibit 99.03
Page 1
Southern Company
Significant Factors Impacting EPS
	Three Months Ended December							Year-to-Date December
	2016		2015		Change			2016		2015		Change
Earnings Per Share–
As Reported1 (See Notes)	$	0.20	$	0.30	$	(0.10	)	$	2.57	$	2.60	$	(0.03	)
Significant Factors:
Traditional Electric Operating Companies					$	(0.14	)					$	0.06
Southern Power					(0.01		)					0.13
Southern Company Gas					0.12							0.12
Parent Company and Other					(0.05		)					(0.22		)
Increase in Shares					(0.02		)					(0.12		)
Total–As Reported					$	(0.10	)					$	(0.03	)
	Three Months Ended December							Year-to-Date December
Non-GAAP Financial Measures	2016		2015		Change			2016		2015		Change
Earnings Per Share–
Excluding Items (See Notes)	$	0.24	$	0.44	$	(0.20	)	$	2.89	$	2.89	$	—
Total–As Reported					$	(0.10	)					$	(0.03	)
Estimated Loss on Kemper IGCC2					0.01							0.03
Acquisition and Integration Costs3					(0.02		)					0.06
Additional MCAR Settlement Costs4					—							(0.01		)
Equity Return Related to Kemper IGCC    Schedule Extension5					(0.03		)					(0.04		)
Southern Company Gas Earnings,    net of Acquisition and Integration Costs6					(0.11		)					(0.15		)
Acquisition Debt Financing Costs6					0.04							0.11
Additional Shares Issued for SNG Acquisition6					0.01							0.03
Total–Excluding Items					$	(0.20	)					$	—
- See Notes on the following page.

Exhibit 99.03

Page 2

Southern Company

Significant Factors Impacting EPS

Notes

- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $25 million for January 1, 2016 through September 30, 2016.

(1) For the three and twelve months ended December 31, 2016 and 2015, dilution does not change basic earnings per share by more than 2 cents and is not material.

(2) The estimated probable losses relating to Mississippi Power Company's construction and associated rate recovery 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 and twelve months ended December 31, 2016 and 2015. Similar charges of uncertain amounts may occur with uncertain frequency in future periods.

(3) Earnings for the three and twelve months ended December 31, 2016 and 2015 include costs related to the acquisition of Southern Company Gas and earnings for the three and twelve months ended December 31, 2016 include costs related to the acquisitions of PowerSecure International, Inc. and the 50% interest in Southern Natural Gas Company, L.L.C. (SNG). Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.

(4) Earnings for the twelve months ended December 31, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur.

(5) Earnings for the three and twelve months ended December 31, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. Southern Company's February 2016 earnings guidance assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

(6) Earnings for the three and twelve months ended December 31, 2016 include the earnings of Southern Company Gas since July 1, 2016 (the date of acquisition), as well as debt financing costs related to the acquisition. Earnings of Southern Company Gas since September 1, 2016 include amounts related to its acquisition of a 50% ownership interest in SNG. In addition, earnings per share for the three and twelve months ended December 31, 2016 include the impact of 22.3 million shares ($1.1 billion) of common stock issued in August 2016 to finance a portion of the purchase price for the SNG acquisition.

The timing of completion of the acquisition of Southern Company Gas was uncertain at the time Southern Company issued earnings per share guidance in February 2016, and Southern Company's agreement to acquire a 50% interest in SNG did not occur until July 2016. Accordingly, Southern Company's February 2016 guidance did not reflect any earnings contribution from these acquisitions or the financing costs related to the acquisitions. As a result, Southern Company believes presentation of earnings per share excluding these items provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

In addition to earnings and earnings per share calculated in accordance with U.S. generally accepted accounting principles (GAAP), Southern Company intends to continue to present earnings and earnings per share excluding the impact of the Wholesale Gas Services business of Southern Company Gas in future periods. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes volatility that results from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Management also expects to use earnings and earnings per share excluding Wholesale Gas Services to evaluate Southern Company's performance. For the three months ended December 31, 2016, pre-tax earnings from Wholesale Gas Services and the related tax impact were $15.1 million and $3.8 million, respectively. For the six months ended December 31, 2016, the pre-tax loss from Wholesale Gas Services and the related tax benefit were $3.7 million and $3.5 million, respectively.

EX-99.04

Exhibit 99.04
Page 1
Southern Company
EPS Earnings Analysis
Description	Three Months Ended December 2016 vs. 2015	Year-to-Date December 2016 vs. 2015
Retail Sales	(2)¢	(5)¢
Retail Revenue Impacts	4	33
Weather	5	10
Wholesale Operations	(1)	(4)
Other Operating Revenues	—	3
Non-Fuel O&M	(15)	(9)
Depreciation and Amortization	(1)	(7)
Taxes Other Than Income Taxes	(1)	(3)
Other Income and Deductions	(5)	(8)
Interest Expense	(2)	(8)
Income Taxes	3	4
Total Traditional Electric Operating Companies	(15)¢	6¢
Southern Power	(1)¢	13¢
Parent and Other (Excluding Items)1	(2)¢	(9)¢
Increase in Shares (Excluding Items)2	(2)¢	(10)¢
Total Change in EPS (Excluding Items)	(20)¢	—¢
Estimated Loss on Kemper IGCC3	(1)	(3)
Acquisition and Integration Costs4	2	(6)
Additional MCAR Settlement Costs5	—	1
Equity Return Related to Kemper IGCC     Schedule Extension6	3	4
Southern Company Gas Earnings, net of     Acquisition and Integration Costs7	11	15
Acquisition Debt Financing Costs7	(4)	(11)
Increase in Shares Issued for the Acquisition     of a 50% Interest in SNG7	(1)	(3)
Total Change in EPS (As Reported)	(10)¢	(3)¢
- See Notes on the following page.

Exhibit 99.04

Page 2

Southern Company

EPS Earnings Analysis

Three and Twelve Months Ended December 2016 vs. December 2015

Notes

- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $25 million for January 1, 2016 through September 30, 2016.

(1) Excludes Acquisition Debt Financing Costs, which are identified separately in the table.

(2) Excludes the impact of 22.3 million shares ($1.1 billion) of common stock issued in August 2016 to finance a portion of the purchase price for the Southern Natural Gas Company, L.L.C. (SNG) acquisition which is identified separately in the table.

(3) The estimated probable losses relating to Mississippi Power Company's construction and associated rate recovery 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 and twelve months ended December 31, 2016 and 2015. Similar charges of uncertain amounts may occur with uncertain frequency in future periods.

(4) Earnings for the three and twelve months ended December 31, 2016 and 2015 include costs related to the acquisition of Southern Company Gas and earnings for the three and twelve months ended December 31, 2016 include costs related to the acquisitions of PowerSecure International, Inc. and the 50% interest in SNG. Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.

(5) Earnings for the twelve months ended December 31, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur.

(6) Earnings for the three and twelve months ended December 31, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. Southern Company's February 2016 earnings guidance assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding these amounts provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

(7) Earnings for the three and twelve months ended December 31, 2016 include the earnings of Southern Company Gas since July 1, 2016 (the date of acquisition), as well as debt financing costs related to the acquisition. Earnings of Southern Company Gas since September 1, 2016 include amounts related to its acquisition of a 50% ownership interest in SNG. In addition, earnings per share for the three and twelve months ended December 31, 2016 include the impact of 22.3 million shares ($1.1 billion) of common stock issued in August 2016 to finance a portion of the purchase price for the SNG acquisition.

The timing of completion of the acquisition of Southern Company Gas was uncertain at the time Southern Company issued earnings per share guidance in February 2016, and Southern Company's agreement to acquire a 50% interest in SNG did not occur until July 2016. Accordingly, Southern Company's February 2016 guidance did not reflect any earnings contribution from these acquisitions or the financing costs related to the acquisitions. As a result, Southern Company believes presentation of earnings per share excluding these items provides investors with information comparable to the February guidance. Management also used such measures to evaluate Southern Company's performance in 2016.

In addition to earnings and earnings per share calculated in accordance with U.S. generally accepted accounting principles (GAAP), Southern Company intends to continue to present earnings and earnings per share excluding the impact of the Wholesale Gas Services business of Southern Company Gas in future periods. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility that results from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Management also expects to use earnings and earnings per share excluding Wholesale Gas Services to evaluate Southern Company's performance. For the three months ended December 31, 2016, pre-tax earnings from Wholesale Gas Services and the related tax impact were $15.1 million and $3.8 million, respectively. For the six months ended December 31, 2016, the pre-tax loss from Wholesale Gas Services and the related tax benefit were $3.7 million and $3.5 million, respectively.

EX-99.05

Exhibit 99.05
Southern Company
Consolidated Earnings As Reported
(In Millions of Dollars)
	Three Months Ended December									Year-to-Date December
	2016			2015			Change			2016			2015			Change
Income Account-
Retail Electric Revenues-
Fuel	$	952		$	786		$	166		$	4,121		$	4,437		$	(316	)
Non-Fuel	2,350			2,243			107			11,113			10,550			563
Wholesale Electric Revenues	471			363			108			1,926			1,798			128
Other Electric Revenues	169			163			6			698			657			41
Natural Gas Revenues	1,078			—			1,078			1,596			—			1,596
Other Revenues	161			13			148			442			47			395
Total Revenues	5,181			3,568			1,613			19,896			17,489			2,407
Fuel and Purchased Power	1,196			956			240			5,111			5,395			(284		)
Cost of Natural Gas	480			—			480			613			—			613
Cost of Other Sales	99			—			99			260			—			260
Non-Fuel O & M	1,624			1,096			528			5,240			4,416			824
Depreciation and Amortization	697			519			178			2,502			2,034			468
Taxes Other Than Income Taxes	292			236			56			1,113			997			116
Estimated Loss on Kemper IGCC	206			183			23			428			365			63
Total Operating Expenses	4,594			2,990			1,604			15,267			13,207			2,060
Operating Income	587			578			9			4,629			4,282			347
Allowance for Equity Funds Used During Construction	52			63			(11		)	202			226			(24		)
Earnings from equity method investments	31			—			31			59			—			59
Interest Expense, Net of Amounts Capitalized	404			228			176			1,317			840			477
Other Income (Expense), net	(27		)	(12		)	(15		)	(93		)	(39		)	(54		)
Income Taxes	34			118			(84		)	951			1,194			(243		)
Net Income	205			283			(78		)	2,529			2,435			94
Less:
Dividends on Preferred and Preference Stock of Subsidiaries	11			12			(1		)	45			54			(9		)
Net Income Attributable to Noncontrolling Interests	(3		)	—			(3		)	36			14			22
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY	$	197		$	271		$	(74	)	$	2,448		$	2,367		$	81
Notes
- Certain prior year data may have been reclassified to conform with current year presentation.
- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $25 million for January 1, 2016 through September 30, 2016.

EX-99.06

Exhibit 99.06
Southern Company
Kilowatt-Hour Sales and Customers
(In Millions of KWHs)
	Three Months Ended December						Year-to-Date December
	2016	2015	Change		Weather Adjusted Change		2016	2015	Change		Weather Adjusted Change1
Kilowatt-Hour Sales-
Total Sales	44,542	41,945	6.2	%			195,641	190,989	2.4	%
Total Retail Sales-	36,209	35,589	1.7	%	(1.5	)%	160,745	160,484	0.2	%	(1.0	)%
Residential	11,080	10,196	8.7	%	0.2	%	53,337	52,121	2.3	%	0.2	%
Commercial	12,224	12,166	0.5	%	(2.2	)%	53,733	53,525	0.4	%	(1.0	)%
Industrial	12,690	13,003	(2.4	)%	(2.4	)%	52,792	53,941	(2.1	)%	(2.2	)%
Other	215	224	(3.9	)%	(4.1	)%	883	897	(1.7	)%	(1.7	)%
Total Wholesale Sales	8,333	6,356	31.1	%	N/A		34,896	30,505	14.4	%	N/A
(In Thousands of Customers)
							Year-End December
							2016	20152	Change
Regulated Utility Customers-
Total Utility Customers-							9,179	9,104	0.8	%
Total Traditional Electric							4,593	4,546	1.0	%
Southern Company Gas							4,586	4,558	0.6	%
Notes
(1) Also reflects adjustment of 2015 KWH sales consistent with Mississippi Power's updated methodology to estimate the unbilled revenue allocation among customer classes implemented in the first quarter 2015.
(2) Southern Company's acquisition of Southern Company Gas was completed on July 1, 2016. Year-end December 2015 customers are shown on a pro forma basis for comparative purposes.

EX-99.07

Exhibit 99.07
Southern Company
Financial Overview As Reported
(In Millions of Dollars)
	Three Months Ended December								Year-to-Date December
	2016			2015			% Change		20161			2015			% Change
Southern Company –
Operating Revenues	$	5,181		$	3,568		45.2	%	$	19,896		$	17,489		13.8	%
Earnings Before Income Taxes	239			401			(40.4	)%	3,480			3,629			(4.1	)%
Net Income Available to Common	197			271			(27.3	)%	2,448			2,367			3.4	%
Alabama Power –
Operating Revenues	$	1,329		$	1,217		9.2	%	$	5,889		$	5,768		2.1	%
Earnings Before Income Taxes	174			204			(14.7	)%	1,370			1,317			4.0	%
Net Income Available to Common	102			121			(15.7	)%	822			785			4.7	%
Georgia Power –
Operating Revenues	$	1,762		$	1,641		7.4	%	$	8,383		$	8,326		0.7	%
Earnings Before Income Taxes	163			312			(47.8	)%	2,127			2,046			4.0	%
Net Income Available to Common	113			196			(42.3	)%	1,330			1,260			5.6	%
Gulf Power –
Operating Revenues	$	349		$	313		11.5	%	$	1,485		$	1,483		0.1	%
Earnings Before Income Taxes	42			47			(10.6	)%	231			249			(7.2	)%
Net Income Available to Common	23			28			(17.9	)%	131			148			(11.5	)%
Mississippi Power –
Operating Revenues	$	277		$	246		12.6	%	$	1,163		$	1,138		2.2	%
Earnings (Loss) Before Income Taxes	(162		)	(130		)	N/M		(152		)	(78		)	N/M
Net Income (Loss) Available to Common	(89		)	(71		)	N/M		(50		)	(8		)	N/M
Southern Power –
Operating Revenues	$	389		$	304		28.0	%	$	1,577		$	1,390		13.5	%
Earnings Before Income Taxes	(8		)	41			N/M		179			250			(28.4	)%
Net Income Available to Common	23			34			(32.4	)%	338			215			57.2	%
Southern Company Gas –
Operating Revenues	$	1,109		$	—		N/A		$	1,652		$	—		N/A
Earnings Before Income Taxes	178			—			N/A		190			—			N/A
Net Income Available to Common	110			—			N/A		114			—			N/A
N/M - not meaningful
N/A - not applicable
Notes
- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $25 million for January 1, 2016 through September 30, 2016.
(1) Southern Company's acquisition of Southern Company Gas was completed on July 1, 2016. Year-to-Date December reflects financial results for Southern Company Gas for the period July 1, 2016 through December 31, 2016.