so-20210218

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 18, 2021

Commission
File Number

Registrant,
State of Incorporation,
Address and Telephone Number

I.R.S. Employer
Identification No.

1-3526

The Southern Company

58-0690070

(A Delaware Corporation)

30 Ivan Allen Jr. Boulevard, N.W.

Atlanta, Georgia 30308

(404) 506-5000

1-3164

Alabama Power Company

63-0004250

(An Alabama Corporation)

600 North 18th Street

Birmingham, Alabama 35203

(205) 257-1000

1-6468

Georgia Power Company

58-0257110

(A Georgia Corporation)

241 Ralph McGill Boulevard, N.E.

Atlanta, Georgia 30308

(404) 506-6526

001-11229

Mississippi Power Company

64-0205820

(A Mississippi Corporation)

2992 West Beach Boulevard

Gulfport, Mississippi 39501

(228) 864-1211

001-37803

Southern Power Company

58-2598670

(A Delaware Corporation)

30 Ivan Allen Jr. Boulevard, N.W.

Atlanta, Georgia 30308

(404) 506-5000

1-14174

Southern Company Gas

58-2210952

(A Georgia Corporation)

Ten Peachtree Place, N.E.

Atlanta, Georgia 30309

(404) 584-4000

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, Mississippi Power Company, Southern Power Company and Southern Company Gas. 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))

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
The Southern Company	Common Stock, par value $5 per share	SO	New York Stock Exchange
The Southern Company	Series 2016A 5.25% Junior Subordinated Notes due 2076	SOJB	New York Stock Exchange
The Southern Company	Series 2017B 5.25% Junior Subordinated Notes due 2077	SOJC	New York Stock Exchange
The Southern Company	2019 Series A Corporate Units	SOLN	New York Stock Exchange
The Southern Company	Series 2020A 4.95% Junior Subordinated Notes due 2080	SOJD	New York Stock Exchange
The Southern Company	Series 2020C 4.20% Junior Subordinated Notes due 2060	SOJE	New York Stock Exchange
Alabama Power Company	5.00% Series Class A Preferred Stock	ALP PR Q	New York Stock Exchange
Georgia Power Company	Series 2017A 5.00% Junior Subordinated Notes due 2077	GPJA	New York Stock Exchange
Southern Power Company	Series 2016A 1.000% Senior Notes due 2022	SO/22B	New York Stock Exchange
Southern Power Company	Series 2016B 1.850% Senior Notes due 2026	SO/26A	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). (Response applicable to each registrant)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


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 18, 2021, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the three-month and twelve-month periods ended December 31, 2020. 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, 2020 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 include earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the three-month and twelve-month periods ended December 31, 2020 and 2019. These exhibits also include earnings and earnings per share (1) for the three-month and twelve-month periods ended December 31, 2020 and 2019, excluding (a) charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to plants under construction, (b) acquisition and disposition impacts, (c) impairment charges and (d) earnings from the Wholesale Gas Services business and (2) for the three-month and twelve-month periods ended December 31, 2020 excluding costs related to the extinguishment of debt at Southern Company. 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.

Exhibits

The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company and Southern Company Gas. 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, 2020:


			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.
			Exhibit 104			Cover Page Interactive Data File – The cover page iXBRL tags are embedded within the inline XBRL document.

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 18, 2021	THE SOUTHERN COMPANY
	By	/s/Ann P. Daiss
		Ann P. Daiss Comptroller

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


		Exhibit 99.01

News

Media Contact:	Southern Company Media Relations
	404-506-5333 or 1-866-506-5333
	www.southerncompany.com

Investor Relations Contact:
	Scott Gammill
	404-506-0901
	[email protected]
		February 18, 2021

Southern Company reports fourth-quarter and full-year 2020 earnings

ATLANTA – Southern Company today reported fourth-quarter 2020 earnings of $387 million, or 37 cents per share, compared with $440 million, or 42 cents per share, in the fourth quarter of 2019. Southern Company also reported full-year 2020 earnings of $3.12 billion, or $2.95 per share, compared with earnings of $4.74 billion, or $4.53 per share, in 2019.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $497 million, or 47 cents per share, during the fourth quarter of 2020, compared with $283 million, or 27 cents per share, during the fourth quarter of 2019. For the full-year 2020, excluding these items, Southern Company earned $3.44 billion, or $3.25 per share, compared with $3.25 billion, or $3.11 per share, in 2019.


Non-GAAP Financial Measures	Three Months Ended December				Year-to-Date December
Net Income - Excluding Items (in millions)	2020		2019		2020		2019
Net Income - As Reported	$	387	$	440	$	3,119	$	4,739
Less:
Acquisition and Disposition Impacts	22		39		60		2,516
Tax Impact	(6)		48		(22)		(1,081)
Estimated Loss on Plants Under Construction	(177)		(11)		(328)		(27)
Tax Impact	45		(4)		84		—
Wholesale Gas Services	78		136		17		215
Tax Impact	(19)		(34)		(3)		(52)
Asset Impairments	(52)		(16)		(206)		(108)
Tax Impact	21		(1)		101		26
Loss on Extinguishment of Debt	(29)		—		(29)		—
Tax Impact	7		—		7		—
Net Income - Excluding Items	$	497	$	283	$	3,438	$	3,250
Average Shares Outstanding - (in millions)	1,058		1,052		1,058		1,046
Basic Earnings Per Share - Excluding Items	$	0.47	$	0.27	$	3.25	$	3.11

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

Earnings drivers for the full year 2020 were positively influenced by diligent cost control and constructive state regulatory actions completed in 2019 at the company’s utilities, more than offsetting the impact of a decline in sales related to the COVID-19 pandemic and milder weather.

“In a year that saw many challenges, Southern Company demonstrated significant resilience and operational excellence on multiple fronts,” said Chairman, President and CEO, Thomas A. Fanning. “These efforts included prioritizing the health and safety of our workforce and communities, restoring electric service amid a record storm season and maintaining outstanding generation fleet reliability while delivering best-in-class customer service.”

Fourth-quarter 2020 operating revenues were $5.1 billion, compared with $4.9 billion for the fourth quarter of 2019, an increase of 4.1 percent. Operating revenues for the full year were $20.4 billion, compared with $21.4 billion in 2019, a decrease of 4.9 percent. The full year decrease was primarily due to lower fuel costs and a sales decline resulting from milder weather and COVID-19.

Southern Company’s fourth-quarter earnings slides with supplemental financial information, including earnings guidance for 2021, 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 Andrew W. Evans will discuss earnings and provide a general business update, including an update on the Vogtle units 3 and 4 construction project. 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 a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women’s Choice Award. To learn more, visit www.southerncompany.com.

###


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)	2020		2019		2020		2019
Traditional Electric Operating Companies	$	306	$	210	$	2,877	$	2,929
Southern Power	26		23		238		339
Southern Company Gas	230		238		590		585
Total	562		471		3,705		3,853
Parent Company and Other	(175)		(31)		(586)		886
Net Income–As Reported	$	387	$	440	$	3,119	$	4,739

Basic Earnings Per Share1	$	0.37	$	0.42	$	2.95	$	4.53
Average Shares Outstanding (in millions)	1,058		1,052		1,058		1,046
End of Period Shares Outstanding (in millions)					1,056		1,053

Non-GAAP Financial Measures	Three Months Ended December				Year-to-Date December
Net Income–Excluding Items (See Notes)	2020		2019		2020		2019
Net Income–As Reported	$	387	$	440	$	3,119	$	4,739
Less:
Acquisition and Disposition Impacts2	22		39		60		2,516
Tax Impact	(6)		48		(22)		(1,081)
Estimated Loss on Plants Under Construction3	(177)		(11)		(328)		(27)
Tax Impact	45		(4)		84		—
Wholesale Gas Services4	78		136		17		215
Tax Impact	(19)		(34)		(3)		(52)
Asset Impairments5	(52)		(16)		(206)		(108)
Tax Impact	21		(1)		101		26
Loss on Extinguishment of Debt6	(29)		—		(29)		—
Tax Impact	7		—		7		—
Net Income–Excluding Items	$	497	$	283	$	3,438	$	3,250

Basic Earnings Per Share–Excluding Items	$	0.47	$	0.27	$	3.25	$	3.11
-See Notes on the following page.

Exhibit 99.02

Page 2

Southern Company

Financial Highlights

Notes

(1)Dilution is not material in any period presented. Diluted earnings per share was $0.36 and $2.93 for the three and twelve months ended December 31, 2020, respectively, and $0.42 and $4.50 for the three and twelve months ended December 31, 2019, respectively.

(2)Earnings for the three and twelve months ended December 31, 2020 primarily include a $22 million pre-tax ($16 million after-tax) gain on the sale of Southern Company Gas' natural gas storage facility in Louisiana. Earnings for the twelve months ended December 31, 2020 also include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended December 31, 2019 include: (i) a $70 million pre-tax ($102 million after-tax) increase in the gain on the sale of Gulf Power Company; (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline; and (iii) a net $7 million pre-tax reduction to earnings (net $2 million after-tax increase to earnings) of other acquisition and disposition impacts. Earnings for the twelve months ended December 31, 2019 include: (i) a $2.6 billion pre-tax ($1.4 billion after-tax) gain on the sale of Gulf Power Company; (ii) a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches; and (iii) $18 million pre tax ($11 million after tax) of other acquisition and disposition impacts, partially offset by: (i) a $58 million pre-tax ($52 million after-tax) net loss, including impairment charges, associated with the sales of PowerSecure, Inc.'s utility infrastructure services and lighting businesses and (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline.

(3)Earnings for the three and twelve months ended December 31, 2020 include charges of $176 million pre tax ($131 million after tax) and $325 million pre tax ($242 million after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges may occur; however, the amount and timing of any such charges are uncertain. Earnings for the three and twelve months ended December 31, 2020 and 2019 include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, totaling $10 million to $20 million annually through 2025.

(4)Earnings for the three and twelve months ended December 31, 2020 and 2019 include Wholesale Gas Services business results. Presenting earnings and earnings per share excluding Wholesale Gas Services provides an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.

(5)Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of $91 million ($69 million after tax) associated with a natural gas storage facility in Louisiana and earnings for the three months ended December 31, 2019 include an adjustment of $(1) million ($4 million after tax) of this impairment charge. Additionally, earnings for the three and twelve months ended December 31, 2019 include a pre-tax impairment charge of $17 million ($13 million after tax) related to a leveraged lease. Further charges associated with this natural gas storage facility and these leveraged leases are not expected.

(6)Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain.


Exhibit 99.03
Page 1
Southern Company
Significant Factors Impacting EPS

	Three Months Ended December						Year-to-Date December
	2020		2019		Change		2020		2019		Change
Earnings Per Share–
As Reported1 (See Notes)	$	0.37	$	0.42	$	(0.05)	$	2.95	$	4.53	$	(1.58)

Significant Factors:
Traditional Electric Operating Companies					$	0.09					$	(0.05)
Southern Power					—						(0.10)
Southern Company Gas					(0.01)						0.01
Parent Company and Other					(0.13)						(1.41)
Increase in Shares					—						(0.03)
Total–As Reported					$	(0.05)					$	(1.58)

	Three Months Ended December						Year-to-Date December
Non-GAAP Financial Measures	2020		2019		Change		2020		2019		Change
Earnings Per Share–
Excluding Items (See Notes)	$	0.47	$	0.27	$	0.20	$	3.25	$	3.11	$	0.14

Total–As Reported					$	(0.05)					$	(1.58)
Less:
Acquisition and Disposition Impacts2					(0.07)						(1.33)
Estimated Loss on Plants Under Construction3					(0.11)						(0.20)
Wholesale Gas Services4					(0.04)						(0.15)
Asset Impairments5					(0.01)						(0.02)
Loss on Extinguishment of Debt6					$	(0.02)					$	(0.02)
Total–Excluding Items					$	0.20					$	0.14
- See Notes on the following page.

Exhibit 99.03

Page 2

Southern Company

Significant Factors Impacting EPS

Notes


Exhibit 99.04
Page 1
Southern Company
EPS Earnings Analysis

Description	Three Months Ended December 2020 vs. 2019	Year-to-Date December 2020 vs. 2019

Retail Sales	$(0.03)	$(0.14)

Retail Revenue Impacts	0.15	0.39

Weather	0.01	(0.21)

Wholesale & Other Operating Revenues	0.03	0.02



Non-Fuel O&M	0.06	0.12

Depreciation and Amortization, Interest Expense, Other	(0.06)	(0.21)

Income Taxes	0.04	0.19

Total Traditional Electric Operating Companies	$0.20	$0.16

Southern Power	0.01	(0.02)

Southern Company Gas	—	0.05

Parent and Other	(0.01)	(0.01)

Increase in Shares	—	(0.04)

Total Change in EPS (Excluding Items)	$0.20	$0.14

Acquisition and Disposition Impacts1	(0.07)	(1.33)

Estimated Loss on Plants Under Construction2	(0.11)	(0.20)

Wholesale Gas Services3	(0.04)	(0.15)

Asset Impairments5	(0.01)	(0.02)

Loss on Extinguishment of Debt6	(0.02)	(0.02)

Total Change in EPS (As Reported)	$(0.05)	$(1.58)
- See Notes on the following page.

Exhibit 99.04

Page 2

Southern Company

EPS Earnings Analysis

Notes

(1)Earnings for the three and twelve months ended December 31, 2020 primarily include a $22 million pre-tax ($16 million after-tax) gain on the sale of Southern Company Gas' natural gas storage facility in Louisiana. Earnings for the twelve months ended December 31, 2020 also include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended December 31, 2019 include: (i) a $70 million pre-tax ($102 million after-tax) increase in the gain on the sale of Gulf Power Company; (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline; and (iii) a net $7 million pre-tax reduction to earnings (net $2 million after-tax increase to earnings) of other acquisition and disposition impacts. Earnings for the twelve months ended December 31, 2019 include: (i) a $2.6 billion pre-tax ($1.4 billion after-tax) gain on the sale of Gulf Power Company; (ii) a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches; and (iii) $18 million pre tax ($11 million after tax) of other acquisition and disposition impacts, partially offset by: (i) a $58 million pre-tax ($52 million after-tax) net loss, including impairment charges, associated with the sales of PowerSecure, Inc.'s utility infrastructure services and lighting businesses and (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline.

(2)Earnings for the three and twelve months ended December 31, 2020 include charges of $176 million pre tax ($131 million after tax) and $325 million pre tax ($242 million after tax), respectively, for estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. Further charges may occur; however, the amount and timing of any such charges are uncertain. Earnings for the three and twelve months ended December 31, 2020 and 2019 include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, totaling $10 million to $20 million annually through 2025.

(3)Earnings for the three and twelve months ended December 31, 2020 and 2019 include Wholesale Gas Services business results. Presenting earnings and earnings per share excluding Wholesale Gas Services provides an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.

(4)Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of $91 million ($69 million after tax) associated with a natural gas storage facility in Louisiana and earnings for the three months ended December 31, 2019 include an adjustment of $(1) million ($4 million after tax) of this impairment charge. Additionally, earnings for the three and twelve months ended December 31, 2019 include a pre-tax impairment charge of $17 million ($13 million after tax) related to a leveraged lease. Further charges associated with this natural gas storage facility and these leveraged leases are not expected.

(5)Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain.


Exhibit 99.05

Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
	Three Months Ended December						Year-to-Date December
	2020		2019		Change		2020		2019		Change
Income Account-
Retail Electric Revenues-
Fuel	$	786	$	784	$	2	$	3,087	$	3,591	$	(504)
Non-Fuel	2,354		2,164		190		10,556		10,493		63
Wholesale Electric Revenues	472		485		(13)		1,945		2,152		(207)
Other Electric Revenues	188		144		44		672		636		36
Natural Gas Revenues	1,072		1,131		(59)		3,434		3,792		(358)
Other Revenues	245		206		39		681		755		(74)
Total Revenues	5,117		4,914		203		20,375		21,419		(1,044)
Fuel and Purchased Power	965		977		(12)		3,766		4,438		(672)
Cost of Natural Gas	318		363		(45)		972		1,319		(347)
Cost of Other Sales	126		119		7		327		435		(108)
Non-Fuel O&M	1,628		1,726		(98)		5,413		5,624		(211)
Depreciation and Amortization	899		771		128		3,518		3,038		480
Taxes Other Than Income Taxes	302		299		3		1,234		1,230		4
Estimated Loss on Plant Vogtle Units 3 and 4	176		—		176		325		—		325
Impairment Charges	—		26		(26)		—		168		(168)
(Gain) Loss on Dispositions, net	(26)		(57)		31		(65)		(2,569)		2,504
Total Operating Expenses	4,388		4,224		164		15,490		13,683		1,807
Operating Income	729		690		39		4,885		7,736		(2,851)
Allowance for Equity Funds Used During Construction	43		32		11		149		128		21
Earnings from Equity Method Investments	48		42		6		153		162		(9)
Interest Expense, Net of Amounts Capitalized	478		442		36		1,821		1,736		85
Impairment of Leveraged Lease	52		—		52		206		—		206
Other Income (Expense), net	17		13		4		336		252		84
Income Taxes	(50)		(74)		24		393		1,798		(1,405)
Net Income	357		409		(52)		3,103		4,744		(1,641)
Less:
Dividends on Preferred Stock of Subsidiaries	4		5		(1)		15		15		—
Net Income (Loss) Attributable to Noncontrolling Interests	(34)		(36)		2		(31)		(10)		(21)
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY	$	387	$	440	$	(53)	$	3,119	$	4,739	$	(1,620)

Notes

- Certain prior year data may have been reclassified to conform with current year presentation.


Exhibit 99.07

Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
	Three Months Ended December						Year-to-Date December
	2020		2019		% Change		2020		2019		% Change
Southern Company1, 2 –
Operating Revenues	$	5,117	$	4,914	4.1	%	$	20,375	$	21,419	(4.9)	%
Earnings Before Income Taxes	307		335		(8.4)	%	3,496		6,542		(46.6)	%
Net Income Available to Common	387		440		(12.0)	%	3,119		4,739		(34.2)	%

Alabama Power –
Operating Revenues	$	1,385	$	1,363	1.6	%	$	5,830	$	6,125	(4.8)	%
Earnings Before Income Taxes	162		67		141.8	%	1,502		1,355		10.8	%
Net Income Available to Common	128		88		45.5	%	1,150		1,070		7.5	%

Georgia Power –
Operating Revenues	$	1,938	$	1,703	13.8	%	$	8,309	$	8,408	(1.2)	%
Earnings Before Income Taxes	118		128		(7.8)	%	1,727		2,192		(21.2)	%
Net Income Available to Common	164		122		34.4	%	1,575		1,720		(8.4)	%

Mississippi Power –
Operating Revenues	$	277	$	294	(5.8)	%	$	1,172	$	1,264	(7.3)	%
Earnings Before Income Taxes	8		3		166.7	%	166		169		(1.8)	%
Net Income Available to Common	14		—		N/M		152		139		9.4	%

Southern Power2 –
Operating Revenues	$	396	$	411	(3.6)	%	$	1,733	$	1,938	(10.6)	%
Earnings (Loss) Before Income Taxes	(32)		(28)		14.3	%	210		273		(23.1)	%
Net Income Available to Common	26		23		13.0	%	238		339		(29.8)	%

Southern Company Gas –
Operating Revenues	$	1,072	$	1,131	(5.2)	%	$	3,434	$	3,792	(9.4)	%
Earnings Before Income Taxes	305		307		(0.7)	%	763		715		6.7	%
Net Income Available to Common	230		238		(3.4)	%	590		585		0.9	%

N/M - Not meaningful

Notes

- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented.

(1)Earnings comparisons to the prior year were significantly impacted by the gain associated with the sale of Gulf Power Company on January 1, 2019.

(2)Earnings and revenue comparisons to the prior year were significantly impacted by Southern Power's dispositions of Plant Nacogdoches on June 13, 2019 and Plant Mankato on January 17, 2020.


Exhibit 99.06


Southern Company
Kilowatt-Hour Sales and Customers
(In Millions of KWHs)

	Three Months Ended December						Year-to-Date December
	2020	2019	Change		Weather Adjusted Change		2020	2019	Change		Weather Adjusted Change
Kilowatt-Hour Sales-
Total Sales	45,315	46,185	(1.9)	%			186,225	196,488	(5.2)	%

Total Retail Sales-	33,823	34,254	(1.3)	%	(1.7)	%	140,546	148,461	(5.3)	%	(3.0)	%
Residential	10,987	10,738	2.3	%	1.2	%	47,472	48,528	(2.2)	%	3.1	%
Commercial	10,824	11,324	(4.4)	%	(5.0)	%	45,434	49,101	(7.5)	%	(5.7)	%
Industrial	11,853	12,022	(1.4)	%	(1.4)	%	46,982	50,106	(6.2)	%	(6.2)	%
Other	159	170	(6.2)	%	(6.2)	%	658	726	(9.5)	%	(9.3)	%

Total Wholesale Sales	11,492	11,931	(3.7)	%	N/A		45,679	48,027	(4.9)	%	N/A


(In Thousands of Customers)

							Period Ended December
							2020	2019	Change
Regulated Utility Customers-
Total Utility Customers-							8,630	8,543	1.0%
Total Traditional Electric							4,322	4,266	1.3%
Southern Company Gas							4,308	4,277	0.7%