Nov. 16, 2006 -- Gulf Power Company announced today the planned redemption on December 18, 2006, of all $30 million aggregate liquidation amount of the Gulf Power Capital Trust III 7.375% Trust Preferred Securities due September 30, 2041. The redemption price for the full redemption of the Gulf Power Capital Trust III 7.375% Trust Preferred Securities will be $25 per Preferred Security plus accrued and unpaid distributions thereon to the redemption date. The Bank of New York, as Successor Trustee to JPMorgan Chase Bank, N.A. located at 4 New York Plaza, New York NY 10004, as Property Trustee, will notify each registered holder by first class mail on November 16, 2006. The books will be closed on the redemption date.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Gulf Power Capital Trust III, 7.375% Trust Preferred Securities (TruPS), liquidation amount $25 per share, guaranteed by Gulf Power Co., a wholly owned subsidiary of The Southern Co. (NYSE: SO), redeemable at the issuer's option on or after 11/16/2006 at $25 per share plus accrued and unpaid dividends, maturing 9/30/2041, distributions of 7.375% per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record at the close of business on the business day immediately preceding the payment date. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (see IPO prospectus for details). The trust's assets consist of the 7.375% Junior Subordinated Deferrable Interest Notes due 9/30/2041 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	7.38% $1.84375	$25.00 $25.00	Called for 12/18/2006 9/30/2041	A3 BBB+ 12/15/2005	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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investors@southerncompany.com

Address and Phone Numbers

Address:   30 Ivan Allen Jr. Boulevard, N.W., Atlanta, GA 30308
Main Phone Number	404-506-5000
Fax Number	404-506-0455
Investor Relations   Glen Kundert	404-506-5135
Toll Free Phone Number	866-762-6411

CEO - David M. Ratcliffe

CFO - Thomas A. Fanning