Georgia Power delivers lower costs for customers with latest filings

Core Insights - Georgia Power has filed for a decrease in customer rates through two filings with the Georgia Public Service Commission, aiming to lower costs for customers starting in June [1] - The filings include a request for fuel cost recovery and storm cost recovery, which together are expected to result in a 1% rate decrease for the average retail customer [1] Fuel Cost Recovery - The first filing seeks to recover costs associated with fuel, including coal and natural gas, necessary for power generation [1] - Georgia Power has managed to reduce its fuel rate significantly due to a diverse generation mix and strategic fuel planning, which includes hedging to protect against future fuel price volatility [1] Storm Cost Recovery - The second filing addresses costs related to restoring electric service after storms, with a current under-recovery of $912 million in storm reserves, including nearly $800 million from Hurricane Helene in 2024 [1] - The company aims to recover these storm costs over the next four years while maintaining a focus on efficient and timely responses to severe weather [1] Customer Impact - If approved, the expected fuel savings will offset storm costs, resulting in an average savings of approximately $1.32 per month for typical residential customers using 1,000 kWh [1] - Georgia Power has historically maintained rates 15% below the national average since 1990 and plans to freeze base rates through at least 2028, providing annual savings of about $102 for typical residential customers after the next base rate case [1]

Southern Company-Georgia Power delivers lower costs for customers with latest filings - Reportify