Georgia Power highlights first contracts under new rules & regulations, continued economic growth and updated forecasts in latest filings with Georgia PSC

Rhea-AI Summary

Georgia Power (NYSE:SO) has filed nearly 2 gigawatts of new customer contracts with the Georgia Public Service Commission (PSC), representing the first agreements under newly approved rules and regulations. The company's risk-adjusted forecast projects increased demand of 8,448 megawatts (MW) between winters 2025/2026 and 2030/2031.

The utility is seeking certification for approximately 9,900 MW of new capacity resources through an All-Source Request for Proposals (RFP). The new regulations require large-load customers to meet stricter criteria, including financial commitments and infrastructure readiness, while protecting residential and small business customers from additional costs. This growing customer pipeline supports Georgia Power's three-year base rate freeze (excluding storm costs).

Positive

• Nearly 2 gigawatts of new customer contracts secured under new regulations
• Projected demand growth of 8,448 MW between winters 2025/2026 and 2030/2031
• Three-year base rate freeze protection for customers (excluding storm costs)
• Active negotiations with customers representing several additional gigawatts of potential demand

Negative

• Significant infrastructure investment needed to meet 9,900 MW capacity requirement
• Potential risks from economic uncertainties and geopolitical conflicts mentioned in forward-looking statements

News Market Reaction

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On the day this news was published, SO gained 0.92%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ATLANTA, Sept. 30, 2025 /PRNewswire/ -- Georgia Power has filed nearly 2 gigawatts of new customer contracts with the Georgia Public Service Commission (PSC), marking a major milestone for the state's energy landscape. These agreements are the first to be reached under the Georgia PSC's newly approved rules and regulations, which are designed to provide Georgia Power with the flexibility to sustainably serve large-load customers while safeguarding residential and small business customers from additional costs.

The company recently filed testimony with the Georgia PSC outlining how new contracts — driven largely by projected data center growth and other large-load customers — reinforce the need for additional generation resources to meet projected future demand. The filing is part of the ongoing All-Source Request for Proposals (RFP) certification proceeding and includes updates on projected customer demand, economic growth, and the company's load forecast.

Georgia Power remains in active negotiations with multiple large-load customers representing several additional gigawatts of potential demand. Following the Georgia PSC's approval of updates to rules and regulations for the company earlier this year, potential large-load customers must now meet more stringent criteria — including providing financial commitments and demonstrating infrastructure readiness — to remain in the company's long-term development pipeline. These enhanced requirements help ensure that only the most credible and viable projects are included in Georgia Power's risk-adjusted load forecast. This growing pipeline of high-demand customers is a key factor enabling the company's three-year base rate freeze (excluding storm costs), helping to spread fixed costs across a broader customer base and protect residential and small business customers.

Overall future customer demand remains strong with Georgia Power's risk-adjusted forecast projecting increased demand into the next decade, including 8,448 megawatts (MW) of projected growth between the winters of 2025/2026 and 2030/2031. Combined with continued progress on new customer contracts, this outlook further supports the company's request to certify approximately 9,900 MW of new capacity resources through the All-Source RFP, helping to ensure that Georgia's energy infrastructure keeps pace with economic development, and maintains reliable, resilient energy for customers.

"As Georgia continues to grow, our planning and forecasting teams are working every day to review the latest economic trends and customer data in coordination with our regulators at the Georgia PSC," said Aaron Mitchell, senior vice president for Strategic Growth for Georgia Power. "These new contracts reflect not only the state's economic momentum, but also our commitment to protecting residential customers while responsibly planning for future energy needs."

New Rules & Regulations Provide Flexibility, Protect Customers
In January, the Georgia PSC approved new rules and regulations that enable Georgia Power to serve large-load customers through customized contracts — including terms such as upfront infrastructure payments, long-term commitments, and financial guarantees — while helping ensure that residential and small business customers are shielded from bearing the costs associated with these high-demand projects. Read more here.

About Georgia Power 
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.8 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

Cautionary Note 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 projected demand growth. Georgia Power 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 Georgia Power; accordingly, there can be no assurance that such suggested results will be realized.  The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: variations in demand for electricity; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations and financial market conditions, and the results of financing efforts; and catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars or other similar occurrences. Georgia Power expressly disclaims any obligation to update any forward-looking information.

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SOURCE Georgia Power

FAQ

What is Georgia Power's projected demand growth between 2025 and 2031?

Georgia Power projects demand growth of 8,448 megawatts (MW) between the winters of 2025/2026 and 2030/2031.

How many gigawatts of new customer contracts has Georgia Power (NYSE:SO) filed with the PSC?

Georgia Power has filed nearly 2 gigawatts of new customer contracts with the Georgia Public Service Commission.

What capacity is Georgia Power seeking to certify through its All-Source RFP?

Georgia Power is seeking to certify approximately 9,900 MW of new capacity resources through the All-Source Request for Proposals.

How do Georgia Power's new rules protect residential customers?

The new rules require large-load customers to provide financial commitments and demonstrate infrastructure readiness, while protecting residential and small business customers from bearing additional costs.

What is Georgia Power's rate freeze commitment?

Georgia Power has committed to a three-year base rate freeze (excluding storm costs), supported by its growing pipeline of high-demand customers.