Georgia PSC approves plan to freeze Georgia Power base rates through at least 2028

Rhea-AI Summary

Georgia Power, a subsidiary of Southern Company (NYSE: SO), has received approval from the Georgia Public Service Commission (PSC) to freeze base electricity rates for its 2.8 million customers through at least 2028. The approval follows a stipulated agreement reached in May between Georgia Power and PSC Public Interest Advocacy Staff.

The rate freeze plan comes amid Georgia's significant economic growth and increased electricity demand. The company will address costs related to Hurricane Helene restoration and other storm-related expenses through 2025 in a separate regulatory proceeding expected in the first half of 2026.

This development builds on previous regulatory initiatives, including the 2023 IRP Update and revised PSC-approved rules addressing "large load" users. Georgia Power maintains a diverse generation mix including nuclear, coal, natural gas, and renewables to serve customers across 155 of Georgia's 159 counties.

Positive

• Base electricity rates will remain stable through at least 2028, providing price predictability for customers
• Company serves a growing market with strong economic development activities
• Separate proceeding for storm costs allows for focused assessment of restoration expenses
• Regulatory framework provides flexibility to address large load users while maintaining fairness for all customers

Negative

• Additional costs from Hurricane Helene and other storms will need to be recovered through future rate adjustments
• Increasing demand and economic growth may strain existing infrastructure

News Market Reaction – SO

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Storm costs, including Hurricane Helene, to be addressed in separate proceeding

ATLANTA, July 1, 2025 /PRNewswire/ -- The Georgia Public Service Commission (PSC) today approved a plan to keep Georgia Power base rates stable and predictable through at least the end of 2028, with storm costs to be addressed in a separate proceeding. Base rates reflect what customers pay for electricity under the rate they choose, exclusive of fuel costs. The approval follows a stipulated agreement reached between Georgia Power and Georgia PSC Public Interest Advocacy Staff in May, which recommended an extension of the existing alternate rate plan previously approved by the Georgia PSC in 2022.

Georgia continues to experience extraordinary growth and increased demand for electricity, driven by a strong economy and robust economic development activities which are bringing new jobs and tax revenue to communities across the state. In recent years, Georgia Power has worked with state and local elected officials including the Georgia PSC and the state legislature, business and community leaders, and a variety of stakeholders representing the diverse interests of Georgians, to develop and execute plans that help ensure that the state can meet future energy demand, make investments needed for reliability and resiliency of the power grid, and keep energy costs affordable for customers.

This ongoing effort has included multiple important regulatory initiatives such as the 2023 IRP Update and recently revised and PSC-approved rules and regulations which provide Georgia Power with the tools and flexibility necessary to address risks and costs associated with "large load" users, helping ensure a fair and balanced approach for all of the company's 2.8 million customers.

"At Georgia Power, we appreciate that our customers depend on us to deliver reliable and affordable energy every day to power their homes and businesses – that is our focus every day, with every decision we make," said Kim Greene, chairman, president and CEO of Georgia Power. "The rate freeze resulting from this plan is a great result for customers, balancing the mutual benefits of extraordinary economic growth among all stakeholders and helping to ensure that we remain equipped to continue supporting growth in this state. A plan like this is only possible due to the strength of Georgia's constructive regulatory environment, and we thank the Georgia Public Service Commission for their vote today."

The company plans to seek recovery through base electric rates of reasonable and prudent costs related to Hurricane Helene restoration and rebuilding, as well as costs to respond to other storms through the end of 2025. That separate Georgia PSC regulatory proceeding is expected in the first half of 2026.

To learn more about how Georgia Power continues to deliver clean, safe, reliable and affordable energy, as well as tips and information to help lower energy use and costs at your home or business, visit www.GeorgiaPower.com.

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 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).

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SOURCE Georgia Power

FAQ

How long will Georgia Power freeze its base rates under the new PSC-approved plan?

Georgia Power will freeze its base rates through at least the end of 2028, following approval from the Georgia Public Service Commission.

How many customers does Georgia Power serve in Georgia?

Georgia Power serves 2.8 million customers across 155 of Georgia's 159 counties.

When will Georgia Power address Hurricane Helene restoration costs?

Georgia Power plans to address Hurricane Helene restoration costs and other storm-related expenses in a separate regulatory proceeding expected in the first half of 2026.

What types of energy sources does Georgia Power use in its generation mix?

Georgia Power maintains a diverse generation mix that includes nuclear, coal, natural gas, and renewables such as solar, hydroelectric and wind.

How will the Georgia Power rate freeze affect Southern Company (NYSE: SO) shareholders?

The rate freeze balances stakeholder benefits while supporting continued growth in Georgia, operating within the state's constructive regulatory environment.