Georgia PSC approves plan to lower overall rates, deliver annual savings of $50 per year for Georgia Power residential customers

Southern Company (NYSE: SO) subsidiary Georgia Power received Georgia PSC approval to lower overall electric rates starting next month.

Rhea-AI Summary

Southern Company (NYSE: SO) subsidiary Georgia Power received Georgia PSC approval to lower overall electric rates starting next month. Typical residential customers using 1,000 kWh/month are expected to save about $50 per year ($4.04 per month).

Total annual savings for all customers are estimated at $285 million. Georgia Power cites growth from large-load customers as helping spread fixed costs and notes a commitment to $102 in annual savings for typical residential customers beginning in 2029.

Positive

• PSC-approved plan delivers approximately $285 million in annual customer savings
• Typical residential customers to save about $50 per year from next month
• Growth in large-load customers helping spread fixed costs across broader base
• Company commits to additional $102 annual savings for typical customers starting 2029

Negative

• Lower customer rates imply about $285 million less annual billings versus prior structure
• Future $102 per year customer savings from 2029 may further reduce revenue per household

Argus May 28 session

-1.30% close to close Open Argus

Details

News Market Reaction – SO

In the May 28 session, SO declined 1.30%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalizes Georgia PSC approval of a rate plan that delivers around $50 in annual s...

Analysis

This announcement finalizes Georgia PSC approval of a rate plan that delivers around $50 in annual savings for a typical Georgia Power residential customer and roughly $285 million in total yearly customer savings. It follows earlier stipulated agreements outlining the same figures. Investors may track how this confirmed reduction fits within Southern Company’s broader regulatory framework, long-term capital plans, and future commitments to provide additional savings from 2029 onward.

Key Figures

Annual residential savings: $50 per year Monthly bill reduction: $4.04 per month Total annual savings: $285 million +5 more

Annual residential savings

$50 per year

Typical Georgia Power residential customer using 1,000 kWh

Monthly bill reduction

$4.04 per month

Typical residential customer at 1,000 kWh usage

Total annual savings

$285 million

All Georgia Power customers, from PSC-approved plan

Typical usage level

1,000 kilowatt-hours

Monthly consumption assumption for typical residential bill

Years serving Georgia

140 years

Georgia Power operating history providing electric service

Rate discount vs national

15 percent below

Average Georgia Power rates vs U.S. national average since 1990

Customer count

2.8 million

Georgia Power customers in all but four Georgia counties

Future annual savings

$102 per year

Committed savings for typical residential customer beginning in 2029

Historical Context

5 past events · Latest: May 26

5 events

1. May 26

   Board appointment

   24h Move

   -0.5%

   Beth Lowry added to Georgia Power board, highlighting governance and construction expertise.

2. May 22

   Customer programs

   24h Move

   +0.3%

   Georgia Power promoted tools and a potential PSC agreement lowering typical summer bills.

3. May 20

   Sustainability milestone

   24h Move

   -0.3%

   Georgia Natural Gas marked 1 billion pounds of carbon offsets via Greener Life program.

4. May 12

   Savings agreement

   24h Move

   +0.4%

   Stipulated agreement outlined about $285M annual savings if PSC approved recovery plan.

5. May 06

   Corporate statement

   24h Move

   -2.5%

   Company issued tribute regarding Ted Turner’s passing and prior solar collaborations.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

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Rate decrease will be effective beginning next month; Total annual savings for all customers of approximately $285 million

ATLANTA, May 28, 2026 /PRNewswire/ -- The Georgia Public Service Commission (PSC) today approved a plan to lower overall rates for customers and deliver annual savings of approximately $50 per year, or $4.04 per month, for the typical residential customer using an average of 1,000 kilowatt-hours a month. Total annual savings for all Georgia Power customers will amount to approximately $285 million.

Today's vote by the Georgia PSC follows a stipulated agreement reached earlier this month between Georgia Power and the Public Interest Advocacy (PIA) Staff of the Georgia PSC in two cases originally filed with the Georgia PSC in February – the Fuel Cost Recovery (Docket 56765) case and the Storm Cost Recovery (Docket 44280) case. The cases sought to recover the cost of fuel to operate power generation plants to serve customers and to recover costs to quickly and safely restore electric service following storms, most notably the historic Hurricane Helene in 2024.  

"Today's vote by the Georgia PSC will bring lower rates and real savings for Georgia families and businesses as the heat of summer begins and energy use increases, which can lead to higher bills," said Tyler Cook, CFO and treasurer for Georgia Power. "At Georgia Power, our teams work every day to run our business efficiently and keep reliable and affordable energy flowing to our customers. We appreciate today's approval by the Georgia PSC of this plan, following months of hard work by our teams and Georgia PSC staff, robust review and open hearings, as well as engagement by members of the public and intervenors."

Focused on Affordable Energy & Delivering Savings
For more than 140 years, Georgia Power has delivered reliable and affordable energy to Georgians as the state has grown. Since 1990, the company has offered rates, on average, 15 percent below the national average while also offering flexible rate plans for residential and business customers, as well as a wide variety of programs to help customers save money and energy.

With new residents moving to the state and large-load customers like data centers and manufacturers choosing Georgia, Georgia Power continues to work to ensure that growth benefits all Georgia Power customers. The growing pipeline of large-load customers is a key factor that enabled the company's earlier base rate freeze, and is helping spread fixed costs across a broader customer base and protect residential and small business customers. This growth has also allowed the company to commit to providing annual savings of $102 per year for the typical residential customer beginning in 2029.

To learn more about how Georgia Power is keeping energy reliable and affordable for millions of Georgia homes and businesses, 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 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).

View original content to download multimedia:https://www.prnewswire.com/news-releases/georgia-psc-approves-plan-to-lower-overall-rates-deliver-annual-savings-of-50-per-year-for-georgia-power-residential-customers-302784773.html

SOURCE Georgia Power

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What rate reduction did Georgia Power announce on May 28, 2026 for SO stock investors?

Georgia Power announced a PSC-approved plan lowering overall rates, giving typical residential customers about $50 in annual bill savings. According to Georgia Power, total customer savings are expected to reach approximately $285 million per year once the reduction takes effect.

How much will Georgia Power residential customers save annually after the 2026 rate decision for SO?

Typical residential customers using 1,000 kWh per month are expected to save about $50 annually. According to Georgia Power, this equals roughly $4.04 per month in lower bills, contributing to approximately $285 million in total yearly customer savings.

When does the new Georgia Power rate decrease take effect for Southern Company (SO) customers?

The approved Georgia Power rate decrease is scheduled to become effective beginning next month. According to Georgia Power, once implemented, the change should immediately lower monthly bills for typical residential customers and contribute to the projected $285 million in total annual savings.

What do the Georgia PSC fuel and storm recovery cases mean for Georgia Power and SO shareholders?

The Georgia PSC decision followed agreements in fuel and storm cost recovery dockets. According to Georgia Power, these cases addressed fuel to run generation plants and storm restoration costs, including Hurricane Helene, while resulting in an overall rate decrease and customer bill savings.

How could Georgia Power’s growing large-load customer base impact Southern Company (SO)?

Georgia Power reports a growing pipeline of large-load customers, such as data centers and manufacturers. According to Georgia Power, this growth helps spread fixed costs across more customers, supporting protections for residential and small business customers and enabling commitments to future bill savings.

What future bill savings has Georgia Power committed to beyond the 2026 rate cut?

Georgia Power has committed to providing $102 in annual savings for a typical residential customer beginning in 2029. According to Georgia Power, growth in large-load customers is a key factor supporting this additional future reduction in residential customer bills.

How do Georgia Power’s rates compare to the national average for SO-focused investors?

Georgia Power states its rates have been on average 15% below the national average since 1990. According to Georgia Power, this long-term positioning aligns with its focus on affordable energy, flexible rate plans, and money-saving programs for residential and business customers.