Georgia Power customers won t see base rate hikes through 2028

ATLANTA (WMGT/41NBC) Following the approval of a three-year rate freeze by state regulators, Georgia Power customers will not see a rise in base energy prices until at least 2028.

After a public hearing with over seven hours of testimony, the Georgia Public Service Commission unanimously authorized the plan, the PSC said in a press release. The ruling dismisses Georgia Power’s anticipated 2025 rate case filing and maintains the company’s base rates at their existing levels.

For Georgia Power ratepayers, this is excellent news, according to PSC Chairman Jason Shaw. Consumers in the United States have witnessed previously unheard-of inflation in the energy sector. In order to prevent base rates from rising, my fellow Commissioners and I asked Georgia Power and staff to reach a compromise.

Customers typically pay base rates for electricity before any taxes or fuel fees are applied.

The strategy was initially presented in a May agreement between Georgia Power and the PSC’s Public Interest Advocacy Staff, the utility company said in a separate news release. An alternate rate plan that was previously approved in 2022 is extended by this action.

According to Georgia Power Chairman, President, and CEO Kim Greene, the rate freeze that results from this plan is a great outcome for customers, balancing the benefits of extraordinary economic growth for all stakeholders and helping to ensure that we remain equipped to continue supporting growth in this state.

Georgian households and businesses are protected by the ruling, according to PSC Vice Chair Tim Echols.

The best method to shield ratepayers from inflation and market instability, according to Echols, is to freeze Georgia Power’s rates today.

The deal postpones Georgia Power’s desire to recoup expenses from recent hurricanes, such as Hurricane Helene, until 2026, when a separate proceeding is planned. The PSC said an audit of those storm-related costs is currently in progress.

The freeze, according to Commissioner Tricia Pridemore, will support the state’s robust energy position.

“This Georgia Public Service Commission is providing stability to allow for the continued growth and reliability that makes Georgia the number one state for energy,” she stated, despite the fact that electric rates have significantly increased other places like New York, Illinois, and California.

In a Facebook post on Tuesday, Georgia Governor Brian Kemp also offered his thoughts on the ruling.

For diligent Georgians and their families, this is fantastic news! “I said.” I’m grateful that Georgia Power and the Georgia Public Service Commission came to an arrangement that benefits our state’s citizens financially and strengthens our standing as a hub for business and individuals.

Georgia Power claims to service 2.8 million customers throughout the state.