ATLANTA — Georgia Power is poised to get a rate increase that would kick in during the next year – and then kick in again in each of the following two years.
Staff with the Georgia Public Service Commission (PSC) struck an agreement with the utility that allows a portion of a rate increase it has sought for months.
The agreement allows:
- Georgia Power to recoup nearly $1.8 billion through 2025
- Average monthly household rate would climb $3.60 / month in 2023
- Larger increases of 4.5% would follow in 2024 and 2025
Georgia Power initially sought an increase worth $2.9 billion as PSC staff sought an increase of $560 million. These increases are separate from rate hikes associated with construction at Plant Vogtle.
“It’s a lot," Charles Jones of the Georgia Association of Manufacturers told the PSC Thursday. "It’s more than I think ratepayers are – we are concerned about it from a business perspective but also from the perspective of all ratepayers."
Yet, the manufacturers' group was among the stakeholders who signed off on Georgia Power's rate hike request.
For folks who use electricity and make monthly payments to Georgia Power, the good news is that this rate hike is smaller than one the utility requested earlier this year.
Georgia Power issued a statement about the settlement:
“We believe this stipulated agreement takes a balanced approach that not only asks the Georgia Public Service Commission to set rates at a level that support the essential, critical investments needed to meet our state’s evolving energy needs but also recognizes affordability needs for customers.”
"It’s too darn high," Former State Senator Vincent Fort said. "I’m concerned with my neighbors with senior citizens with social security as their sole income."
Although the public service commission’s staff has signed off on the rate hike, the elected PSC board hasn’t. They’ll vote next week.