Georgia Public Service Commission approves motion to deliver $122 million in savings to Georgia Power customers beginning in January
Near-term rate relief possible due to lower state corporate tax rate
ATLANTA, Sept. 5, 2024 /PRNewswire/ -- The Georgia Public Service Commission (PSC) voted unanimously this week to approve a motion by Commissioner Fitz Johnson to expedite the return of approximately $122 million for the benefit of Georgia Power customers as early as January 2025. The funds are available due to recent changes to state tax law which lowered the company's corporate tax rate and will help offset inflationary related cost increases for customers.
Under the direction of the Georgia PSC, the company will work quickly to deliver near-term rate relief for customers, which is expected to result in estimated savings of approximately $2.25 per month for the typical residential customer using an average of 1,000 kilowatt hours per month beginning in January 2025. This adjustment will partially offset the implementation of the third year of Georgia Power's 2022 rate request (read more here).
The move is the direct result of the passage of House Bills 1015 and 1023 by the Georgia General Assembly earlier this year, and signed into law by Governor Brian Kemp in April, which lower the state's income tax rate and matches the corporate income tax rate to the individual income tax rate. According to the approved motion, both legislative actions lower taxes for all Georgians and will continue to make Georgia one of the most attractive places in the world to do business and encourage businesses with good paying jobs to locate in the state.
"Every day, we work to keep our rates as low as possible while making the investments needed to deliver reliable energy and power a growing Georgia," said Kim Greene, president, chairman and CEO of Georgia Power. "We applaud members of the Georgia legislature and Governor Kemp for revising the state's tax code, and the members of the Georgia PSC for working with us to quickly return these funds for the benefit of customers."
Georgia Power has a strong history of keeping energy affordable and maintains this continuous focus every day. In fact, the company's retail rates have averaged 15 percent below the national average since 1990. Even with rates lower than the national average, the company knows that any increase in your power bill matters. Please visit GeorgiaPower.com/MyEnergy for ways to save, rate options that best fit your lifestyle, payment assistance and more.
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 2.7 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