Here’s what latest Georgia Power rate hike will cost you
ATLANTA, Ga. - A rate hike approved this week by regulators add about $9 a month to the electric bill of a typical Georgia Power customer.
The 6% rate increase approved Tuesday had been previously negotiated between its staff and Georgia Power and that was the subject of hearings early this month.
Units 3 and 4 at the nuclear power plant near Waynesboro have been under construction in recent years, and Georgia Power’s share of the cost is $10.2 billion, plus $3.5 billion in financing costs.
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With the units seven years late and billions over budget, the utility conceded to only seek $7.56 billion from ratepayers to cover the costs.
The project’s overall cost, including financing, is currently $31 billion for Georgia Power and three other owners. Add in $3.7 billion that original contractor Westinghouse paid to walk away from construction, and the total nears $35 billion.
Unit 3 went into operation in July, and Georgia Power estimates Unit 4 will go into operation in the first quarter of 2024. The rate hike will take effect when that happens.
Several consumer groups and trade organizations signed onto the agreement, including Georgia Watch, Georgia Interfaith Power and Light, Partnership for Southern Equity, and the Georgia Association of Manufacturers.
As a way to shield some Georgians from paying for the construction, the agreement expands Georgia Power’s Income Qualified Senior Discount.
The discount will now include households that earn less than 200% of the federal poverty line, anyone who receives Social Security Disability or Supplemental Security Income, and customers who are part of the federal Section 8 housing program.
As many as 96,000 Georgia seniors will be eligible.
Read the full agreement at https://psc.ga.gov/search/facts-document/?documentId=205571.
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