Georgia Power plans to freeze rates under deal with regulators

ATLANTA, Ga. - The Georgia Public Service Commission staff and Georgia Power have reached a deal to freeze base rates for three years.

That means the utility will forgo a proposed rate hike that was planned this year.

Georgia Power wanted to raise rates in part to help recover expenses for damage caused by Hurricane Helene.

Now the company won’t seek those “-through” expenses until next year.

An audit of Georgia Power’s storm damage expenses is underway by the commission.

The agreement will be discussed during public hearings, where witnesses for staff and Georgia Power can be cross-examined by intervenors including consumer watchdogs, environmental groups, large-load power customers and others.

Ultimately, the elected commissioners must vote for the agreement before it becomes binding. That’s not expected to be a problem, since all five of them pushed for the rate freeze.

A schedule for hearings on the proposed agreement will be discussed at the PSC istrative session Tuesday.

In 2022, a Georgia Power Rate Case ended with an agreement where base rates were increased over three years. The last of those increases came in January. Per that agreement, Georgia Power was allowed to request another rate increase this year.

The agreement filed Monday extends the 2022 agreement for three years, leaving base rates at the current level.

What does it all mean?

Base rates are fixed monthly fees. Georgia Power officials said the base rate is the price per kilowatt hour.

“It’s much like auto gas at the pump. The base rate would be the listed fuel price. As you fill the tank, each gallon is that price,” a Georgia Power spokesperson said.

In a statement, Georgia Power said its customers are at the center of everything the utility company does.

“As costs around the country rise, Georgia Power remains committed to providing our customers with clean, safe, reliable, and affordable energy. We are well-positioned to balance mutual benefits that are available as a result of the extraordinary economic growth taking place in our state,” Georgia Power said in a statement. “This stipulated agreement helps balance the affordability needs of our customers while ensuring Georgia Power remains equipped to continue its of our state’s incredible growth, which is good for all of our stakeholders.”

Because this agreement is only for base rates, both sides could still potentially request and approve certain specialty increases.

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