01—Abstract
Summary
Summary of the 8-K filed December 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Southern Company (SO) subsidiary Georgia Power has reached a settlement agreement with the Georgia Public Service Commission (PSC) Public Interest Advocacy Staff regarding its 2029-2031 All-Source Request for Proposals and supplemental resource applications.
The settlement, if approved by the PSC, would approve all 9,885 megawatts of requested resources at their individual project costs. This includes significant Company-owned projects with a projected capital investment of approximately $16.3 billiona, with a substantial portion expected to be incurred between 2026 and 2029. These company-owned projects will be subject to PSC construction monitoring.
As part of the agreement, Georgia Power has committed to ensuring its next base rate case results in downward pressure on incremental revenue from large load customers, equivalent to at least $556 millionb annually. This translates to a projected reduction of approximately $8.50 per month for a typical residential customer using 1,000 kWh per month, for the years 2029 through 2031. The Georgia PSC is scheduled to vote on the settlement on December 19, 2025, and investors should note that the final terms are subject to PSC approval and potential modification.
02—Key points
Key Highlights
- Georgia Power and PSC Advocacy Staff reached a settlement agreement on capacity certification for 2029-2031.
- The settlement approves all 9,885 MW of requested resources at their individual project costs.
- Company-owned projects within the settlement represent a projected capital investment of approximately $16.3 billion.
- Approximately $14 billion of the capital investment is expected between 2026 and 2029.
- Company-owned projects will be subject to Georgia PSC construction monitoring.
- Georgia Power agreed to ensure its next base rate case provides at least $556 million per year in downward pressure on large load customer revenues.
- This downward revenue pressure is expected to result in an approximate $8.50 monthly bill reduction for typical residential customers in 2029-2031.
03—Questions
Frequently Asked Questions
What is the significance of the settlement agreement for Georgia Power?
The settlement agreement is significant because it resolves Georgia Power's application for certification of substantial new capacity resources needed for 2029-2031. It allows for the approval of all requested 9,885 MW of resources, including significant company-owned projects, subject to Georgia PSC approval.
What is the projected capital investment associated with this settlement?
The company-owned projects included in the settlement have a projected capital investment of approximately $16.3 billion (excluding allowance for funds used during construction). A substantial portion of this, around $14 billion, is anticipated to be spent between 2026 and 2029.
How will this settlement affect residential customer bills?
As part of the settlement, Georgia Power has agreed to implement measures in its next base rate case that will result in downward pressure on large load customer revenues. This is projected to reduce the typical residential customer's bill by approximately $8.50 per month (or $102 annually) for the years 2029, 2030, and 2031, assuming average monthly usage of 1,000 kWh.
What are the next steps and potential risks for this settlement?
The settlement agreement is not final and requires approval from the Georgia Public Service Commission (PSC), which is scheduled to vote on December 19, 2025. The terms are subject to change, and the final agreement approved by the PSC may differ materially from the current settlement. There is also a cautionary note regarding forward-looking statements and various risks and uncertainties that could impact actual results.
04—Continue