Summary
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 billion, 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 million 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.
Key Highlights
- 1Georgia Power and PSC Advocacy Staff reached a settlement agreement on capacity certification for 2029-2031.
- 2The settlement approves all 9,885 MW of requested resources at their individual project costs.
- 3Company-owned projects within the settlement represent a projected capital investment of approximately $16.3 billion.
- 4Approximately $14 billion of the capital investment is expected between 2026 and 2029.
- 5Company-owned projects will be subject to Georgia PSC construction monitoring.
- 6Georgia Power agreed to ensure its next base rate case provides at least $556 million per year in downward pressure on large load customer revenues.
- 7This downward revenue pressure is expected to result in an approximate $8.50 monthly bill reduction for typical residential customers in 2029-2031.