Summary
Southern Company's subsidiary, Georgia Power, has received significant regulatory approval from the Georgia Public Service Commission (PSC) for its requested energy capacity resources for the 2029-2031 period. The PSC approved a settlement agreement that certifies all 9,885 megawatts of requested capacity, including substantial company-owned projects projected to cost approximately $16.3 billion. A significant portion of this capital investment, around $14 billion, is expected to be incurred between 2026 and 2029, with these company-owned projects subject to PSC construction monitoring. As part of the settlement, Georgia Power has committed to ensuring that incremental revenue from large load customers will provide a downward pressure on rates for typical residential customers. This benefit is estimated at least $556 million per year on a levelized basis for 2029-2031, translating to approximately $102 per year for a residential customer using 1,000 kWh per month. This approval marks a critical step in Georgia Power's long-term capacity planning and addresses a key regulatory hurdle.
Key Highlights
- 1Georgia PSC approved a settlement agreement for Georgia Power's All-Source Certification Proceeding.
- 2All 9,885 megawatts of requested energy capacity for 2029-2031 have been certified.
- 3Company-owned projects within the approved capacity represent a projected capital investment of approximately $16.3 billion.
- 4Approximately $14 billion of the capital investment is expected to be incurred between 2026 and 2029.
- 5Company-owned projects will be subject to Georgia PSC construction monitoring.
- 6Georgia Power agreed to provide a minimum annual customer benefit of $556 million to residential customers from large load customer revenues for 2029-2031.
- 7The annual customer benefit is equivalent to approximately $102 per year for a typical residential customer.