- Georgia Power bills are likely to rise by 12% in June under a plan that will cover higher costs of coal and natural gas that are burnt to generate electricity.
- Georgia Power Co. needs to collect an additional $6.6 billion from customers over the next three years under the agreement.
- The agreement would let Georgia Power raise or lower fuel charges by as much as 40% in the interim, instead of the current 15%.
State regulatory staff and Georgia Power Co. have agreed on a plan that will boost power bills by 12% in June to cover the higher costs of natural gas and coal that the utility burns to generate electricity for its 2.7 million customers.
The unit of Atlanta-based Southern Co. filed new figures Monday saying it needs to collect an additional $6.6 billion from customers over the next three years, under an agreement it reached with Georgia Public Service Commission staff earlier this month.
Because of declining natural gas price forecasts, that’s actually $1.1 billion less than Georgia Power had earlier projected. But it will boost a typical residential bill to $147.50 a month, up $15.90 from the current $131.60. The increase had originally been predicted to be as high as $23.
The five-member elected commission is scheduled to vote on fuel charges on May 16. Any final plan is likely to closely track the agreement between the company and the staff.
Bill increases are stacking up for Georgia Power customers. Rates went up 2.5% last month in January after commissioners approved a three-year rate plan in December. Increases of 4.5% will follow in 2024 and 2025. Customers will also have to pay the costs of the third and fourth nuclear units at Plant Vogtle near Augusta. Unit 3 is projected to begin operation in May or June, leading to a roughly $4 a month increase for residential customers. A larger rate increase is likely to follow when Unit 4 begins operations, now projected before March 2024.
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