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Georgia Power's Commitment to Affordable Electricity in Georgia

In a promising development for residents and businesses in Georgia, Georgia Power has successfully negotiated a new agreement aimed at lowering electricity costs while meeting the state's rising energy demands. Officially reached with the Public Interest Advocacy (PIA) Staff of the Georgia Public Service Commission (PSC), this agreement is pivotal in ensuring that the growth in energy needs is met without imposing higher costs on consumers.

Key Aspects of the Agreement

The stipulated agreement is expected to yield an estimated annual savings of around $102 for the average residential customer consuming 1,000 kilowatt-hours per month. This arrangement is designed to enable the company to procure diverse and cost-effective energy resources while maintaining competitive rates for customers. Notably, many resources outlined in the agreement were acquired through a competitive bidding process, which promotes transparency and fosters cost efficiency.

Kim Greene, the chairman, president, and CEO of Georgia Power, highlighted the significance of the agreement, stating, "We know every dollar counts. This plan means more money stays in your pocket while we power Georgia's future." His remarks underline a broader strategy: large energy users will shoulder more of the costs, allowing smaller consumers—families and small business owners—to benefit from reduced rates, thus ensuring energy remains affordable.

Meeting Future Demand

Georgia's economy is booming, driving an unprecedented demand for electricity. The latest agreement proposes significant expansion in energy generation capacity, including over 3,600 megawatts of new combined cycle natural gas generation and more than 3,000 megawatts of new battery energy storage systems (BESS). Additionally, the agreement details plans for 350 MW of solar energy combined with battery systems, alongside over 2,800 megawatts of power purchase agreements that collectively will serve the diverse needs of Georgia Power's customers.

The scaled-up resources will play a critical role in catering to the energy appetites of large-load entities, such as data centers, while supporting infrastructure investments that will benefit the entire electric grid of Georgia.

Tracking Growth and Infrastructure Development

Georgia Power has committed to ongoing communication with the PSC regarding large-load growth through quarterly reports. These updates indicate that the demand for electricity is increasing significantly, with several large-load projects already underway. The latest report reveals plans for nearly 30 large-load projects spread across the state, a trend that is vital in aiding the company's three-year base rate freeze.

Moreover, recent regulatory changes have mandated stricter criteria for potential large-load customers, ensuring their financial viability and infrastructure readiness before joining the development pipeline. This strategic shift is designed to bolster Georgia Power's capacity to manage growth while securing essential resources for residential and small business customers without transferring excess costs to them.

Looking Ahead

As Georgia Power awaits the PSC's final approval of the stipulated agreement, the commitment to maintaining affordable and reliable energy for millions remains steadfast. Energy transition strategies deployed by Georgia Power not only promise to meet a rapidly growing demand but also reinforce a framework meant to keep electricity prices in check.

In a landscape where energy costs can fluctuate drastically, this stipulation marks a critical juncture for Georgia. By responsibly harnessing the strength of large energy users, Georgia Power seeks to protect everyday consumers while fostering a thriving economy.

To explore more about Georgia Power’s ongoing initiatives and how they ensure energy remains reliable and affordable, you can visit www.GeorgiaPower.com.

About Georgia Power

Georgia Power is a wholly-owned subsidiary of Southern Company (NYSE: SO), recognized as a leading energy provider in the United States. The company prides itself on excellent customer service and offers rates below the national average, making strides toward sustainable energy solutions. Their commitment to clean and innovative energy sources positions them as a trusted provider for over 2.8 million customers in Georgia, reinforcing their pledge to deliver reliable and affordable electricity.