Near-term rate relief possible due to lower
state corporate tax rate
ATLANTA, Sept. 5,
2024 /PRNewswire/ -- The Georgia Public Service
Commission (PSC) voted unanimously this week to approve a motion by
Commissioner Fitz Johnson to expedite the return of approximately
$122 million for the benefit of
Georgia Power customers as early as January
2025. The funds are available due to recent changes to state
tax law which lowered the company's corporate tax rate and will
help offset inflationary related cost increases for customers.
Under the direction of the Georgia PSC, the company will work
quickly to deliver near-term rate relief for customers, which is
expected to result in estimated savings of approximately
$2.25 per month for the typical
residential customer using an average of 1,000 kilowatt hours per
month beginning in January 2025. This
adjustment will partially offset the implementation of the third
year of Georgia Power's 2022 rate request (read more here).
The move is the direct result of the passage of House Bills 1015
and 1023 by the Georgia General Assembly earlier this year, and
signed into law by Governor Brian
Kemp in April, which lower the state's income tax rate and
matches the corporate income tax rate to the individual income tax
rate. According to the approved motion, both legislative actions
lower taxes for all Georgians and will continue to make
Georgia one of the most attractive
places in the world to do business and encourage businesses with
good paying jobs to locate in the state.
"Every day, we work to keep our rates as low as possible while
making the investments needed to deliver reliable energy and power
a growing Georgia," said
Kim Greene, president, chairman and
CEO of Georgia Power. "We applaud members of the Georgia legislature and Governor Kemp for
revising the state's tax code, and the members of the Georgia PSC
for working with us to quickly return these funds for the benefit
of customers."
Georgia Power has a strong history of keeping energy affordable
and maintains this continuous focus every day. In fact, the
company's retail rates have averaged 15 percent below the national
average since 1990. Even with rates lower than the national
average, the company knows that any increase in your power bill
matters. Please visit GeorgiaPower.com/MyEnergy for ways to save,
rate options that best fit your lifestyle, payment assistance and
more.
About Georgia Power
Georgia Power is the largest
electric subsidiary of Southern Company (NYSE: SO), America's
premier energy company. Value, Reliability, Customer Service and
Stewardship are the cornerstones of the company's promise to 2.7
million customers in all but four of Georgia's 159
counties. Committed to delivering clean, safe, reliable, and
affordable energy, Georgia Power maintains a diverse, innovative
generation mix that includes nuclear, coal and natural gas, as well
as renewables such as solar, hydroelectric and wind. Georgia Power
focuses on delivering world-class service to its customers every
day and the company is recognized by J.D. Power as an industry
leader in customer satisfaction. For more information,
visit www.GeorgiaPower.com and connect with the company
on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and
Instagram (Instagram.com/ga_power).
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SOURCE Georgia Power