Georgia Power seeks rate hike of nearly 12% over three years
In the midst of economic hardships and the growing fears of a recession, ratepayers should buckle up for the latest bumpy ride courtesy of Georgia Power. The utility giant is asking state regulators to approve an electricity rate hike of nearly 12% over the next three years for its 2.7 million customers.
Chairman and CEO Chris Womack announced Friday the rate increases, saying they are needed to modernize the grid, continue the transition away from fossil fuels, and improve customer service.
The new rates are not final and require approval from the Georgia Public Service Commission (PSC). If the PSC gives Georgia Power the go-ahead, the roughly $1 billion rate increase would begin impacting customer electricity bills starting in January 2023.
In 2019, Georgia Power requested and the PSC approved a $1.77 billion rate increase for the company. This newest request would be the second billion-dollar increase for Georgia Power in five years that the PSC would be authorized at a time when consumers need rates to go down, not up.
Unfortunately, these are not the only rate increases on the horizon for Georgians. Georgia Power will be turning to customers soon to recover the costs of building Plant Vogtle Units 3 and 4. With the new nuclear reactors nearing completion, they are five years behind schedule and remain billions of dollars over budget according to the company’s most recent update filed with the PSC.