This is a press release from Georgia Power.
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 says the company’s retail rates have averaged 15 percent below the national average since 1990. Â
