STATEMENT: Utility regulators’ vote continues unreasonably high Georgia Power rates, excessive profits

Atlanta – Utility regulators at Georgia’s Public Service Commission voted unanimously on Tuesday to extend the provisions of Georgia Power Company’s 2022 Rate Agreement. The move will lock in an excessive profit rate for the Georgia Power Company, well above national averages. According to SEC filings, Georgia Power made $2.543 billion in profit in 2024, a $463 million (22.3%) increase over 2023. In the same filing Georgia Power’s corporate parent, Southern Company, credits this increase, among other things, to the inclusion of Vogtle Units 3 and 4 in retail rates and rate increases in accordance with the 2022 Rate Plan.

This increase in profits is one reason Georgia Power Company’s customers are paying higher bills. Ten years ago, in 2015, the Energy Information Administration (EIA) estimated that the average residential customer paid an average monthly electric bill of $129.46. While EIA data is not yet available for 2025, the Atlanta Journal Constitution estimates the average Georgia Power customer is paying $171 monthly.

Georgia PIRG’s Energy and Utilities Program Director Abe Scarr outlined these points and more in a letter delivered to commissioners prior to the vote.

After Commissioners failed to reject the proposal, Scarr issued the following statement:

“Today’s vote locks in excessive utility profits and allows at least two rate increases in 2026 while shielding Georgia Power from scrutiny. The Public Service Commission is forcing Georgia Power customers to pay more while not doing its job of oversight.

“Georgia Power is asking the Commission to approve a 78% increase in energy capacity by 2031. Major decisions about who will pay the significant costs of new energy generation and transmission will likely be made without sufficient transparency and accountability. Once again, Georgia Power customers will be left holding the bag.”