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Georgia PSC approves plan to freeze Georgia Power base rates through at least 2028

1. Georgia PSC approved plan to stabilize Georgia Power rates through 2028. 2. Storm costs, including Hurricane Helene, will be addressed separately. 3. Georgia Power's efforts support economic growth and reliable energy delivery. 4. Regulatory initiatives enhance flexibility for large load customer management. 5. Georgia Power's commitment includes maintaining diverse energy generation mix.

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FAQ

Why Bullish?

The stable rates and support for economic growth are favorable for SO's operations. Historical examples show that rate stability leads to improved investor confidence.

How important is it?

The article reflects significant regulatory approval benefiting SO's subsidiary, Georgia Power, crucial for future growth.

Why Long Term?

Stable rates till 2028 indicate sustained financial health and customer base confidence, impacting SO positively over time.

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GPNUDTEEXC
Storm costs, including Hurricane Helene, to be addressed in separate proceeding , /PRNewswire/ -- The Georgia Public Service Commission (PSC) today approved a plan to keep Georgia Power base rates stable and predictable through at least the end of 2028, with storm costs to be addressed in a separate proceeding. Base rates reflect what customers pay for electricity under the rate they choose, exclusive of fuel costs. The approval follows a stipulated agreement reached between Georgia Power and Georgia PSC Public Interest Advocacy Staff in May, which recommended an extension of the existing alternate rate plan previously approved by the Georgia PSC in 2022. Georgia continues to experience extraordinary growth and increased demand for electricity, driven by a strong economy and robust economic development activities which are bringing new jobs and tax revenue to communities across the state. In recent years, Georgia Power has worked with state and local elected officials including the Georgia PSC and the state legislature, business and community leaders, and a variety of stakeholders representing the diverse interests of Georgians, to develop and execute plans that help ensure that the state can meet future energy demand, make investments needed for reliability and resiliency of the power grid, and keep energy costs affordable for customers. This ongoing effort has included multiple important regulatory initiatives such as the 2023 IRP Update and recently revised and PSC-approved rules and regulations which provide Georgia Power with the tools and flexibility necessary to address risks and costs associated with "large load" users, helping ensure a fair and balanced approach for all of the company's 2.8 million customers. "At Georgia Power, we appreciate that our customers depend on us to deliver reliable and affordable energy every day to power their homes and businesses – that is our focus every day, with every decision we make," said Kim Greene, chairman, president and CEO of Georgia Power. "The rate freeze resulting from this plan is a great result for customers, balancing the mutual benefits of extraordinary economic growth among all stakeholders and helping to ensure that we remain equipped to continue supporting growth in this state. A plan like this is only possible due to the strength of Georgia's constructive regulatory environment, and we thank the Georgia Public Service Commission for their vote today." The company plans to seek recovery through base electric rates of reasonable and prudent costs related to Hurricane Helene restoration and rebuilding, as well as costs to respond to other storms through the end of 2025. That separate Georgia PSC regulatory proceeding is expected in the first half of 2026. To learn more about how Georgia Power continues to deliver clean, safe, reliable and affordable energy, as well as tips and information to help lower energy use and costs at your home or business, visit www.GeorgiaPower.com. About Georgia PowerGeorgia 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 2.8 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). SOURCE Georgia Power WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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