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Georgia PSC finalizes and approves Georgia Power’s 2023 IRP Update

Plan helps ensure reliability for customers and is expected to put downward pressure on customer rates equivalent to $2.89 per month

The Georgia Public Service Commission (PSC) today voted to approve the stipulated agreement in Georgia Power’s 2023 IRP Update proceeding. The agreement was reached with Public Interest Advocacy (PIA) Staff in March following months of analysis by various intervenors, open hearings and discussions around the company’s 2023 IRP Update. 

The 2023 IRP Update is projected to provide over $500 million of net benefit for customers for 2026 through 2028. This projected benefit is expected to put downward pressure on total retail rates of approximately 1.6% and would be considered as a part of the company’s next base rate case filing. Georgia Power estimates that the net benefit to customers from the 2023 IRP Update would be equivalent to a $2.89 per month decrease to the typical residential customer using an average of 1,000 kWh per month.

“At Georgia Power, our customers are at the center of everything we do, and we are unwavering in our commitment to provide them with clean, safe, reliable and affordable energy,” said Aaron Abramovitz, chief financial officer for Georgia Power. “The stipulated agreement benefits all customers, and approval of this agreement will preserve and protect the reliability and quality of electric service our customers expect and supports the continued economic development of our state – all while placing downward pressure on rates for all customers.”

In addition to Georgia Power and PIA Staff, multiple intervenors joined the stipulated agreement, including the Advanced Power Alliance; Clean Energy Buyers Association; Georgia Association of Manufacturers; Georgia Watch; MARTA; Wal-Mart; and the Southern Renewable Energy Association. 

“Georgia’s constructive regulatory environment brings all voices and perspectives to the table and is central to our ability to serve our customers today and well into the future,” said Trey Kilpatrick, senior vice president of External Affairs for Georgia Power. “We appreciate the thorough review of our request by the members of the Georgia PSC, and engagement by all of the intervenors, members of the public and other parties throughout the process.” 

Originally filed in October 2023, Georgia Power’s 2023 IRP Update was prompted by updated energy projections for the state reflecting projected growth of approximately 6,600 MW through 2031, up from approximately 400 MW previously forecasted in the 2022 IRP. Building upon the 2022 IRP, the company’s filing sought approval to deploy additional generation resources to reliably and economically support Georgia’s projected rapidly growing energy needs. These resources include battery energy storage systems (BESS), including BESS charged with solar energy; new and expanded distributed energy resources (DER); demand response programs; as well as conventional power plants. Read more here.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties.  Forward-looking information includes, among other things, statements concerning expected benefits of the approved 2023 IRP update and projected growth in energy demand. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided.  The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized.  The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: variations in demand for electricity; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, interest rate fluctuations, and financial market conditions; and catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars, or other similar occurrences.  Georgia Power expressly disclaims any obligation to update any forward-looking information.