New stipulated agreement offers $285M in annual savings for Georgia Power customers

Georgia Power and the Public Interest Advocacy (PIA) Staff of the Georgia Public Service Commission (PSC) have reached a stipulated agreement in two cases originally filed with the Georgia PSC in February – the Fuel Cost Recovery (Docket 56765) case and Storm Cost Recovery (Docket 44280) case. The cases sought to recover the cost of fuel to operate power generation plants to serve customers and to recover costs to quickly and safely restore electric service following storms of all sizes, notably the historic Hurricane Helene in 2024.

When filed, Georgia Power announced that it expected the two cases to have a cumulative effect of lowering overall rates for customers beginning this summer if approved. Today’s stipulated agreement, which remains subject to review and approval by the Georgia PSC later this month, brings even better news for customers, with the typical residential customer using 1,000 kilowatt-hours a month expected to save $4.04 per month, or nearly $50 per year, beginning in June. The savings, approximately $285 million per year, are the result of constructive negotiations between the company and PIA Staff, including lengthening the recovery period and leveraging additional production tax credits for the benefit of customers.

“We know that our customers depend on us to keep their power reliable and affordable every day, and to be ready to restore power safely and quickly following devastating storms like Hurricane Helene,” said Tyler Cook, CFO and treasurer for Georgia Power. “Thanks to the hard work and diligence of our teams, the Georgia PSC PIA Staff, and many others involved in this open process over the last several months, we expect to be able to provide significantly more savings than we anticipated in February when we filed these cases. Lower rates mean real savings for Georgia families and businesses as the heat of summer begins which can lead to higher bills.”

Focused on Affordable Energy & Delivering Savings

For more than 140 years, Georgia Power has worked to bring Georgians the energy they need at the lowest possible rates. Since 1990, the company has offered rates 15 percent below the national average, on average, while also offering flexible rate plans for residential and business customers, as well as a wide variety of programs to help customers save money and energy.

With new residents moving to the state and large-load customers like data centers and manufacturers choosing Georgia, Georgia Power continues to work to ensure that growth benefits all Georgia Power customers. The growing pipeline of large-load customers is a key factor that enabled the company’s earlier base rate freeze, and is helping spread fixed costs across a broader customer base and protect residential and small business customers. This growth has also allowed the company to commit to providing annual savings of $102 per year for the typical residential customer beginning in 2029.

To learn more about how Georgia Power is keeping energy reliable and affordable for millions of Georgia homes and businesses, visit www.GeorgiaPower.com.

About Georgia Power

Georgia 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 offers rates below the national average, 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).

# # #

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the potential approval of the stipulated agreement and expected customer savings. 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, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; the impact of recent and future federal and state legal and regulatory changes, including tax, environmental and other laws and regulations to which Georgia Power is subject, as well as changes in application of existing laws, regulations and guidance; current and future litigation or regulatory investigations, proceedings or inquiries; and catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, or other similar occurrences. Georgia Power expressly disclaims any obligation to update any forward-looking information.