In new agreement, Georgia Power says it won't raise rates for 3 years – but there's still a catch
Georgia Power said it has reached an agreement with the Public Service Commission that should keep your electric bills stable for the next three years.
That's good news for customers who have faced six different rate hikes since 2023 to pay for fuel costs, Plant Vogtle, and more.
In a statement released on Monday, Georgia Power said: 'This stipulated agreement helps balance the affordability needs of our customers while ensuring Georgia Power remains equipped to continue its support of our state's incredible growth.'
Stone Mountain's Steve Barrett told Channel 2's Richard Elliot that he thinks inflation hit everyone hard, so he says he'll take any help he can get.
'I think that's a good deal. I think that for so long, that we've been overpaying for them to like, say, they're going to give us a break now, and we're hoping it lasts a long time,' Barrett said.
But, like most deals, this comes with a catch.
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Under the agreement, Georgia Power can still come to the PSC and ask for an increase if it needs to recoup costs related to Hurricane Helene damage -- damage that costs more than $800 million.
Still, some like Marcus Spitzer, from Tucker, thinks Georgia Power will still find a way to get the money back to pay for overruns on Plant Vogtle.
'I don't believe it,' Spitzer told Elliot.
'Why don't you believe it?' Elliot asked Spitzer.
'Because they have to pay for that nuclear plant,' Spitzer said.
But Doraville's Josh Olsen said he'll take what he can get because inflation is awful.
'It hasn't been great, so any help on the bills is definitely appreciated,' Olsen said.
This deal must still be approved by the Public Service Commission, but it's expected to do so at a future meeting.
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