Georgia Public Service Commission approves motion to deliver $122 million in savings to Georgia Power customers beginning in January
The Georgia Public Service Commission (PSC) has unanimously approved a motion to expedite the return of $122 million to Georgia Power customers starting January 2025. This decision, resulting from recent state tax law changes lowering the company's corporate tax rate, aims to offset inflationary cost increases for customers. The typical residential customer using an average of 1,000 kilowatt hours per month is expected to save approximately $2.25 per month.
This move follows the passage of House Bills 1015 and 1023 by the Georgia General Assembly, signed into law by Governor Brian Kemp in April, which lower the state's income tax rate. Georgia Power maintains a focus on keeping energy affordable, with retail rates averaging 15% below the national average since 1990. The company serves 2.7 million customers across Georgia and is committed to delivering clean, safe, reliable, and affordable energy.
La Georgia Public Service Commission (PSC) ha approvato unanimitamente una mozione per accelerare il rimborso di 122 milioni di dollari ai clienti della Georgia Power a partire da gennaio 2025. Questa decisione, a seguito dei recenti cambiamenti nella legge fiscale statale che riducono l'aliquota dell'imposta sulle società, mira a compensare gli aumenti dei costi inflazionistici per i clienti. Si prevede che un tipico cliente residenziale che utilizza una media di 1.000 kilowattora al mese risparmi circa 2,25 dollari al mese.
Questa mossa segue l'approvazione dei House Bill 1015 e 1023 da parte dell'Assemblea Generale della Georgia, firmati in legge dal Governatore Brian Kemp in aprile, che riducono l'aliquota dell'imposta sul reddito statale. La Georgia Power si concentra sulla mantenere l'energia accessibile, con tariffe al dettaglio che in media sono il 15% al di sotto della media nazionale dal 1990. L'azienda serve 2,7 milioni di clienti in tutta la Georgia ed è impegnata a fornire energia pulita, sicura, affidabile e accessibile.
La Comisión de Servicio Público de Georgia (PSC) ha aprobado unánimemente una moción para acelerar la devolución de 122 millones de dólares a los clientes de Georgia Power a partir de enero de 2025. Esta decisión, resultado de los recientes cambios en la ley fiscal estatal que reducen la tasa impositiva corporativa de la compañía, tiene como objetivo compensar los aumentos de costos inflacionarios para los clientes. Se espera que un cliente residencial típico que utiliza un promedio de 1,000 kilovatios hora por mes ahorre aproximadamente 2.25 dólares al mes.
Este movimiento sigue a la aprobación de los proyectos de ley de la Cámara 1015 y 1023 por la Asamblea General de Georgia, firmados en ley por el Gobernador Brian Kemp en abril, que reducen la tasa del impuesto sobre la renta estatal. Georgia Power mantiene el enfoque en mantener la energía asequible, con tarifas minoristas que promedian un 15% por debajo del promedio nacional desde 1990. La compañía sirve a 2.7 millones de clientes en todo Georgia y está comprometida a proporcionar energía limpia, segura, confiable y asequible.
조지아 공공 서비스 위원회(PSC)는 전원 일치로 2025년 1월부터 조지아 파워 고객에게 1억 2천 2백만 달러를 환급하는 조치를 신속히 승인했습니다. 이 결정은 회사의 법인세율을 낮추는 최근 주 세법 변경의 결과로, 고객의 인플레이션 비용 증가를 상쇄하는 것을 목표로 합니다. 월평균 1,000킬로와트시를 사용하는 일반 주택 고객은 월 약 2.25달러를 절약할 것으로 예상됩니다.
이 조치는 조지아 주 의회에서 통과된 하원 법안 1015호 및 1023호에 따른 것으로, 브라이언 켐프 주지사가 4월에 법으로 서명하여 주의 소득세율을 낮추었습니다. 조지아 파워는 에너지를 저렴하게 유지하는 데 주력하고 있으며, 소매 요금은 1990년 이래로 국가 평균보다 15% 낮은 수준입니다. 이 회사는 조지아 전역에서 270만 고객에게 서비스를 제공하며, 깨끗하고 안전하며 신뢰할 수 있는 저렴한 에너지를 제공하는 데 전념하고 있습니다.
La Commission des services publics de Géorgie (PSC) a approuvé à l'unanimité une motion visant à accélérer le remboursement de 122 millions de dollars aux clients de Georgia Power à partir de janvier 2025. Cette décision, résultant des récents changements dans la loi fiscale de l'État qui abaissent le taux d'imposition des sociétés, vise à compenser les augmentations de coûts inflationnistes pour les clients. On s'attend à ce qu'un client résidentiel typique utilisant en moyenne 1 000 kilowattheures par mois économise environ 2,25 dollars par mois.
Cette initiative fait suite à l'adoption des projets de loi 1015 et 1023 par l'Assemblée générale de Géorgie, signés en loi par le gouverneur Brian Kemp en avril, qui abaisse le taux d'imposition sur le revenu de l'État. Georgia Power se concentre sur le maintien de l'énergie à un prix abordable, avec des tarifs de détail moyens de 15 % inférieurs à la moyenne nationale depuis 1990. L'entreprise sert 2,7 millions de clients à travers la Géorgie et s'engage à fournir une énergie propre, sûre, fiable et abordable.
Die Georgia Public Service Commission (PSC) hat eine einstimmige Genehmigung für einen Antrag zur Beschleunigung der Rückzahlung von 122 Millionen Dollar an die Kunden von Georgia Power ab Januar 2025 erteilt. Diese Entscheidung, die aus den jüngsten Änderungen des staatlichen Steuerrechts resultiert, die den Körperschaftsteuersatz des Unternehmens senken, zielt darauf ab, inflationsbedingte Kostensteigerungen für die Kunden auszugleichen. Es wird erwartet, dass ein typischer Haushaltskunde, der durchschnittlich 1.000 Kilowattstunden pro Monat verbraucht, ungefähr 2,25 Dollar pro Monat sparen kann.
Dieser Schritt folgt der Verabschiedung der Hausgesetze 1015 und 1023 durch die Allgemeine Versammlung von Georgia, die im April von Gouverneur Brian Kemp in Gesetzesform unterzeichnet wurden und die staatliche Einkommenssteuer senken. Georgia Power konzentriert sich darauf, die Energie erschwinglich zu halten, wobei die Einzelhandelspreise seit 1990 im Durchschnitt 15 % unter dem Nationaldurchschnitt liegen. Das Unternehmen bedient 2,7 Millionen Kunden in ganz Georgia und hat sich verpflichtet, saubere, sichere, zuverlässige und erschwingliche Energie bereitzustellen.
- Georgia Power customers to receive $122 million in savings starting January 2025
- Typical residential customer expected to save approximately $2.25 per month
- Georgia Power's retail rates have averaged 15% below the national average since 1990
- Company serves 2.7 million customers across Georgia
- The savings will only partially offset the implementation of the third year of Georgia Power's 2022 rate request
Insights
This decision by the Georgia PSC is a positive development for Georgia Power and its customers. The
The reduction in corporate tax rates is a double-edged sword for investors. On one hand, it could potentially increase Georgia Power's profitability. On the other, the company is required to pass these savings on to customers, which may limit the direct financial benefit to shareholders. However, the move could enhance Georgia Power's public image and regulatory relationships, which are important in the utility sector.
Investors should note that this development, while positive, is unlikely to significantly impact Southern Company's (NYSE: SO) stock in the short term. The long-term implications of Georgia's business-friendly tax policies could be more substantial, potentially attracting more businesses and driving energy demand growth in the state.
This regulatory decision showcases the symbiotic relationship between utilities, regulators and customers in Georgia. The PSC's quick action to pass on tax savings to consumers is commendable and aligns with best practices in utility regulation. It's worth noting that Georgia Power's rates have consistently been
The company's diverse generation mix, including nuclear, coal, natural gas and renewables, positions it well for future challenges in the energy transition. However, investors should monitor how this mix evolves, particularly given the increasing focus on clean energy. The mention of solar, hydroelectric and wind in Georgia Power's portfolio suggests a strategic shift towards more sustainable sources.
The utility's high customer satisfaction ratings, as recognized by J.D. Power, are a valuable intangible asset. This customer goodwill, combined with the proactive approach to passing on savings, could provide Georgia Power with more flexibility in future rate cases and regulatory proceedings.
Near-term rate relief possible due to lower state corporate tax rate
Under the direction of the Georgia PSC, the company will work quickly to deliver near-term rate relief for customers, which is expected to result in estimated savings of approximately
The move is the direct result of the passage of House Bills 1015 and 1023 by the Georgia General Assembly earlier this year, and signed into law by Governor Brian Kemp in April, which lower the state's income tax rate and matches the corporate income tax rate to the individual income tax rate. According to the approved motion, both legislative actions lower taxes for all Georgians and will continue to make
"Every day, we work to keep our rates as low as possible while making the investments needed to deliver reliable energy and power a growing
Georgia Power has a strong history of keeping energy affordable and maintains this continuous focus every day. In fact, the company's retail rates have averaged 15 percent below the national average since 1990. Even with rates lower than the national average, the company knows that any increase in your power bill matters. Please visit GeorgiaPower.com/MyEnergy for ways to save, rate options that best fit your lifestyle, payment assistance and more.
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 2.7 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).
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SOURCE Georgia Power
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