Utility regulators OK Georgia Power rate hike as summer heat arrives
Customers to receive higher electric bills as soon as June
Your air conditioners will not be the only thing driving up your electric bills this summer. Georgia Power customers will see an increase in their bills as soon as next month after state utility regulators approved a new rate hike.
The Georgia Public Service Commission voted unanimously Tuesday to increase electric bills by 12%, which will allow Georgia Power to collect an additional $6.6 billion from its roughly 2.7 million customers over the next three years.
Electric bills will increase by as much as $16 per month starting in June, PSC Chairwoman Tricia Pridemore says.
This new hike will coincide with the usual higher rates that utility companies charge in the summertime, when customers are cranking up their air conditioners to stay cool in the sweltering heat.
Georgia Power, the flagship property of Atlanta-based Southern Company, says that the hike is needed because they have not been able to account for the rising costs of fossil fuels and natural gas, according to the Associated Press. State law requires customers to foot the bill for these price increases — but utility companies are not allowed to profit from them.
“Just as Georgians paid higher prices at the gas pump in 2022, Georgia Power also paid more for the natural gas and other fuels we use to generate electricity, and the company does not earn any profit from these fuel costs,” Georgia Power said in a statement. “Today’s decision by the Georgia PSC helps spread out these additional fuel costs over three years and adds relief for income-qualified senior citizens through an increased discount program.”
Customers are not thrilled about the rate hike. Some say that vulnerable Georgians will soon have to make “unthinkable choices” about how to spend their paychecks. Others blasted the PSC for rubber-stamping hike after hike.
“Georgia Power shouldn’t be pocketing billions in record profits while also putting customers in the position of choosing between power and basic needs,” one opponent said.
Rate hikes are stacking up for Georgia Power customers — and more are on the way. The PSC approved a 2.5% increase last December. Another 4.5% increase is expected as early as 2024. And rates will go up again later this year when a third nuclear reactor begins operation at Plant Vogtle in the Augusta area.
Experts say that there are things customers can do to save money on electricity. They recommend limiting your time indoors between the “peak hours” of 2:00 PM and 7:00 PM.
They also advise against using two or more large appliances at the same time, such as ovens and washing machines/dryers. You should also seal any cracks and/or gaps found in your doorways and windows to ensure that your air conditioning is not leaking from your home.
For more ways to save money on your electric bills, click here.