Georgia Power customers will see an increase in their bills next year, but the amount is much less than what the utility originally requested.
State utility regulators unanimously approved an $873 million rate hike at its Tuesday meeting. Residential consumers will pay an estimated $2.19 more in 2014 as a result.
That amount will increase another $3.61 in 2015 and another $2.96 in 2016. Businesses also will see an increase, but the amount varies per business class.
“We want a company that has the financial strength to make the necessary investments (to serve customers),” Kevin Greene, Georgia Power’s chief attorney, said at a recent hearing about the increase. “Finding that balance is always difficult.”
The utility originally proposed a $1.46 billion rate hike for its 2.4 million residential and business customers. Georgia Power cut that amount by 40 percent after reaching an agreement in November with PSC staff, consumer advocates and others.
“I think the profit margin is still higher than it needs to be,” said Liz Coyle, deputy director of the consumer rights group Georgia Watch, referring to the rate of return the PSC allows Georgia Power.
But, she said, “The agreement is generally beneficial to residential consumers here in Georgia.”
Georgia Watch was one of 11 groups that signed the agreement, along with manufacturers, retailers, environmental groups, MARTA and the U.S. Department of Defense and other federal agencies.
via PSC approves Georgia Power rate increase | www.myajc.com.
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