One-time credit of $11.29 and fuel cost reduction of $10.26 combine for early summer savings
Press Release: ATLANTA – June 1, 2020 – Georgia Power today announced that the typical residential customer using 1,000-kilowatt hours will receive an $11.29 credit on their June Georgia Power bill. This reflects implementation of a one-time $51.5 million credit for customers, approved by the Georgia Public Service Commission (PSC), as a result of Georgia Power’s 2018 financial results.
Pairing the June credit with new, lower fuel rates recently announced, the typical residential customer would see a reduction of $21.55 in June.
The amount each customer receives will vary based on their 2018 usage. Georgia Power will apply the credit to June bills for customers who had active accounts as of December 31, 2018, and are still active or receiving a final bill as of June 2020.
Fuel rate lowered 17.2 percent
In addition to the approved one-time credit in June, the PSC recently approved Georgia Power’s plan to reduce its fuel rates by 17.2 percent and total billings by approximately $740 million over a two-year period. The implementation of a special interim reduction will provide customers additional relief during the COVID-19 pandemic through even lower fuel rates over the upcoming 2020 summer months. The lower fuel rate and special interim reduction will lower the total bill of a typical residential customer using an average of 1,000-kilowatt hours by a total of $10.26 per month from June through September 2020.
The reduction in the company’s fuel rate is driven primarily by lower natural gas prices as a result of increased natural gas supplies, which the company is able to take advantage of to benefit customers due to its diverse generation sources.
February bill credit due to tax law savings
Georgia Power completed earlier this year the third and final bill credit associated with the Tax Cuts and Jobs Act of 2017, resulting in credits totaling $106 million. The typical residential customer using an average of 1,000 kilowatt-hours per month received a credit of approximately $22 on their February Georgia Power bill.
To learn more about how Georgia Power delivers rates below the national average, cultivates a diverse energy mix to ensure reliable and affordable power, as well as free energy services and programs available for customers, visit www.georgiapower.com.