Very disturbed Georgia Power customers see higher bills as parent company reports 400M profit increase

In a recent announcement, Southern Company reported a profit increase of $400 million, bringing its total earnings for 2024 to $4. 4 billion, amidst rising energy bills for Georgia Power customers. This marks the sixth rate increase since 2023, alarming many residents and prompting criticism from energy advocates like Patty Durand. Durand linked the increased rates directly to corporate profits, arguing that the financial burden falls disproportionately on lower-income Georgians, effectively transferring wealth to the executives at Southern Company. Georgia Power justified the rate hikes, stating they were necessary to fund the Plant Vogtle project and maintain the energy grid.

The Georgia Public Service Commission has capped the company's return on equity at 11. 9%, a measure intended to protect consumers, with the potential for rebates if profits exceed this threshold. Georgia Power's spokesperson highlighted various relief programs aimed at assisting low-income customers. However, Public Service Commissioner Tim Echols defended the company's profitability as essential for sustaining a robust utility infrastructure that attracts new businesses. He argued that a financially stable utility is better for Georgia compared to those that have faced bankruptcy, as seen in other states.