(photo courtesy of Wikimedia Commons)
Georgia Power wanted a 1.1 billion dollar increase, but after negotiating with the PSC’s public advocacy staff and a group of retailers, it will likely get $850 million.
That means a 7 to 8.7 percent hike for businesses, and a 10 percent jump in rates for residential customers translating to 11 dollars more come this January, and $15 by 2013.
"Even with this agreement, our rates will still be well below the national average," Jeff Wilson is with Georgia Power.
Clare Mcguire with Georgia Watch says the settlement will still have customers paying too much, with the company earning more than it should. The agreement grants Georgia Power a 11.15 percent return on equity.
"We just don’t see why Georgia Power should be entitled to earn a ROE of 11.15 percent which is way above the average," says McGuire.
The elected body of five commissioners will vote on the increase December 21st.
