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Jennifer Whitfield, an attorney for the Southern Environmental Law Center who’s representing Georgia Interfaith Power and Light and Southface Institute, speaks to the Public Service Commission Friday, Dec. 19, ahead of a vote on a historic expansion of Georgia Power's capacity. Credit: Georgia Public Service Commission Livestream.
Georgia Power secures record $26.5B federal energy loan
The U.S. Department of Energy granted $26.5 billion to Georgia Power and Alabama Power, representing the largest federal energy loan package ever awarded.
The two companies are subsidiaries to Atlanta-based Southern Co., and the loans are to help the companies upgrade their grids for the influx of data centers.
The Office of Energy Dominance Financing claims the package will save customers $7 billion in electricity costs.
“Thanks to President Trump and the Working Families Tax Cut, the Energy Department is lowering energy costs and ensuring the American people have access to affordable, reliable, and secure energy for decades to come,” said Secretary Wright. “The President has been clear: America must reverse the energy subtraction agenda of past administrations and add more reliable power generation to our electrical grid. These loans will not only lower energy costs but also create thousands of jobs and increase grid reliability for the people of Georgia and Alabama.”
The loans will be used to upgrade more than 16 gigawatts of “firm reliable power” to the electrical grid, including 5 gigawatts of new gas generation and 6 gigawatts in nuclear power. The funds will also contribute to hydropower modernization, battery energy storage systems and transmission and grid enhancement projects, according to the news release.
The Atlanta Journal-Constitution reports that Georgia Power will receive most of the funds at $22.5 billion.
“I think we all recognize that the importance of what I call rate stability and importance of what I call downward pressure on rates,” Chris Womack, Southern’s president and CEO, said in an interview with the AJC.
The loan follows a historic decision by the Georgia Public Service Commission to allow Georgia Power to expand its capacity by nearly 10,000 megawatts of new power resources.
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