Georgia Power files 20-year plan to meet Georgia's future energy needs
Plan highlights company's commitment to delivering clean, safe, reliable and affordable energy to its customers
ATLANTA, Jan. 31, 2019 /PRNewswire/ -- Georgia Power today filed its 2019 Integrated Resource Plan (IRP) with the Georgia Public Service Commission (PSC). The company files an IRP every three years to outline how it will continue to deliver clean, safe, reliable and affordable energy to its 2.5 million customers over the next 20 years.
The 2019 plan is a result of the in-depth IRP process, which includes projections of future fuel costs, load and energy forecasts, an analysis of available generation technologies, the 10-year transmission plan, and an economic assessment of potential and proposed energy efficiency and demand response programs. The company also evaluates the cost-effectiveness of its generating resources given changing environmental regulations and emerging technologies and discusses the growing importance of resilience to the electric system.
"At Georgia Power, we are committed to making smart investments for Georgia's energy future while ensuring our customers have the clean, safe, reliable and affordable energy they expect and deserve," said Allen Reaves, senior vice president and senior production officer, Georgia Power. "Working with the Georgia Public Service Commission, we have invested in a diverse energy mix of nuclear, natural gas, hydro, renewables, coal and energy efficiency resources in order to maintain high levels of reliability for our customers that have resulted in rates that are 15 percent below the national average."
As part of today's filing, Georgia Power is proposing new renewable energy programs, including a request to approve the procurement of up to 1,000 MW* of new renewable resources. If approved, the company's total renewable energy capacity would increase to 18 percent of Georgia Power's already diverse portfolio by 2024.
The 2019 plan also proposes energy efficiency targets similar to those approved in previous IRPs, while adding new, innovative energy-saving programs for both residential and commercial customers. By 2022, these programs are designed to help reduce peak demand approximately 1,600 MW, which is 10 percent of the company's current peak demand.
The company is emphasizing the importance of resilience in both generation and power delivery planning in recognition of the change in generation resources, availability of new and emerging technologies and related factors in providing reliable, affordable energy to customers.
"As our generation mix evolves toward more natural gas fueled plants and intermittent renewable resources, resilience will grow in importance," said Reaves. "This IRP discusses considerations that may go into future planning processes."
Additionally, in its filing, the company is:
Today's filing initiates a series of additional filings and public hearings with the PSC. Following this process, the PSC is expected to vote on the company's IRP request this summer.
To learn more about how Georgia Power is meeting the needs of customers through a diverse, balanced energy portfolio, visit www.GeorgiaPower.com.
* REC Disclaimer: Georgia Power purchases only the null energy output from some renewable generating facilities that have contracted to sell that energy to Georgia Power. Ownership of the associated renewable energy credits (RECs) is specified in each respective power purchase agreement. The party that owns the RECs retains the right to use them.
About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy at rates below the national average, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power focuses on delivering world-class service to its customers every day, and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction, ranking the company number one in business and residential customer satisfaction in the South for 2018. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), Twitter (Twitter.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning expected components of the IRP and the timing of Georgia PSC consideration of the IRP. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation or regulatory investigations, proceedings, or inquiries; legal proceedings and regulatory approvals and actions related to IRP; and available sources and costs of fuel. Georgia Power expressly disclaims any obligation to update any forward-looking information.
SOURCE Georgia Power
For further information: Media Contact: Media Relations, (404) 506-7676 or (800) 282-1696, www.georgiapower.com