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TheStreet Open House

Georgia Power Outlines 20-year Plan To Meet Electricity Needs

Stocks in this article: SO

With the Georgia Power Advanced Solar Initiative (GPASI), the company continues to obtain an increasing amount of solar resources as declining technology prices have made them more cost competitive. GPASI builds on the solar resources already added to the portfolio by the company through the Large Scale Solar program and the Green Energy program.

After all resources are added through the GPASI, the company expects to have 270 MW of solar capacity under contract in Georgia. That will be the largest solar portfolio for any investor-owned utility that operates in a state without a renewable portfolio standard. The company also continues to engage in research and development efforts to gain more insight into the potential for further utilization of solar resources in the state of Georgia.  

The company's current DSM portfolio consists of demand response programs, energy efficiency programs, pricing tariffs and other activities. The company projects that by 2016, these programs will reduce peak demand by approximately 2,000 MW. In addition, the company plans to expand the DSM portfolio in 2013 by certifying a Small Commercial program and enhancing existing programs.

Georgia Power is in the midst of a transition to its generating fleet that will provide economic benefits to customers for generations. That includes new, highly-efficient natural gas generation at Plant McDonough-Atkinson; two new state-of-the-art nuclear facilities at Plant Vogtle; 21 st-century coal; energy efficiency; and renewables.

The PSC is expected to vote on the company's IRP request this summer.

Georgia Power is the largest subsidiary of Southern Company, one of the nation's largest generators of electricity.  The company is an investor-owned, tax-paying utility with rates below the national average.  Georgia Power serves 2.4 million customers in all but four of Georgia's 159 counties.

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 the outcome of regulatory proceedings, expected fuel mix, environmental regulations and related expenditures, plans for installation of environmental controls, renewable energy generation, impact of energy efficiency programs, customer demand, and economic benefits to customers. Georgia Power Company cautions that there are certain factors that can 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 Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power Company's Annual Report on Form 10-K for the year ended December 31, 2011, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, including implementation of the Energy Policy Act of 2005, environmental laws including regulation of water, coal combustion byproducts, and emissions of sulfur, nitrogen, carbon, soot, particulate matter, hazardous air pollutants, including mercury, and other substances, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; variations in demand for electricity, including those relating to weather, the general economy and recovery from the recent recession, population and business growth (and declines), the effects of energy conservation measures, and any potential economic impacts resulting from federal fiscal and budgetary decisions; available sources and costs of fuels; ability to control costs and avoid cost overruns during the development and construction of facilities, which includes projects involving facility designs that have not been finalized or previously constructed; advances in technology; state and federal rate regulations and the impact of future rate cases and negotiations; regulatory approvals and actions related to the Plant Vogtle expansion, including Georgia Public Service Commission approvals, Nuclear Regulatory Commission actions, and potential U.S. Department of Energy loan guarantees; the ability of Georgia Power Company to obtain additional generating capacity at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, hurricanes, droughts, pandemic health events such as influenzas, or other similar occurrences; and the direct or indirect effects on the Georgia Power Company's business resulting from incidents affecting the U.S. electric grid or operation of generating resources. Georgia Power Company expressly disclaims any obligation to update any forward-looking information.

www.georgiapower.com

 

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