Ga. Power cleared to shift funds to bottom line
The Atlanta Journal-Constitution
The Georgia Public Service Commission Thursday unanimously approved a settlement allowing Georgia Power to use as much as $324 million in ratepayer funds to improve its financial bottom line.
The utility can spread the money over an 18-month period in 2009 and 2010 to boost its profitability which has been eroded by the recession.
The funds had been set aside to pay for the removal of mothballed equipment but, through an accounting change, will be used as revenue.
The company had sought the move to avoid asking for an increase in its base rate this year.
The PSC’s staff had initially recommended against the plan but came to an agreement with the utility last week.
According to the deal, Georgia Power this year can use up to $108 million of the $324 million that had been set aside, but no more than is necessary to bring its profit to 9.75 percent.
Next year, the utility can take up to $216 million, but no more than is needed to reach 10.15 percent.
Georgia Power won’t file a rate case before July 1, 2010 unless its profit falls below 9.25 percent either this year or next.
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