Georgia Power has tentatively agreed to cut its proposed rate hike by roughly 40 percent, according to a deal reached Monday between the Atlanta-based utility and staff members of the Georgia Public Service Commission.
The deal must be approved by the PSC.
According to the proposal, the utility would cut its three-year, $1.46 billion rate increase to $873 million.
Instead of paying $7.84 more a month starting in 2014, residential consumers would pay an estimated $2.19 a month.
That amount would increase in 2015 and in 2016.
The Atlanta Journal-Constitution has contacted Georgia Power for comment.