Georgia Power has reached a stipulated agreement with the Public Service Commission staff to resolve the company's 2015 fuel case. The stipulation is expected to be approved by the Georgia PSC in mid-December.
The extra savings is the result of an updated fuel forecast that reflects a continuing decline in natural gas prices.
"We're able to take advantage of these lower natural gas prices and pass those savings along to customers," Georgia Power spokesman John Kraft told WSB Radio.
The agreement states fuel rates should be reduced by an additional $156 million, bringing the total savings to about 14%. In its original estimate, Georgia Power anticipated a reduction of 11%, or approximately $268 million.
Despite scheduled increases in other areas of your power bills, the typical residential customer "should still see a net reduction of a couple dollars per month."
"If this is approved, we'd see these reductions starting in January of 2016," Kraft added.
Under state law, Georgia Power is not allowed to profit on the fuel it uses.
The story originally appeared on WSB Radio.