Multi-year rate stability plan provides certainty for customerswhile company focuses on efficiencies and grid investments
Following today'sAlabama Public Service Commissionmeeting, Alabama Power announceditscommitmenttokeep customer rates steady through 2027 whilemaintainingthe dependable service customers count on.All components of Alabama Power's regulated retail ratesare not scheduled to increase through 2027.
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“We know budgets are tight, and power bills are a real concern for many families and businesses,” said Moses Feagin, Alabama Power's executive vice president, chief financialofficerand treasurer. “This commitment gives customers more certainty and predictability around electric rates at a time when many other household and business costs are rising.”
Alabama Power will hold in place all existing factorsincustomer rates, including delaying until 2028 the implementation of previously approved adjustmentsforthe Lindsay Hillgenerationfacility.As part of the commitment tokeeping rates steady, the companywill absorbthenewly acquiredfacility'scostsin 2027 rather thandeferring orshifting those costs to a later date.
“Since 2017, Alabama Power has reducedoperatingexpenses by about $100 million despite the cost of equipment, such astransformers, poles and wires,increasing significantlyduring this time,” Feagin said. “We will not waiverin our effortsto strengthen the energy grid and invest in smart, storm-resilient infrastructure, so customers receive the reliable service they deserve in communities across our state.”
While rateswillremain level through 2027, billscouldstill go up or down based onthe amount ofelectricitya customer useseach month.To help customers manage their bills,Alabama Powerispairing rate stability with tools andassistance. These include the company's Bill Explainer, Rate Advisor, Energy Assistant, Budget Billing and paymentassistanceprograms that help customers better understand their bill, choose options that fit theirneedsand find help when they need it.
For more information about tools to help managepowerbills, visitalabamapower.com/save.
About Alabama Power
Alabama Power, a subsidiary of Atlanta-based Southern Company (NYSE:SO), provides reliable electricity to 1.5 million customersacross the state. Learn more atalabamapower.com.
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SOURCE Alabama Power Company
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