Summary
The U.S. Department of Energy has approved a $26.5 billion loan to support Alabama Power and Georgia Power, which are subsidiaries of Southern Company. This loan is expected to save over $7 billion in electricity costs for millions of customers in Georgia and Alabama over three decades. The plan aims to improve the electricity grid and create jobs.
Key Facts
- The DOE's $26.5 billion loan supports Alabama Power and Georgia Power.
- The loan aims to save customers over $7 billion in electricity costs.
- It will help enhance grid reliability in Georgia and Alabama.
- The initiative includes modernizing energy systems like hydropower and battery storage.
- Alabama Power customers currently pay the highest average electricity bills in the U.S.
- The financing package is the largest ever by the DOE.
- Improvements will affect 4.3 million customers across the two states.
- Southern Company expects to reduce borrowing costs and maintain stable rates.
