Georgia Power's contract with OpenAI approved; Latest approval part of portfolio of large-load contracts delivering approximately $950 million in annual savings beginning in 2029

Large-load growth continues to provide benefits to customers with expected savings for Georgia Power customers to increase to $180 per year for the typical residential customer; 
Agreement builds on company's prior base rate freeze and overall reduction in rates announced this summer

ATLANTA, Aug. 26, 2026 /PRNewswire/ -- Today, Georgia Power announced that its contract to serve OpenAI's new project in Effingham County has been approved as part of the regulatory process with the Georgia Public Service Commission (PSC). This marks the latest step in the company's proactive strategy to ensure Georgia's growth benefits the customers it serves. With the projects announced to date and projected future growth in the state, Georgia Power customers are expected to see savings of at least $15 per month beginning in 2029 for the typical residential customer using 1,000 kilowatt-hours per month, an increase from the company's December 2025 commitment of $102 per year to $180 per year.

The increased savings for customers are the result of projected incremental revenue from new large-load customers that is expected to provide savings of approximately $950 million per year, increasing customer benefits to $2.847 billion over the three-year period of 2029-2031.

The company's contract with OpenAI was filed with the Georgia PSC in July and includes 3,200 megawatts (MW) of new demand. Under that agreement, OpenAI will pay the full cost of the infrastructure needed to serve it and has committed up to 1,000 MW of flexible demand response, which enables Georgia Power to reduce energy delivered to the facility during periods of high demand and invest in fewer new generation resources to serve future growth. Read more here: Georgia Power to serve OpenAI project in Effingham County.

When the first signs of projected extraordinary growth appeared in the state, Georgia Power began developing a framework with the Georgia PSC designed to turn that projected growth into lower costs and higher reliability for customers. Today's announcement also follows the prior freeze on base rates approved by the Georgia PSC in July 2025, as well as the plan approved in May 2026 to lower overall rates.

"We know every dollar counts, and we know that in many parts of the country growth is pushing electric rates up. That is not happening in Georgia," said Kim Greene, chairman, president and CEO of Georgia Power. "In December, we committed to $102 a year in savings for the typical family beginning in 2029. Today, that number is expected to be $180. We appreciate the continued diligence of the Commission and its staff in helping us deliver these savings for customers, and ensuring the right protections are in place for the millions of Georgians we are privileged to serve." 

Since 1990, Georgia Power has offered rates, on average, 15 percent below the national average while also offering flexible rate plans for residential and business customers, as well as a wide variety of programs to help customers save money and energy. With new residents moving to the state and large-load customers like data centers and manufacturers choosing Georgia, Georgia Power and the Georgia PSC took early action to put protections for customers in place by introducing new Georgia PSC Rules and Regulations. In addition, the company made a broader commitment to customers in the Georgia Power Customer Protection Pledge which reaffirms the company's commitment to serving the interests, the communities, and the priorities of its 2.8 million customers.

"Data centers are paying more so families and small businesses can pay less, and our goal with every contract we sign under this framework is to deliver value for them," added Greene. "Our customers depend on us for reliable and affordable energy every day, and that is the focus behind every decision we make." 

To learn more about how Georgia Power is keeping energy reliable and rates stable for millions of Georgia homes and businesses, visit www.GeorgiaPower.com. 

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America's premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.8 million customers in all but four of Georgia's 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power). 

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning projected incremental revenues from large-load customers and expected customer savings. Georgia Power cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Georgia Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Georgia Power's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to return on equity, equity ratios, additional generating capacity and transmission facilities and fuel and other cost recovery mechanisms; the impact of recent and future federal and state legal and regulatory changes, including tax, environmental and other laws and regulations to which Georgia Power is subject, as well as changes in application of existing laws, regulations and guidance; the extent and timing of costs and legal requirements related to coal combustion residuals; current and future litigation or regulatory investigations, proceedings or inquiries; the effects, extent and timing of the entry of additional competition in the markets in which Georgia Power operates, including from the development and deployment of alternative energy sources; variations in demand for electricity; available sources and costs of natural gas and other fuels and commodities; the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of facilities or other projects; legal proceedings and regulatory approvals and actions related to past, ongoing and proposed construction projects; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives and to integrate facilities into the Southern Company system upon completion of construction; investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds; advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and the impact of advancing technology on data center and other large load customer demand; the ability to successfully operate Georgia Power's generation, transmission and distribution facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating nuclear generating facilities; the ability of counterparties of Georgia Power to make payments as and when due and to perform as required; the direct or indirect effect on Georgia Power's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks; global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations and financial market conditions and the results of financing efforts; prolonged or recurring U.S. federal government shutdowns; access to capital markets and other financing sources; changes in Georgia Power's credit ratings; the ability of Georgia Power to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest or other similar occurrences; the direct or indirect effects on Georgia Power's business resulting from incidents affecting the U.S. electric grid or operation of generating resources; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information.

SOURCE Georgia Power