Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

SOUTHERN COMPANY

(SO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

SOUTHERN CO : Other Events (form 8-K)

10/13/2021 | 05:23pm EST
Item 8.01    Other Events.
On October 13, 2021, Georgia Power Company ("Georgia Power") and the Public
Interest Advocacy staff ("PIA Staff") reached a stipulation to resolve and
settle Georgia Power's application filed with the Georgia Public Service
Commission ("PSC") on June 15, 2021 to adjust retail base rates, effective the
month after Plant Vogtle Unit 3 ("Unit 3") goes in service, to include the
portion of costs related to its investment in Unit 3 and common facilities
shared between Plant Vogtle Units 3 and 4 ("Common Facilities") previously
deemed prudent by the Georgia PSC ($2.38 billion), as well as the related costs
of operation (the "Settlement Agreement").
Under the terms of the Settlement Agreement, Georgia Power's application will be
accepted as filed, with the following modifications. Georgia Power will include
in rate base $2.1 billion of the $2.38 billion previously deemed prudent by the
Georgia PSC and will recover the related depreciation expense, calculated using
PIA Staff's proposed depreciation rate, through retail base rates. Financing
costs on the remaining portion of the total Unit 3 and Common Facilities
construction costs will continue to be recovered through the Nuclear
Construction Cost Recovery ("NCCR") tariff or deferred. Georgia Power will defer
as a regulatory asset the remaining depreciation expense (approximately $38
million annually) until Unit 4 costs are placed in retail base rates.
The increase in retail base rates under the Settlement Agreement also includes
recovery of all projected operations and maintenance expenses for Unit 3 and
Common Facilities and other related costs of operation, partially offset by the
related production tax credits. Georgia Power expects to increase its annual
rates approximately $302 million to be effective the month after Unit 3 is
placed in service. This increase will be partially offset by a decrease in the
NCCR tariff of approximately $78 million expected to be effective January 1,
2022.
The Georgia PSC is scheduled to issue a final order in this proceeding on
November 2, 2021. Accordingly, the terms of the Settlement Agreement are subject
to change and the terms of any final agreement approved by the Georgia PSC may
differ materially from the terms of the Settlement Agreement. The ultimate
outcome of this matter cannot be determined at this time.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about SOUTHERN COMPANY
02:41pAlabama Power receives approval for solar project in Lowndes County
PR
06:38aUrenco hosts second Inclusion and Diversity virtual conference
AQ
06:01aNORTH AMERICAN MORNING BRIEFING : Dow Futures Jump -3-
DJ
12/06Southern Co. on Track for Largest Percent Increase Since November 2020 -- Data Talk
DJ
12/06Mizuho Securities Upgrades Southern Co. to Neutral from Underperform, Adjusts Price Tar..
MT
11/30SOUTHERN : Georgia Aquarium Partners with Georgia Natural Gas« to launch a new interactive..
PU
11/24Southern Company Subsidiary's Wind Facility in Oklahoma Becomes Operational
MT
11/24Southern Power's Glass Sands Wind Facility in Oklahoma is operational
PR
11/22Save money, energy as you celebrate this Thanksgiving
PR
11/18Southern Company Secures Deal With US Energy Department to Build Salt Reactor Experimen..
MT
More news
Analyst Recommendations on SOUTHERN COMPANY
More recommendations