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PSC questioning Ga. Power windfall. (Georgia Public Service Commission; Georgia Power Co.'s increased profits due to declining costs of service)
Georgia Power Co. is in a position to over-change its customers by more than $570 million over the next four years due to declining costs of service, according to a report filed this month at the Georgia Public Service Commission (PSC).
In addition, the Overall Case Assessment report -- written by Georgetown Consulting Group of Ridgefield, Conn., and commissioned by the PSC -- suggests Georgia Power wants to prevent ratepayers from sharing the benefits of declining costs at its nuclear Plant Vogtle.
Without action by the PSC, "ratepayers will forego half a billion dollars in rate reductions to which they would otherwise be entitled," the report contends.
IF the savings from Vogtle's declining service costs are not passed on to the utility's customers through rate reductions over the next four years, the company's shareholders would reap the benefits, according to the report.
Georgia Power says the report's argument "doesn't hold water."
Still, Attorney General Michael Bowers, whose office assists the PSC in rate hearings, says "the Public Service Commission better …
