It TMs good news for a change when it comes to power bills, at least for those using Georgia Power including 24,000 people in Albany. Those who get their power through Georgia Power will see an $8 reduction in bills per month.
Jay Smith, the Area Manager for Georgia Power in Albany, says the company caught up with money it lost in past years because of fluctuating fuel costs. In previous years, fuel costs were increased and it cost the company more to generate power; therefore, customers saw a rate increase, according to Smith.
Not this year.
Smith says reduced energy costs from lower natural gas prices and a mild winter contributed to the fuel rate decrease.
"Rather than keeping the fuel rate where it is to where we'd be collecting more money than what it's costing us to generate power, we need to lower it so it will stay close to the zero line," he says.
This year, Georgia Power rates for customers will be lowered by six percent. The reduction amounts to $567 million annually, according to the company.