Georgia Power Company

Bigger than a giant peach, Georgia Power is the largest subsidiary of US utility holding company Southern Company. The regulated utility provides electricity to about 2.4 million residential, commercial, and industrial customers throughout most of Georgia. It has interests in about 20 fossil-fueled, 2 nuclear, and 20 hydroelectric power plants that give it about 22,000 MW of generating capacity. When necessary the company purchases excess power from nine small power producers. Georgia Power sells wholesale electricity to several cooperatives and municipalities in the region. The utility also offers energy efficiency, surge protection, and outdoor lighting products and services.

Geographic Reach

The company serves retail customers in Georgia. It also sells power to wholesale customers across the US Southeast.

Operations

Georgia Power generates, purchases, transmits, distributes, and sells electricity in Georgia. It generates power from coal and natural gas, as well as from renewable sources such as solar, hydroelectric, and wind.

In 2012 the company purchased about 440 kilowatt hours of power from other providers.

On the financing front, the company invests in domestic equity, international equity, fixed income, trust-owned life insurance, special situations, real estate investments, and private equity.

Financial Performance

Georgia Power's revenues grew by 3% in 2013 due to increase in retail base revenues as the result of higher rates (to help pay for placing new generating units at Plant McDonough-Atkinson in service and collecting financing costs related to the construction of Plant Vogtle Units 3 and 4, as well as higher market-driven contributions from commercial and industrial customers.

Net income was flat in 2013 at stayed at $1.2 million as an increase in operating expenses (the result of a 9.9% increase in the volume of KWHs generated as a result of higher prices for purchased power and an 8.1% increase in the average cost of fuel per KWH generated for all types of fuel generation) was offset by a decrease in other expenses due to the decline in interest expenses as a result of refinancing activity.

Strategy

As part of the company's integrated resource plan, in addition to a renewables push it is looking to building two additional nuclear power units at its power plant in Vogtle, near Waynesboro, Georgia (the country's first nuclear power plants in more than 30 years). In 2012 it secured  US Nuclear Regulatory Commission approval to go ahead and build these units.

To upgrade its coal plants, between 1990 and 2015 Georgia Power plans to invest $7 billion on environmental control technologies.

The company is committed to diversifying its portfolio to include more green energy. To that end, in 2013 it signed a contract with EDP Renewables North America for 250 MW of wind energy which it will begin receiving in 2016. That year, Georgia Power opened its Water Research Center that will look for ways to reduce its power plant water use and improve the quality of water it releases from plants.

In 2012 it opened the Piedmont Green Power Plant in Barnesville, Georgia, and signed a 20-year agreement with Rollcast Energy to purchase about 54 MW of biomass energy.

Company Background

The company was founded in 1927.

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Georgia Power Company


241 Ralph Mcgill Blvd Ne
Atlanta, GA 30308-3374
Phone: 1 (404) 506-6526
Fax: 1 (404) 5060456
www.georgiapower.com

STATS


  • Employer Type: Subsidiary
  • Stock Symbol: GAT, GPE/PA,
  • Stock Exchange: , NYSE, NYSE
  • Chairman of the Board, President, CEO: Thomas Fanning
  • Chairman of the Board, President, CEO: Thomas Fanning
  • EVP, CFO, and Treasurer: Ronnie Labrato

Major Office Locations

  • Atlanta, GA

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