Note: Single-source report; awaiting corroboration.
The Energy Department has announced a $26.5 billion loan package aimed at lowering electricity costs in Georgia and Alabama by over $7 billion. The funding supports more than 200 energy projects to add or upgrade 16.7 gigawatts of reliable power to the grid, enough to support about 15 million homes.
The projects include adding 5.3 gigawatts of new natural gas generation and nearly 500 megawatts in gas capacity upgrades, such as three new natural gas turbines totaling 1.3 gigawatts at the Yates Power Plant by the end of 2027. Additional upgrades at Bowen, McIntosh, and Wansley Power Plants are planned by 2030.
Other initiatives will deliver 6.3 gigawatts through nuclear license renewals and capacity upgrades, 1 gigawatt through hydropower modernization and grid improvements, and support approximately 1,300 miles of transmission projects. These efforts are expected to maintain rate freezes already in effect in the region.
The loan package is projected to save Southern Company over $300 million annually in interest, providing additional savings for households and businesses. The projects are also expected to create and sustain thousands of jobs.