People are currently going through sticker shock when it comes to their electric and gas bills. Many across the country have been posting online about how much the cost has risen to heat their homes this winter, even with milder temperatures in the South and West.
Part of the blame for Georgia Power rate increases lies with the Public Service Commission (PSC). Commissioners approved a three-year rate plan in December 2022 with rate increases automatically and systematically taking effect according to the approved schedule.
Georgia Power rates went up 2.5 percent in January 2023 and the plan calls for a 4.5 percent increase this year and another similar increase in January 2025. Georgians were hard hit last June when rates increased dramatically as part of the plan. The company also puts “summer rates” into effect, which adds to the bill.
The increases mean an additional $6.6 billion from customers over three years. It will mean an extra $15.90 to the average Georgia power customer bill. The reasons for the increase are higher fuel costs and to cover the additional cost of nuclear power projects.
Many cities, including Cartersville, have their own electric companies through the MEAG Power (Municipal Electric Authority of Georgia). Cities can buy power cheaper through an entitlement share, which saves customers money. A residential rate survey shows the average bill for a Cartersville resident is $71.42 a month.
Some counties and cities operate under an electric membership corporation (EMC). The EMCs appear to have lower rates than Georgia Power, plus members get money back because their payments are considered investments in power.
Central Georgia EMC, for instance, maintains that its rates are consistently among the lowest rates in Georgia. Cobb EMC holds the top spot for having the lowest electric rates among all EMCs in Georgia. Recent surveys show Cobb EMC customers are paying around $24.55 less than the average member at the rest of Georgia’s 41 EMCS for 1,000 kWH consumption. That makes the average Cobb electric bill around $112.50.
Natural gas prices are also seeing an increase in 2024 as the raw product is increasing by around 10 cents/MMBtu from last year. That puts the price between $2.60 and $2.70/MMBtu. However, forecasters say they expect the price to rise again to $2.90/MMVtU. The blame goes to more exports of liquefied natural gas (LNG).
The average small home uses around 59.6 MMBtue yearly, That means heating your home with gas will go from an average of $12.90 a month to $15 monthly.