Federal energy officials on Wednesday announced a record $26.5 billion loan to electric utilities in Georgia and Alabama, saying the loan will save customers money as the companies undertake a huge expansion driven by demand from computer data centers.
A total of $22.4 billion will go to Georgia Power and $4.1 billion to Alabama Power. Both are subsidiaries of Atlanta-based Southern Company, one of the nation’s largest utilities. The companies plan to use the cash to build new natural-gas fueled power plants, build new transmission lines and upgrade existing power plants.
Energy Secretary Chris Wright said the loan will result in more than $7 billion in savings over decades from a lower, federally subsidized interest rate.
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