Low natural gas prices continue to drive down the price of electricity for Georgia Power customers.
This week, the state Public Service Commission approved a new fuel rate reduction for Georgia Power’s 2.3 million customers.
Average monthly bills will drop by $1.20 during winter months, and about $2.60 during the pricier summer months.
Public Service Commissioner Tim Echols says ratepayers can thank the abundant domestic supply of natural gas.
“Hydraulic fracturing, or fracking as it’s known, has really caused natural gas to go down in price because it’s such a plentiful supply.”
This summer, customer bills were lowered about $8 per month due to Georgia Power’s greater use of natural gas versus coal.
Echols anticipates the low prices holding steady, at least in the short term.
“Depending on federal regulation, depending on whether we start exporting this natural gas in a liquefied form, will determine how long natural gas stays at a cheap price.”
The latest fuel rate reduction will take effect January 1.