Big day for Georgia Power – one way or another
February 25, 2009 at 7:39 pm by Scott Henry in NewsSenate Bill 31, a belated Christmas gift to Georgia Power, is scheduled to come up for a vote Wednesday in the state House. Normally, I’d assume that a bill this controversial and with such powerful backing wouldn’t hit the House floor unless its supporters had counted the votes and were certain of its passage.
But I’m not so sure in this case.
As you recall, SB 31 would allow Georgia Power to start billing ratepayers on the front end for the cost of building two new nuclear reactors at Plant Vogtle. Under current law, the utility secures its own financing for capital projects, then recoups its investment after a new facility goes online. The bill is controversial both because it would circumvent the normal regulatory authority of the elected Public Service Commission and because many folks believe it’s not a good deal for consumers.
One House Republican told me that he and many of his fellows were plenty steamed after learning that most of the $1.6 billion Georgia Power expects to collect in financing fees would be used to line the pockets of the utility’s shareholders – yet more ammunition for critics who contend that the arrangement is designed to shield the private company from financial risk at the expense of the public.
An opposing lobbyist speculates that Georgia Power is trying to rush through a floor vote because the bill is losing votes with each passing day. If that’s the case and this is a desperation move, then stayed tuned – anything can happen.
(Photo Christina Wedge)
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