Lower utility rates in the future? - WALB.com, Albany News, Weather, Sports

Lower utility rates in the future?

June 16, 2006

Albany -- It's not all bad news for WG&L customers. Rates may drop up to 15%, but not for at least two years.

Albany belongs to the Municipal Electric Association of Georgia. Decades ago, MEAG took out a multi-million dollar bond to pay for power plants. Today, most of your utility bill goes to pay off that loan.

Money put into a bond insurance policy will be freed up in 2009. That will lower electric costs for WG&L, so the city may pass those savings on to you.

Mayor Willie Adams said, "All the operating expenses of a household are up. So people need to here some good news. As long as I am chairman, I will try to make sure that at least a part of that money we're rebated through either power credits or whatever way it comes, that these savings are passed on to the consumers."

It's not a guarantee. Commissioners may decide to use the saved money to help MEAG build more power plants. MEAG wants all 49 cities it represents to buy into at least two nuclear power plants.

MEAG leaders say the plants will be needed to deliver electricity to Georgia's growing population in as soon as ten years.

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