ATLANTA (dpa-AFX) - Georgia Power, a subsidiary of Southern Co. (SO), on Wednesday announced that its contract to serve OpenAI's new project in Effingham County has received approval from the Georgia Public Service Commission.
The agreement includes 3,200 MW of new demand, with OpenAI covering the full infrastructure costs and committing up to 1,000 MW of flexible demand response.
The company said the approval is part of Georgia Power's broader large-load growth strategy.
The strategy is expected to generate approximately $950 million in annual customer savings beginning in 2029.
The company also said that typical residential customers using 1,000 kilowatt-hours per month are expected to save at least $15 per month starting in 2029.
That translates to annual savings of $180, up from the company's previous estimate of $102 annually.
The projected savings are expected to total $2.847 billion over 2029-2031.
The agreement also follows the company's previously approved base-rate freeze and broader rate reduction plan.
Southern Co. closed trading 0.23% lesser at $89.76 on the New York Stock Exchange. In the overnight, the stock traded 0.48% higher at $90.19.
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