DOE’s Record-Breaking $26.5B Loan Aims to Cut Power Bills for GA and AL
TL;DR Summary
The Energy Department closed a historic $26.5 billion loan package to fund Southern Company subsidiaries, delivering over $7 billion in electricity cost savings to millions of customers in Georgia and Alabama. The program will support about 16 GW of firm power, including new gas generation, nuclear uprates, hydropower modernization, battery storage, and transmission upgrades, while lowering the utility’s interest expenses by over $300 million per year and boosting jobs and grid reliability.
- Energy Department Announces Largest Loan in Department History, Delivering Over $7 Billion in Electricity Cost Savings for Georgia and Alabama Customers Department of Energy (.gov)
- US offers historic $26.5 billion energy loan to Southern Co subsidiaries Reuters
- US Closes $26.5 Billion in Financing for Southern Co. Utilities Bloomberg
- Alabama Power secures part of $26.5 billion loan for electrical grid upgrades AL.com
- DOE loans Southern $26.5B for 5 GW of new gas, other grid investments Utility Dive
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