Alabama Power freezes rates through 2027

Alabama Power announced it will keep customer rates unchanged through 2027, following a meeting of the Alabama Public Service Commission. The utility, a subsidiary of Southern Company (NYSE: SO), said all components of its regulated retail rates are not scheduled to increase during this period.

The company will delay implementation of previously approved adjustments for the Lindsay Hill generation facility until 2028 and will absorb the newly acquired facility's costs in 2027 rather than deferring them to customers.

"We know budgets are tight, and power bills are a real concern for many families and businesses," said Moses Feagin, Alabama Power's executive vice president, chief financial officer and treasurer. "This commitment gives customers more certainty and predictability around electric rates at a time when many other household and business costs are rising."

Alabama Power reported reducing operating expenses by approximately $100 million since 2017, despite increased costs for equipment such as transformers, poles and wires. The company serves 1.5 million customers across Alabama.

While rates remain fixed, customer bills may still fluctuate based on individual electricity usage. The utility offers tools including Bill Explainer, Rate Advisor, Energy Assistant, Budget Billing and payment assistance programs to help customers manage their electricity costs.

The information comes from a company press release issued following the regulatory commission meeting.

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