Southern Company Secures $26.54B DOE Loan to Boost Grid Reliability
Southern Company unit Georgia Power and Alabama Power secured up to $26.54 billion in DOE loan guarantees to fund grid reliability upgrades. Over 30 years, the loans will generate $7 billion of customer savings and fund natural gas, nuclear, hydropower, battery storage and transmission upgrades for 4.3 million customers.
1. DOE Loan Guarantee Details
Southern Company subsidiaries Georgia Power and Alabama Power have received up to $26.54 billion in loan guarantees from the Department of Energy under the Energy Dominance Financing Program to support large-scale grid upgrades.
2. Infrastructure Investment and Projects
The funding will finance a portfolio of projects including natural gas plants, nuclear uprates and license extensions, hydropower and battery energy storage installations, plus transmission system enhancements across the two states.
3. Financial Terms and Customer Benefits
Loans carry a term of up to 30 years with draws available through September 15, 2033, and are projected to deliver an estimated $7 billion in savings to the 4.3 million customers served by Georgia Power and Alabama Power.