CLAIM #54014 · Southern Company (SO) · 2023Q1 earnings call · Apr 27, 2023 · due Jun 30, 2023
“As you may know, we reached a stipulation with the staff, and we're looking at about a 12% price increase on retail rates over 3-year period to recover that under-recovered fuel balance, and that would take effect in June.”
Christopher Womack · President
In context
“lease go ahead. Christopher Womack : Yes. No, you're right. I mean it's a standard outage. I mean, there's some testing equipment that has to be removed and some things that we have learned. And so we'll fine-tune some things, maybe some remediation that will occur probably about a 10-day maintenance outage. But yes, I mean, it's standard and what's expected. Durgesh Chopra : Perfect. Thank you for clarifying that. And then maybe I can just pivot to the Georgia Power under-recovered fuel filing. I believe you made that in February. Just any initial stakeholder feedback there I know in the last call, we talked about perhaps offsetting some of that balance with lower gas prices going forward as we see it. Just anything you can share with us on that front would be great. Christopher Womack : As you may know, we reached a stipulation with the staff, and we're looking at about a 12% price increase on retail rates over 3-year period to recover that under-recovered fuel balance, and that would take effect in June. And that is lower than what our initial request was and 30% less than what we expected. And I think as we look at this outcome, this stipulation, it reflects kind of our sensitivity and our interest in paying attention to affordability and recognizing that we must recover this under-recovered fuel balance, but how do we do it in a manner that minimizes the impact on customers. And so that's kind of where we are. More hearings and consideration to take place, but the rates will take effect starting in June. Operator: And our next question comes from the line of Sophie Karp with KeyBanc. Sophie Karp : Most of my questions have been answered actually. Let me just maybe throw this 1 at you guys. With Vogtle moving towards the completion Unit 3 and Unit 4 and remain on track to be completed in”
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SEC filings for SO ↗ · Claim quote is verbatim from the 2023Q1 earnings call.