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$26.5 Billion Loan Aims to Cut Power Costs in Southeast

2/26/2026

Summary

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U.S. Department of Energy has finalized a $26.5 billion loan package for Southern Company’s Georgia Power and Alabama Power.
The financing aims to lower electricity costs and improve grid reliability in Georgia and Alabama, according to Energy Secretary Chris Wright, potentially saving over $7 billion over 30 years.
The funds will back gas and hydropower generation, battery storage, and transmission upgrades, while officials acknowledge infrastructure costs and opposition to lines.

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Story summary

U.S. Department of Energy has finalized a $26.5 billion loan package for Southern Company’s Georgia Power and Alabama Power.
The financing aims to lower electricity costs and improve grid reliability in Georgia and Alabama, according to Energy Secretary Chris Wright, potentially saving over $7 billion over 30 years.
The funds will back gas and hydropower generation, battery storage, and transmission upgrades, while officials acknowledge infrastructure costs and opposition to lines.