The Georgia Public Service Commission (PSC) has approved its first negotiated contract for discounted electric rates under an economic development incentive plan adopted in 1994.
Georgia Power Co. filed the contract in May after Olin Corp. announced it would relocate 100 manufacturing jobs to Tennessee unless the company could negotiate power rates. (The Tennessee Valley Authority rate structure for large industrial loads is more competitive than that of Georgia Power, primarily because of hydropower and federal subsidies.)
Olin, one of the state's largest electric consumers, relies on firm service to make chlorine-based products. Power makes up half the company's operating expenses.
The PSC's Economic Development Incentive Plan (EDIP) encourages business growth and expansion through special utility services and rates for companies that qualify by meeting specific criteria.