Sustainability is a continued priority for industry location decisions.
In 2022, the KPMG Survey of Sustainability Reporting shared that 96% of the world’s largest companies now report on sustainability or environmental social governance (ESG) matters. ESG also made the list of location decision factors in the 37th Annual Corporate Survey from Area Development, when absent the prior year. Fortunately, utility providers have been preparing for this shift, racing ahead to improve ESG rating factors that include aggressive reductions in greenhouse gas emissions and waste, and energy efficiency, while supporting the future of electric transportation.
In the Southeast, Georgia Power is meeting the industry’s demand for cleaner energy by investing in its diverse energy mix, including a growing portfolio of renewable energy sources from solar, wind, and biomass, as well as joining the effort to establish the six-state Southeast hydrogen hub. Georgia is leading the way in major investments in carbon-free energy sources, such as new nuclear energy.
By completing the first new nuclear units in the U.S. in more than 30 years at Plant Vogtle in Waynesboro, GA, Georgia Power will realize clean energy sources that produce zero air emissions. Georgia Power has reduced carbon emissions by more than 60% between 2007 and 2022 through the transition of the generation fleet, including the retirement of more than 5,400 MW (megawatts) of coal and oil capacity, the addition of 2,500 MW of natural gas-fired combined cycle units, and the addition of more than 3,300 MW of renewable resources. Georgia Power has also been approved to procure another 2,300 MW of renewable resources to come online by 2029.
As our state continues to grow and the energy landscape rapidly evolves, we recognize the changing needs of our prospects and customers and aim to meet them by making smart investments into our grid, our generation portfolio, our people, our local communities, and our state,
Walt Farrell, Vice President of Georgia Power Community and Economic Development.
Reliability and Lower Costs
In addition to producing cleaner energy, nuclear power units like Georgia Power’s Plant Vogtle are a highly reliable energy source, able to generate electricity at full power 24/7, balancing intermittent power coming from solar and other sources. Additionally, while fuel prices are increasing, costs for nuclear energy are lower and more stable than other forms of energy production — costing three to six times less to deliver energy than coal plants and natural gas plants. Georgia Power’s two new nuclear units are expected to come online in 2023 and 2024. Once operating, the two new units are expected to power one million homes and businesses with clean energy. Southern Nuclear will operate the new units on behalf of the co-owners: Georgia Power, Oglethorpe Power, MEAG (Municipal Electric Authority of Georgia) Power, and Dalton Utilities.
As our state continues to grow and the energy landscape rapidly evolves, we recognize the changing needs of our prospects and customers and aim to meet them by making smart investments into our grid, our generation portfolio, our people, our local communities, and our state,” said Walt Farrell, Vice President of Georgia Power Community and Economic Development.
“Georgia Power is looking to continue transforming how it produces energy, transitioning its power generation fleet to more economical and cleaner generation resources that will produce significant, long-term benefits for customers,” said Farrell. “The company is deploying new and expanded resources in solar, wind, hydro, nuclear, and energy storage to continue reducing carbon emission.”
This article was featured in Area Development Magazine's Q2 2023 issue.
