US Loans $26.5 Billion to Southern Co. for Power Projects (1)

The Trump administration on Wednesday closed a $26.5 billion loan package for Southern Co. power projects in Georgia and Alabama amid rising concern about electricity price affordability and electricity-thirsty data centers.

The Energy Department said the financing — $22.4 billion to Georgia Power and about $4.1 billion to Alabama Power — represents the largest largest loan in the agency’s history, and is aimed at directly lowering consumer electricity costs and increasing grid reliability.

The financing, to be used for projects including new gas and hydropower, is expected to reduce the utility’s interest expenses by over $300 million per year, helping ...