00:00It's Benzinga bringing Wall Street to Main Street.
00:02The U.S. Energy Department announced a $26.5 billion loan to subsidiaries of Southern Company
00:08to bolster electric power in Georgia and Alabama and project more than $7 billion in electricity
00:14cost savings, according to Benzinga. Georgia Power will receive $22.5 billion and Alabama
00:20Power will receive $4.1 billion. The funding will support new gas power, nuclear plan upgrades,
00:26water power, battery storage improvements, and power line enhancements.
00:30Officials said the energy would supply 15 million homes.
00:34Energy Secretary Chris Wright said the funding supports data center development and resturing
00:38manufacturing. In his State of the Union address, President Trump said that the grid cannot meet
00:43AI power demand and proposed a ratepayer protection pledge requiring tech firms to generate their own
00:49electricity. The announcement follows a 6.3% year-over-year rise in electricity prices in
00:55January, compared with 2.4% broader inflation.
00:58For all things money, visit Benzinga.com.
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