Something to celebrate in the new year, lower electric bills for Georgia Power customers.

The rate reduction will be more than originally forecast by the utility in September.

Georgia Power has reached a stipulated agreement with the Public Service Commission staff to resolve the company's 2015 fuel case.  The stipulation is expected to be approved by the Georgia PSC in mid-December.

The average residential customer who uses 1,000 kilowatt-hours per month will see a fuel savings of about $5 a month on their bill.  Georgia Power's original fuel case filing anticipated a savings of approximately $4 a month.

The extra savings is the result of an updated fuel forecast that reflects a continuing decline in natural gas prices.

Georgia Power spokesman John Kraft tells WSB "We're able to take advantage of these lower natural gas prices and pass those savings along to customers."

The agreement states fuel rates should be reduced by an additional $156 million, bringing the total savings to about 14%.  In its original estimate, Georgia Power anticipated a reduction of 11%, or approximately $268 million.

Even with scheduled increases in other areas of your power bill, Kraft says "The typical residential customer should still see a net reduction of a couple dollars per month."

Kraft says "If this is approved, we'd see these reductions starting in January of 2016."

Under state law, Georgia Power is not allowed to profit on the fuel it uses.