ATLANTA — The Georgia Public Service Commission has unanimously approved a rate freeze for Georgia Power customers, locking in rates for the next three years.

The decision, announced Tuesday, comes as the state continues to balance economic growth with concerns about rising utility costs.

Commissioner Tim Echols emphasized the move as a response to public concerns. “Raising these rates shows that we are listening to ratepayers and we’re doing all we can to protect them but continue to grow in this economy in this state,” Echols said.

The commission’s vote ensures that Georgia Power customers will not see base rate increases through at least 2027.

Critics, however, say Tuesday’s decision was actually a negotiated agreement to allow the utility company to protect shareholders, not customers.

Patty Durand is the director of Georgians for Affordable Energy, and she says, “Georgia Power has an unusually high level of profits compare to its utility peers. This locks in those high profits for three years, with no opportunity to reduce them to the industry norms.”

She says a more transparent review that should have occurred this fall might have resulted in a rate decrease, saving rate payers millions of dollars. According to Durand, Georgia Power customers currently pay the fifth highest rates in the country and face cutoff rates at eight times the national average.

WSB Radio’s Graham Carroll contributed to this story.