Lt. Gov. Tate Reeves, right, meets with Mississippi Power vice president Billy Thornton, left and House Public Utilities Committee Chairman Jim Beckett, R-Bruce, at the Capitol in Jackson, Miss., prior to the Senate approving two House-passed bills that codify a settlement between the Public Service Commission and Mississippi Power Co. over the company's Kemper County power plant, Thursday, Feb. 14, 2013. (AP Photo/Rogelio V. Solis)
JACKSON, Miss. (AP) — Gov. Phil Bryant has signed bills codifying a settlement between the Public Service Commission and Mississippi Power Co. over the company's Kemper County power plant.
Bryant told The Associated Press Tuesday he supports both measures. Tuesday was the last day for Bryant to act without the bills becoming law without his signature.
One measure allows a multi-year rate plan for the plant. Another bill allows the unit of Atlanta-based Southern Co. to sell up to $1 billion in bonds to pay Kemper costs over $2.4 billion.
The settlement says Mississippi Power can earn profit on $2.4 billion in plant costs as well as $377 million in lignite mine and pipeline costs. Customers would repay debt on costs above $2.4 billion, but Mississippi Power would earn no profit.