As we write this we do not know if Governor Perdue has made a decision on the six to seven year advance financing by rate payers of Georgia Power's proposed expansion of its nuclear plants near Augusta.

We hope he will veto SB 31 and let the legislature consider a more favorable financial plan to provide the nuclear expansion.

Certainly by now at least someone in the legislature has had enough constituent feedback to have some second thoughts.

Let me just review some factors that we didn't cover in our original commentary on this subject.

Few have considered the unfairness to Georgia rate payers when the truth is revealed that Georgia Power and its parent, the Southern Company, actually transmit power to a number of other states. There is no requirement for the rate payers in other states to pay the advance costs for the six to seven years before anyone receives the benefits of the added capacity.

It seems like the users in other states where the Southern Company transmits power will be paying considerably less than Georgia rate payers.

We believe those legislators in Georgia who have put Georgia rate payers in this unfair position have been derelict in representing the best interests of their constituents. They should be held responsible if this ill conceived SB 31 becomes law.

Rather than being negative about the need for nuclear expansion, why not look at more positive and fruitful ways to finance this expansion.

Here's something I worked with at Virginia Power to finance nuclear expansion. Rather than impose a construction and advance interest fee on every rate user, open the opportunity to those customers who would voluntarily like to own part of those nuclear plants by setting up a stock purchase plan whereby a customer can elect to set up an account in conjunction with the monthly power bill of say an additional $10 and more per month. We expect the average investment would be considerably more than the fees in advance mandated in the legislation.

Here are the advantages to the Georgia Power customer. They would own part of the expansion. The stock transaction could be made direct to Georgia Power with no brokerage fees.

Shares could be purchased in the customer's name as their account accumulates, dividends would accrue to the customer account.

Those who can't afford assessments such as imposed by this legislation could choose not to participate. This has some "PR" merit since it might eliminate what is certain to be a great number of grumpy customers otherwise.

Present stockholders may complain about the dilution of their stock with an influx of new stockholders. This shouldn't have that much of a dent on the total capitalization. My answer would be "such a problem to have." In the long run, greater demand for shares represents better prices per share.

Everyone wins.

The total amount Georgia Power wishes to raise to protect their bond ratings as well as cover the cost of the financing interest for this expansion could well be met in greater investment income at an earlier time frame than SB 31 provides as it slowly escalates to its conclusion.

To me, this is a win-win solution.

The reason the Georgia Heritage Council is taking a strong position on this particular legislation is because we believe energy policy and energy costs are on what could perhaps be their most perilous course in Georgia history.

It's a situation that is much more complex than some realize, but it is something if we are more aware of the perils, all concerned can act to alleviate as much as possible what is fearful ahead.

Let's face it, there is going to be a new tax on facilities like Georgia Power via the new administration in Washington. It's called Cap and Trade. It's a new penalty designed to punish certain facilities that some believe pollute our atmosphere. The regulations aren't locked in yet, they have been speculated to add as much as 40% to energy rates for those deemed to be the worst offenders.

We don't know how this will affect Georgia Power. Whatever it is, we don't believe it will be good.

Now consider the reduction in capital gains tax will be expired in the new administration. This will mean all corporate taxes will increase. This means the bottom line will be affected. Stockholders will see less net net (after taxes).

The Public Service Commission approves rates based on a number of factors, return on equity being a big one. Large rate increases in the future are more likely than not. There is one under consideration now.

Our concern centers on these and some other issues that indicate energy costs are going to raise considerably in the near future. We are hopeful those who are currently paying their utility bills can continue to do so in the immediate future. This includes a rapidly growing senior citizenry on fixed incomes.

Above all, while we object to the plan outlined in SB 31, we are assuredly in support of the growth of nuclear power in Georgia. We believe it is the key to Georgia's continued growth and progress in a rapidly changing scene where we need to be ahead of the curve in relationship to other states.

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Jeff Davis is a retired radio-TV journalist living in Gainesville, GA. Active in civic and political affairs, he is past president of the Georgia Jaycees and former campaign chairman of the Georgia Republican party. He volunteers as chairman of the Georgia Heritage Council. He is a collateral descendant of President Jefferson Davis and a member of SCV Camp 1404 in Gainesville and National Chairman of Public Relations and Media for SCV.