The Mississippi Public Service Commission and Mississippi Power Co. have reached a settlement in the company's lawsuit against the regulatory body.

Commissioners voted 2-1 Thursday to approve the settlement with the subsidiary of Atlanta-based Southern Co. Lawyer Ben Stone signed on behalf of the company.

The agreement limits Mississippi Power to charging customers for $2.4 billion of the more than $2.8 billion projected cost of building a power plant in east Mississippi's Kemper County.

The company also agrees to phase in rate increases over seven years and credit customers if Southern Co. can market the carbon dioxide-extracting technology in the plant.

In exchange, commissioners agreed to consider afresh Mississippi Power's request to charge customers while building the plant. The PSC will vote on the request at a later date.