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Fans Pay Lower Utility Rates in All SEC States Thanks to Tax Cuts

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Pat Goss:

Utility customers in all 11 SEC states are spending less on their monthly bills thanks to the tax cuts passed by the Republican House and Senate and signed by President Donald Trump. According to a new report from Americans for Tax Reform, at least 134 utilities across the country have lowered rates for customers as a direct result of the Tax Cuts and Jobs Act. This means lower electric bills, lower gas bills, and lower water bills for SEC fans.
 
Kansas City Power and Light (Kansas City, Missouri)

This will result in approximately $34.5 million in ongoing annual savings for KCP&L’s customers in Kansas. The Federal Energy Regulatory Commission recently approved KCP&L’s request to return the portion of tax reform savings set at the federal level to customers as quickly as possible.

Tampa Electric (Tampa Florida)

Tampa Electric bills won't rise to pay for Hurricane Irma restoration costs, thanks to new tax savings. The Florida Public Service Commission (PSC) unanimously approved the measure today.
Because of recent changes made to the federal tax law, customers will directly benefit. What Tampa Electric would have paid in corporate income taxes will instead be used to the cost of restoring power after Hurricane Irma and several other earlier named.    Additionally, Tampa Electric bills will reflect the ongoing benefits from tax reform starting in 2019

Oncor Electric Delivery
 (Dallas, Texas) – The utility will pass along tax savings to customers:
The company delivering electricity to most North Texans would likely save millions from the new corporate tax rate cut. But that entire windfall is expected to go back to consumers. That's the result of a recently completed rate case where the state's largest regulated utility agreed to return all tax cut benefits to its customers.

Alabama Power
(Birmingham, Alabama) – The utility is passing along tax savings to customers:

Alabama Power Company customers will see a reduction in their bills because of the federal income tax cut approved by Congress last year, the Public Service Commission announced at its monthly meeting today.
The reduction in 2018 will be for $257 million, about a 9 percent cut, the PSC said.
The cut requires no action by the PSC, which regulates Alabama Power.
The reduction takes effect in July and continues through December.
The Tax Cuts and Jobs Act, signed into law in December, reduced the federal corporate income tax rate from 35 percent to 21 percent effective Jan. 1, 2018.

Alagasco (Spire Inc.)
 (Birmingham, Alabama)  – The utility will pass tax cut savings on to customers:
Spire is giving relief to its Alabama customers in the form of rate decreases as a result of the utility being a beneficiary of the Trump tax plan.\

Ameren Missouri
 (St. Louis, Missouri) - The utility will pass cut savings to customers:
The Missouri Public Service Commission has approved an agreement that reduces the annual electric revenues of Union Electric Company doing business as Ameren Missouri.
The rate decrease of approximately $166,500.000 reflects a reduction in the corporate tax rate from 35 to 21% as a result of the passage of the federal Tax Cuts and Jobs Act of 2017.  Residential customers using 1,000-kilowatt hours a month will see electric rates decrease by about $6.21 per month, effective August 1st.


Atlanta Gas Light Co.
(Atlanta, Georgia) – The utility will pass along tax cut savings to customers:
Atlanta Gas Light Co. received approval from the Georgia Public Service Commission for a stipulation that allows for $82 million in customer benefits as a result of the federal tax reform law.

Atmos Energy
 (Owensboro, Kentucky) - The utility will pass along tax cut savings to customers:
“Atmos Energy, which serves western Kentucky, announced in March that it will be cutting the average residential bill by just over 3 percent. Other savings from tax reform will fund infrastructure upgrades across the Commonwealth. Companies in Kentucky have been able to expand their operation because of the Tax Cuts and Jobs Act.”

Chattanooga Gas Company
(Chattanooga, Tennessee) – The utility will pass along tax cut savings to customers:
During the Conference, the Commissioners voted unanimously to require Atmos Energy Corporation ("Atmos Energy"), Chattanooga Gas Company ("Chattanooga Gas"), Kingsport Power Company d/b/a AEP Appalachian Power ("Kingsport Power"), Piedmont Natural Gas Company ("Piedmont Natural Gas"), and Tennessee American Water Company ("Tennessee American Water"), to immediately apply deferred accounting treatment, specifically described herein, with respect to the impact of the lowering of the federal corporate income tax rate and to require the named public utilities to provide to the Commission no later than March 31, 2018, the amounts deferred and a proposal to reduce rates or otherwise make adjustments to account for the tax benefits resulting from the 2017 Tax Cuts and Jobs Act

Cleco Corporation.
(Pineville, Louisiana) – The utility will pass tax savings to customers:
Cleco confirmed it will pass along savings to customers related to the recent tax reform.
The Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018, decreased the federal corporate tax rate from 35 percent to 21 percent, reducing the amount of federal income tax Cleco will have to pay.
“In an effort to promptly provide our customers with the benefits of the federal tax reduction, Cleco will deliver a plan to the LPSC outlining customer savings,” said Taylor. “We have anticipated these savings and are prepared to pass them along to our customers at the direction of the LPSC.”

Dominion Energy (SCE&G)
(Cayce, South Carolina)  – The utility will pass tax cut savings on to customers:
Virginia utility Dominion Energy (D) announced a deal to purchase South Carolina's SCANA(SCG) for $7.9 billion -- and Dominion plans to pay $1.3 billion to SCANA's South Carolina Electric & Gas Company customers within 90 days after the merger closes.
That works out to an average of about $1,000 for each SCE&G residential customer. Payments will depend on how much electricity SCE&G customers have used in the past year.
Dominion also said Wednesday that it plans an average 5% rate reduction for SCE&G customers, thanks in part to to lower corporate taxes under the new federal tax law in Washington.
Dominion said the rate cut would lower the average SCE&G customer's electric bill by more than $7 a month

Entergy Arkansas
(Little Rock, Arkansas) – The utility will pass tax reform savings to customers:
If approved by the APSC, the multi-million dollars in tax savings will benefit customers in the following ways:                                               

    Customer bill credits will begin in April so customers will begin to benefit almost immediately and prior to summer when usage is typically higher.
    Residential customers will see a savings of an estimated $20 per month for every 1000 kWh consumed from April 2018 to December 2019.
    Business customers also will see significant bill reductions, allowing them to reinvest those savings into their business in 2018 as they deem appropriate.
        Other effects of the TCJA are being considered in a docket opened by the APSC, and we expect those customer benefits to be reflected in future rate changes.​​ --

Entergy Louisiana
(Baton Rouge, Louisiana) - The utility will pass along tax reform savings to customers:
Entergy Louisiana customers will see a series of rate reductions over the remainder of 2018 under an agreement approved today by the Louisiana Public Service Commission.
The first of the reductions will occur in May as a result of $210 million in federal tax reform-related savings, $105 million of which will be returned to customers over the next eight months, with the remaining half of these savings returned to customers over the following four years.  As a result, a typical residential customer using 1,000 kWh per month will see a roughly $4.20 decrease on monthly bills from May through December of this year.
A second reduction of approximately $2 per month on residential bills will occur in September 2018 as a result of additional credits tied to the Tax Cuts and Jobs Act approved by Congress in late 2017. At the same time, Entergy Louisiana will begin realizing approximately $130 million in annual tax savings to offset the cost of upgrading infrastructure.
“Along with customer refunds, tax reform also helps provide us the ability to invest in modernizing our system for the benefit of customers while maintaining some of the lowest rates in the country,” Phillip May, president and CEO of Entergy Louisiana, said.

Entergy Mississippi
(Jackson, Mississippi): The utility will pass tax reform savings to customers:
If approved by the MPSC, the multi-million dollars in tax savings will benefit customers in three ways:
    short-term bill credits,
    long-term rate reductions and
    alleviation of some future rate increases.
These are projected to begin this summer, when usage and bills are typically at their highest. Based on its plan, Entergy Mississippi expects residential customer bills to drop more than $30 per month during July, August and September, from a combination of lower-rates and short-term bill credits.
Without the tax reform, which reduced the corporate tax from 35 percent to 21 percent, substantial projects undertaken by Entergy to strengthen and modernize the grid would have required significant rate increases.
“We intend to ensure that our customers receive timely benefits from the new tax reforms,” said Haley Fisackerly, Entergy Mississippi president and CEO. “The tax reduction will allow us to reduce rates, provide substantial bill credits and lower our customers’ bills during the high-usage summer months.

Entergy New Orleans
(New Orleans, Louisiana) – the utility will pass along tax reform savings to customers:
Entergy New Orleans filed with the New Orleans City Council Monday its proposal for implementing the benefits of the recent federal tax reform legislation. If approved by the council, customers would realize approximately $47 million annually in near-term tax savings and an additional $71 million in savings over the longer term.
"We're working to ensure that our customers receive timely benefits from the new tax reform legislation," said Charles Rice, president and CEO of Entergy New Orleans, LLC. "We're glad to pass on these additional savings by reducing rates below what they otherwise would be, especially during the hot summer months when energy usage rises along with the thermometer."


Georgia Power
(Atlanta, Georgia) – Thanks to the tax cuts the utility will provide $1.2 billion in benefits for customers:
Georgia Power has completed an assessment of the impact of the Tax Cuts and Jobs Act for the company – including approximately $1.2 billion in benefits for customers. The benefits were confirmed as part of an agreement with Georgia Public Service Commission (PSC) Staff and include approximately $130 million in reduced taxes on financing costs for the Vogtle nuclear expansion; $330 million in direct credits to customers as a result of lower federal income tax rates over the next two years and approximately $700 million in future benefits to be addressed in the company's next base rate case in 2019, which also includes the benefits of last week's reduction in state of Georgia income tax rates. If approved by the Georgia PSC, the typical residential customer using an average of 1,000 kilowatt-hours per month could receive approximately $70 in refunds over the two-year period.

Gulf Power Company
(Pensacola, Florida) – The utility will pass tax reform savings to customers:
Gulf Power has filed a request with the Florida Public Service Commission seeking approval to pass along approximately $103 million in tax savings to its 460,000 customers.
If approved, the average Gulf Power customer using 1,112 kilowatt hours per month would see a $14 drop on their monthly electricity bill for 2018 — the largest decrease in company history. More than $30 million in savings for customers will continue into 2019 and beyond if approved by the FPSC.
The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, and became effective Jan. 1. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Gulf Power will have to pay and allows the energy provider to pass that savings along to customers.

Kansas City Power and Light
 (Kansas City, Missouri) -- The utility will pass savings from federal tax reform to customers:
Updated rates will include an approximate $100 million benefit to Kansas and Missouri Customers
Today KCP&L announced its intention to file rate update cases with the Kansas Corporation Commission (KCC) and the Missouri Public Service Commission (MPSC) to pass approximately $100 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. KCP&L is committed to passing 100 percent of the benefit from this tax cut on to customers.
"We commend both the KCC and the MPSC for already initiating a process to review the impact of the federal tax reduction," said Terry Bassham, President and CEO of KCP&L. "The federal tax cut has significant benefits which should be passed on to our customers in full. We look forward to working with our regulators and stakeholders on the best way to do that."
The full impact of this tax change will take several months to determine, as any proposed change to customer rates requires the approval of the KCC and MPSC. In addition, in determining how the tax reduction will impact rates, the company will request that regulators review and update all costs necessary to serve its customers.

Kentucky Utilities
(Louisville, Kentucky) - the utility will pass along tax cut savings to customers:
If approved by the commission, customers would see nearly $180 million in savings in the form of a reduction on the Environmental Surcharge line item on their bill in March, followed by a new line item credit on the bill based on energy consumption starting in April.
“We had been supportive of the Tax Act all along because of the savings for our residential and business customers, so we are pleased that the commission acted quickly to enable us to deliver these savings so expeditiously. The other parties to this case — the Kentucky Attorney General and the Kentucky Industrial Utility Customers — truly had the customer in mind and a willingness to work together to reach a mutually acceptable solution,” said Kent Blake, chief financial officer at LG&E and KU. “With the colder-than-average winter, and subsequent high energy use, these savings will come at a key time for our customers.

Liberty Utilities-Empire District
 (Joplin, Missouri) - The utility will pass along tax savings to customers:
The Missouri Public Service Commission approved a proposal to reduce rates by $17.8 million. The rate decrease reflects a reduction in the corporate tax rate from 35% to 21% as a result of passage of the federal Tax Cuts and Jobs Act of 2017.
For a residential customer using 1,000 kWh (kilowatt-hours) of electricity a month, rates will decrease by approximately $5.16 a month. That decline is effective August 30.

Louisville Gas and Electric Company
(Louisville, Kentucky) – The utility will pass tax cut savings to customers:
If approved by the commission, customers would see nearly $180 million in savings in the form of a reduction on the Environmental Surcharge line item on their bill in March, followed by a new line item credit on the bill based on energy consumption starting in April.
“We had been supportive of the Tax Act all along because of the savings for our residential and business customers, so we are pleased that the commission acted quickly to enable us to deliver these savings so expeditiously. The other parties to this case — the Kentucky Attorney General and the Kentucky Industrial Utility Customers — truly had the customer in mind and a willingness to work together to reach a mutually acceptable solution,” said Kent Blake, chief financial officer at LG&E and KU. “With the colder-than-average winter, and subsequent high energy use, these savings will come at a key time for our customers.”

Missouri American Water
(Joplin, Missouri) - The utility will pass along tax cut savings to customers:
Officials also said the rates reflect $18 million in savings for customers because of the new federal tax cuts program. Missouri American is the first regulated water and sewer company in the state to adjust its customer rates based on the tax cuts.

Piedmont Natural Gas Company
(Nashville, Tennessee) - The utility will pass along tax cut savings to customers:
During the Conference, the Commissioners voted unanimously to require Atmos Energy Corporation ("Atmos Energy"), Chattanooga Gas Company ("Chattanooga Gas"), Kingsport Power Company d/b/a AEP Appalachian Power ("Kingsport Power"), Piedmont Natural Gas Company ("Piedmont Natural Gas"), and Tennessee American Water Company ("Tennessee American Water"), to immediately apply deferred accounting treatment, specifically described herein, with respect to the impact of the lowering of the federal corporate income tax rate and to require the named public utilities to provide to the Commission no later than March 31, 2018, the amounts deferred and a proposal to reduce rates or otherwise make adjustments to account for the tax benefits resulting from the 2017 Tax Cuts and Jobs Act


Tampa Electric
(Tampa, Florida) – The utility is passing tax reform savings to customers:
Tampa Electric bills won’t rise to pay for Hurricane Irma restoration costs, thanks to new tax savings. The Florida Public Service Commission (PSC) unanimously approved the measure today.
Because of recent changes made to the federal tax law, customers will directly benefit. What Tampa Electric would have paid in corporate income taxes will instead be used to cover the cost of restoring power after Hurricane Irma and several other earlier named storms. Additionally, Tampa Electric bills will reflect the ongoing benefits from tax reform starting in 2019.

Tennessee American Water Company
(Chattanooga, Tennessee) - The utility will pass along tax cut savings to customers:
During the Conference, the Commissioners voted unanimously to require Atmos Energy Corporation ("Atmos Energy"), Chattanooga Gas Company ("Chattanooga Gas"), Kingsport Power Company d/b/a AEP Appalachian Power ("Kingsport Power"), Piedmont Natural Gas Company ("Piedmont Natural Gas"), and Tennessee American Water Company ("Tennessee American Water"), to immediately apply deferred accounting treatment, specifically described herein, with respect to the impact of the lowering of the federal corporate income tax rate and to require the named public utilities to provide to the Commission no later than March 31, 2018, the amounts deferred and a proposal to reduce rates or otherwise make adjustments to account for the tax benefits resulting from the 2017 Tax Cuts and Jobs Act



Opposition Party's Threat to Hike Corporate Tax Rate Would Mean Higher Utility Bills for SEC Fans

For a list of cuts in all 57 states: https://www.atr.org/thanks-tax-reform-utilities-are-lowering-rates

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