Puget Sound Energy will pass on 100 percent of its $96.5 million corporate tax savings from the federal Tax Cuts and Job Act onto its customers.
“Passing back these federal tax savings is the right thing to do for our customers,” said PSE vice president of Regulatory and Government Affairs Ken Johnson in a press release. “We commend the commission for providing an efficient and collaborative regulatory process allowing PSE to pass on savings quickly.”
As a result of these tax savings, which went into effect earlier this year, $3.50 a month will be passed onto residential electric customers. The total savings on their bills will be about $7.00 a month, once other rate adjustments related to the federal wind power credit, revenue decoupling, property taxes, and PSE’s conservation program are factored in from an April 26 regulatory review.
For residential natural gas customers, $1.83 savings a month will be passed through as a result of the corporate tax savings. Due to other rate filings, this will result in a net increase of 48 cents a month.
All of these rate adjustments will go into effect May 1.