BGE Updates Filing to Provide Additional Federal Tax Reduction Benefits to Customers
January 11 2018 - 12:39PM
Business Wire
Today BGE updated its filing with the Maryland Public Service
Commission (PSC) to provide annual tax savings to customers,
following additional analysis of federal tax cost reductions. The
amended filing results in an increase to the benefit to customers
to approximately $103 million in annual tax savings, up from the
approximately $82 million announced last week.
As a result, customers can expect additional decreases to rates,
pending PSC approval of the plan. BGE estimates that the average
BGE residential electric customer can expect to see an estimated
$2.91 decrease on their monthly bill, and the average residential
combined natural gas and electric customer can expect an estimated
$5.41 monthly reduction. BGE has proposed that the reduced rates
would be effective in February 2018.
BGE filed the proposed reduced rates as a result of the decrease
in the corporate tax rate from 35 percent to 21 percent under the
federal Tax Cuts and Jobs Act, which became effective on Jan. 1,
2018.
BGE, founded in 1816 as the nation’s first gas utility and
headquartered in Baltimore, is Maryland’s largest natural gas and
electric utility. The company’s approximately 3,200 employees are
committed to safe and reliable power delivery to more than 1.25
million electric customers and more than 650,000 natural gas
customers in central Maryland, as well as enhanced energy
management, conservation, environmental stewardship and community
assistance. J.D. Power’s 2017 Electric Utility Business Customer
Satisfaction Study SM ranked BGE highest in customer satisfaction
with business electric service in the east among large utilities.
The company also has an estimated annual economic impact of $5
billion of output in its service area, supporting more than 9,500
local jobs and producing $923 million in labor income. BGE is a
subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading
competitive energy provider. Like us on Facebook and follow us on
Twitter, YouTube and Flickr.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180111005911/en/
Baltimore Gas and Electric Company (BGE)Aaron Koos,
aaron.koos@bge.comBGE Media Hotline: 410-470-7433
Exelon (NYSE:EXC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2023 to Apr 2024
Real-Time news about Exelon Corp (New York Stock Exchange): 0 recent articles
More Exelon Corp. News Articles