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Ringing in the new year with savings
The Illinois Commerce Commission on Jan. 18 approved ComEd’s petition seeking approval to pass along approximately $200 million in tax savings to its customers in 2018.
ComEd is hoping to get approval on a proposal to pass along to customers about $200 million in tax savings in 2018, creating an estimated $2 to $3 decrease on the average monthly residential bill as a result of this tax change.
The energy company recently filed a petition with the Illinois Commerce Commission (ICC) that was prompted by the Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1. It decreases the corporate tax rate from 35 percent to 21 percent, reducing the amount of federal income tax ComEd will have to pay – savings that will benefit customers. Assuming the ICC approves the request, you can expect to see the monthly savings in the first quarter of this year, rather than in 2020.
A new rate case process, established by the Illinois General Assembly in 2011 with passage of the Smart Grid law, ensures that cost savings such as these are passed on to ComEd customers.
“The Smart Grid law has delivered best on record reliability, thousands of jobs and now the prompt return of tax reduction benefits to Illinois consumers,” says Anne Pramaggiore, the president and chief executive officer of ComEd.