Georgia Power, an Atlanta-based energy manufacturer that provides power for nearly 2.5 million homes and businesses, announced last week that it plans to pass on $1.2 billion in tax reform savings to its 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.
The company said that the average customer could see approximately $70 in savings over the next two years if the plan is approved by the Georgia Public Service Commission.
More than 82.3 million customers in 41 states have seen savings on their utility bills thanks to tax reform, as companies like Georgia Power, DTE Energy and PEPCO announced similar plans since the tax reform bill was signed into law.
Economists recently surveyed by The Wall Street Journal agreed that tax reform and other pro-growth policies over the past year deserve credit for economic growth and hiring. Manufacturers fought hard for tax reform and are ready to do their part by expanding, hiring and competing as well as passing on savings to their employees and customers.
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