Washington Gas Announces Plans to Deliver $34 Million in Savings from Federal Tax Rate Reduction to Customers in the District...
January 08 2018 - 6:45PM
Business Wire
Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL),
announced plans today to file with state regulatory commissions in
all three of its service territories, including the District of
Columbia, Maryland, and Virginia, to pass through annual tax
savings to the more than 1.1 million customers that the company
serves across the region.
If the recommendations are approved, Washington Gas has
committed to providing a reduction in customer rates that would
lower annual customer bills by approximately $34 million, beginning
in the first quarter of 2018.
The federal tax savings are driven by the Tax Cuts and Jobs Act
of 2017, a new law passed on December 22, 2017, that went into
effect on January 1, 2018. Reducing the corporate income tax rate
from 35 percent to 21 percent lowers the amount that Washington Gas
will have to pay in federal income tax.
“We are pleased to pass along the savings from the reduction in
corporate tax rates to our customers,” said Terry D. McCallister,
Chairman and CEO of WGL Holdings, Inc., and Washington Gas. “We
always work to keep our costs reasonable and we know that lower
energy bills will be helpful to our customers as we begin 2018,
especially since we have been experiencing a colder than expected
winter.”
Washington Gas expects to file with the Public Service
Commission of the District of Columbia, the Maryland Public Service
Commission, and the Virginia State Corporation Commission this
week, and each commission will establish how the benefits of the
federal tax reduction will be distributed to customers in its
jurisdiction.
Customers will be notified of their savings via a message
included in their next bill.
About Washington Gas
Washington Gas Light Company is a regulated natural gas utility
providing safe, reliable natural gas service to more than 1.1
million customers in the District of Columbia, Maryland and
Virginia. A subsidiary of WGL Holdings, Inc. (WGL), the company has
been providing energy to residential, commercial and industrial
customers for 169 years.
About WGL
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading
source for clean, efficient and diverse energy solutions. With
activities and assets across the U.S., WGL consists of Washington
Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides
options for natural gas, electricity, green power and energy
services, including generation, storage, transportation,
distribution, supply and efficiency. Our calling as a company is to
make energy surprisingly easy for our employees, our community and
all our customers. Whether you are a homeowner or renter, small
business or multinational corporation, state and local or federal
agency, WGL is here to provide Energy Answers. Ask Us. For more
information, visit us at wgl.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108006934/en/
Washington GasNews Media:Bernie Tylor,
202-624-6778btylor@washgas.comorFinancial Community:Douglas
Bonawitz, 202-624-6129
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