CINCINNATI, April 13, 2018 /PRNewswire/ -- Duke Energy Ohio
customers will receive approximately $20
million in annual tax savings on their electric bills
beginning this month. The bill reduction is a result of the recent
Tax Cuts and Jobs Act, which federal lawmakers passed in late
2017.
"The tax act provides a unique opportunity for us to reduce
customers' bills by millions of dollars," said Jim Henning, president of Duke Energy Ohio and
Kentucky. "And that's exactly what
we're doing here – delivering real savings to our customers."
Duke Energy Ohio also plans to lower its customers' natural gas
bills by about $3 million beginning
in May – subject to the approval of proposals filed with state
regulators.
"The tax act reduced our corporate tax rate – and that's a
benefit we are pleased to pass along to our customers," said
Henning. "However, the impacts on our business and customers go far
beyond the reduction in the corporate tax rate. While some of the
changes reduce our federal tax liabilities over time, others could
actually increase our tax obligations.
"We considered all of these scenarios as we determined the best
ways to pass along the benefits of the tax act to our customers.
And we continue to work through various regulatory proceedings in
our efforts to ensure that our customers receive the benefits of
this new law."
Duke Energy proposes savings for Kentucky customers, too
Across the Ohio
River in Kentucky, state
regulators continue to review the company's proposals that
recommend allocating more than $15
million of tax act benefits to Duke Energy Kentucky
customers.
Duke Energy Ohio/Kentucky
Duke Energy Ohio/Kentucky's operations provide electric service
to about 850,000 residential, commercial and industrial customers
in a 3,000-square-mile service area and natural gas service to
approximately 529,000 customers.
Headquartered in Charlotte,
N.C., Duke Energy is one of the largest energy holding
companies in the United States.
Its Electric Utilities and Infrastructure business unit serves
approximately 7.5 million customers located in six states in the
Southeast and Midwest. The company's Gas Utilities and
Infrastructure business unit distributes natural gas to
approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business
unit operates a growing renewable energy portfolio across
the United States.
Duke Energy is a Fortune 125 company traded on the New York
Stock Exchange under the symbol DUK. More information about the
company is available at duke-energy.com.
The Duke Energy News Center serves as a multimedia resource for
journalists and features news releases, helpful links, photos and
videos. Hosted by Duke Energy, illumination is an online
destination for stories about people, innovations, and community
and environmental topics. It also offers glimpses into the past and
insights into the future of energy.
Follow Duke Energy on Twitter, LinkedIn, Instagram and
Facebook.
Contact: Lee Freedman
24-Hour: 800.559.3853
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SOURCE Duke Energy