ICC Approves ComEd Plan to Pass Along Tax Cut Savings to Customers
January 18 2018 - 3:01PM
Business Wire
Decrease to save average residential ComEd
customer $2-$3 on monthly bill
The Illinois Commerce Commission (ICC) today approved ComEd’s
petition seeking approval to pass along approximately $200 million
in tax savings to its customers in 2018. ComEd residential
customers can expect to see an estimated $2-$3 decrease on the
average monthly bill specifically related to the tax savings.
ComEd’s voluntary proposal was prompted by the Tax Cuts and Jobs
Act (TCJA) that went into effect Jan. 1, 2018. The new law
decreased the corporate tax rate from 35 percent to 21 percent,
reducing the amount of federal income tax ComEd will pay and
creating savings that it is passing along to customers. ComEd
expedited the filing of its plan with the ICC and the Commission’s
prompt response will enable customers to see the savings beginning
in February. Without action by ComEd, customers would not realize
savings from the tax cut until 2020.
“The new tax plan presented an important opportunity to work
with our regulators and stakeholders to produce a solution that
accelerates the delivery of real savings to our customers,” said
Anne Pramaggiore, president and CEO, ComEd. “We’re grateful to the
ICC for their rapid action and the positive outcome.”
With the enactment of the Smart Grid Law in 2011, the Illinois
General Assembly established a performance-based formula ratemaking
model that ensures cost savings such as those incurred through TCJA
are passed on to ComEd customers. ComEd is nearing completion of
the smart grid program and will complete the installation of nearly
4 million smart meters this year. The utility is delivering record
reliability, with a 50-percent reduction in outages, shorter outage
duration and the highest customer satisfaction on record. Total
customer bills remain stable and residential rates, through June
2017, were nearly 20 percent below the average of the 10 largest
American cities.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based
Exelon Corporation (NYSE: EXC), the nation’s leading competitive
energy provider, with approximately 10 million customers. ComEd
provides service to approximately four million customers across
northern Illinois, or 70 percent of the state’s population. For
more information visit ComEd.com, and
connect with the company on Facebook, Twitter and YouTube.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180118006297/en/
ComEd Media Relations312-394-3500
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2024 to May 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From May 2023 to May 2024