Entergy files for rate reductions from tax cut | Arkansas Blog

Wednesday, February 28, 2018

Entergy files for rate reductions from tax cut

Posted By on Wed, Feb 28, 2018 at 11:35 AM

Entergy Arkansas has filed a rate reduction proposal to reflect the recent corporate federal income tax cut. It said it would pass along $466 million in savings from April through December 2019.

The company said the proposal translates to a reduction of $20 for each 1,000 kilowatt hours of electricity consumed. That's in the ballpark of average monthly consumption.

The company release did not say how much money the company would realize from the tax cut. A spokesman insists all tax savings will go to customers. The situation applies utilities nationwide and there's been some debate on how the savings is calculated. Also, some utilities are putting some savings aside for infrastructure.

Entergy said the proposal filed with the Public Service Commission today would take effect in time to benefit customers during high summer usage. It also said it will provide significant reductions for businesses.

From a release:

“When tax reform was passed, Governor Asa Hutchinson asked that the Arkansas Public Service Commission work with utilities to pass those benefits to customers as quickly as possible,” said Rick Riley, Entergy Arkansas president and CEO. “Entergy Arkansas has worked with its stakeholders, including Arkansas Attorney General Leslie Rutledge, who has expressed a similar desire, to meet this objective. If approved, the plan submitted will allow Entergy to provide the tax reform benefits to customers beginning as early as April of this year. The tax reduction will allow us to provide substantial bill credits to all customers for a significant period of time.”

Entergy Arkansas serves 700,000 customers in 63 Arkansas counties.

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