BALTIMORE--(BUSINESS WIRE)--Today BGE updated its filing with the Maryland Public Service Commission (PSC) to provide annual tax savings to customers, following additional analysis of federal tax cost reductions. The amended filing results in an increase to the benefit to customers to approximately $103 million in annual tax savings, up from the approximately $82 million announced last week.
As a result, customers can expect additional decreases to rates, pending PSC approval of the plan. BGE estimates that the average BGE residential electric customer can expect to see an estimated $2.91 decrease on their monthly bill, and the average residential combined natural gas and electric customer can expect an estimated $5.41 monthly reduction. BGE has proposed that the reduced rates would be effective in February 2018.
BGE filed the proposed reduced rates as a result of the decrease in the corporate tax rate from 35 percent to 21 percent under the federal Tax Cuts and Jobs Act, which became effective on Jan. 1, 2018.
BGE, founded in 1816 as the nation’s first gas utility and headquartered in Baltimore, is Maryland’s largest natural gas and electric utility. The company’s approximately 3,200 employees are committed to safe and reliable power delivery to more than 1.25 million electric customers and more than 650,000 natural gas customers in central Maryland, as well as enhanced energy management, conservation, environmental stewardship and community assistance. J.D. Power’s 2017 Electric Utility Business Customer Satisfaction Study SM ranked BGE highest in customer satisfaction with business electric service in the east among large utilities. The company also has an estimated annual economic impact of $5 billion of output in its service area, supporting more than 9,500 local jobs and producing $923 million in labor income. BGE is a subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider. Like us on Facebook and follow us on Twitter, YouTube and Flickr.