BALTIMORE--(BUSINESS WIRE)--The Maryland Public Service Commission today accepted BGE’s proposal to provide approximately $103 million in annual tax savings to customers beginning Feb. 1, 2018.
"This is a positive outcome for BGE customers, and we are appreciative of the Public Service Commission’s decision to accept our proposal to convert tax savings to reduced rates," said Calvin G. Butler Jr, chief executive officer of BGE. "We are pleased to have another opportunity to further reduce the average BGE residential customers’ total bills, which remain below levels from a decade ago.”
The average BGE residential electric customer will receive an estimated $2.91 decrease on their monthly bill, and the average residential combined natural gas and electric customer will receive an estimated $5.41 monthly reduction. Commercial customers will also receive monthly bill reductions. Reduced rates for all BGE customers will be reflected beginning in customers’ February 2018 bills.
While customer bills have decreased, BGE has continued to invest in energy infrastructure. The investments have resulted in record system reliability, accelerated modernization of the natural gas system through the STRIDE program, increased security and significant customer satisfaction improvements.
BGE voluntarily filed the proposal to reduce rates as a result of the federal Tax Cuts and Jobs Act.
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.