AVANGRID Will Pass Savings from 2017 Tax Reform to Customers
January 10 2018 - 7:34PM
Business Wire
AVANGRID, Inc. (NYSE:AGR), a diversified U.S. energy company,
today issued the following statement regarding the impact of the
2017 tax reform act.
AVANGRID’s regulated natural gas and
electricity companies will pass along to customers the full benefit
of any tax savings that the companies realize as a result of the
2017 federal tax reform act.
Among other changes, the tax reform act
reduces the federal corporate tax rate from 35 to 21 percent. As a
matter of fairness, AVANGRID believes that any resulting tax
savings should be extended to customers.
AVANGRID and its companies look forward to
working with regulatory agencies to determine the best mechanism to
accomplish this, and to ensure it is done in a fair and responsible
manner. We expect this to happen via existing regulatory processes
in the months ahead.
AVANGRID is the parent company of United
Illuminating, Southern Connecticut Gas and Connecticut Natural Gas
in Connecticut; Central Maine Power and Maine Natural Gas in Maine;
Berkshire Gas in Massachusetts; and New York State Electric &
Gas and Rochester Gas & Electric in New York.
About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a
diversified energy and utility company with approximately $32
billion in assets and operations in 27 states. The company owns
regulated utilities and electricity generation assets through two
primary lines of business, Avangrid Networks and Avangrid
Renewables. Avangrid Networks is comprised of eight electric and
natural gas utilities, serving approximately 3.2 million customers
in New York and New England. Avangrid Renewables operates more than
6 gigawatts of owned and controlled renewable generation capacity,
primarily through wind and solar, in 22 states across the United
States. AVANGRID employs approximately 6,800 people. For more
information, visit www.avangrid.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180110006353/en/
AVANGRID, Inc.Michael A. West, Jr.,
203-499-3858Michael.West@avangrid.com
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