BGE to Provide Federal Tax Reduction Benefits to Customers
January 05 2018 - 8:22AM
Business Wire
Today BGE will file with the Maryland Public Service Commission
(PSC) to pass approximately $82 million in annual tax savings to
customers, resulting from federal tax cost reductions. The Tax Cuts
and Jobs Act, which decreased the corporate tax rate from 35
percent to 21 percent, was signed into law on Dec. 22, 2017 and
became effective on Jan. 1, 2018. If approved by the PSC, the
average BGE residential electric customer can expect to see an
estimated $2.31 decrease on their monthly bill, and the average
residential combined natural gas and electric customer can expect
an estimated $4.27 monthly reduction, effective in February
2018.
“Reduced tax costs create an opportunity for BGE customers to
benefit from further decreases in their total energy bills,” said
Calvin G. Butler Jr, chief executive officer of BGE. “Even prior to
the tax reductions, the long-term trends of customers using
significantly less energy and the declining costs of natural gas
and electricity commodities have resulted in the average BGE
residential customer’s total monthly bill remaining lower than 2008
levels.”
While customer bills have decreased, BGE has continued to invest
in the systems serving customers, delivering the record lows in the
frequency and duration of power outages, accelerated modernization
of the natural gas system, and more useful information through the
smart grid that allows customers to use energy more
efficiently.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180105005386/en/
Baltimore Gas and Electric Company (BGE)Aaron Koos
aaron.koos@bge.comBGE Media Hotline: 410.470.7433
Exelon (NYSE:EXC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exelon (NYSE:EXC)
Historical Stock Chart
From Apr 2023 to Apr 2024