Ga. Power says federal tax cut could mean $460 million savings for ratepayers

[private]Georgia Power executives say the utility’s ratepayers could see $460 million in savings over the next two years as a result of federal tax cut.

The company reported the numbers after being ordered by the Public Service Commission to analyze the impact of the federal tax bill passed by Congress in December.

The savings would include about $130 million in reduced taxes on financing costs for the Plant Vogtle nuclear expansion and $330 million in direct credits to customers — the typical residential ratepayer could receive $70 in refunds over the two-year period.

“We are committed to offering the highest customer value with rates below the national average, and we’re pleased to be able to continue to pass the benefits of the new tax laws on to our customers,” said Georgia Power President Paul Bowers.

The company said another $700 million savings for customers could potentially result from Georgia Power’s next rate increase case, which is scheduled to be filed in 2019.

© 2018 by The Georgia Report

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Tags: federal tax cut , Georgia Power