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Cleco to pass along tax savings to customers

Cleco Corporate Holdings LLC plans to pass along to its approximately 288,000 customers in Louisiana the tax savings resulting from the recent federal tax overhaul.

Signed into law on Dec. 22, 2017, the Tax Cuts and Jobs Act lowered the federal corporate tax rate to 21% from 35%. Since the tax law took effect Jan. 1, Cleco said it has been accruing the money collected from customers due to the change with the expectation it will be returned.

"In our ongoing commitment to customer affordability, we are working closely with the Louisiana Public Service Commission on how the tax changes will be reflected in customer rates," Cleco CFO Terry Taylor said in a Feb. 22 company release.

On Feb. 21, the commission directed utilities to submit by March 21 their recommendations outlining customer savings.