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Gulf Power to pass along $103M of tax savings to customers


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Gulf Power to pass along $103M of tax savings to customers

Gulf Power Co. on Feb. 15 filed a request with the Florida Public Service Commission asking to pass along to customers $103 million in tax savings resulting from the recently passed federal tax overhaul.

Upon commission approval, average residential customers using 1,112 kWh will see a monthly decrease of $14 in their electricity bill for 2018, the Southern Co. subsidiary said in a Feb. 14 news release. More than $30 million in savings is also planned to be provided to customers in 2019 and beyond, subject to commission approval.

The Tax Cuts and Jobs Act was signed into law in December 2017 and included a key provision decreasing the corporate tax rate to 21% from 35%.