BELLEVUE, Wash. — Puget Sound Energy said Monday it had received a $96.5 million tax break as part of the Republican-passed tax cut bill — and that it will pass 100 percent of the savings onto PSE’s residential customers.
“Passing back these federal tax savings is the right thing to do for our customers,” said Ken Johnson, a PSE vice president.
PSE said as a result of the tax break, which took place earlier this year, $3.50 a month will be passed onto residential electric customers.
“The total savings on their bills will be about $7 a month, once other rate adjustments related to the federal wind power credit, revenue decoupling, property taxes, and PSE’s conservation program are factored in from an April 26 regulatory review,” PSE said in a news release.
For residential natural gas customers, it’s a different story. PSE said about $1.83 saving a month will be passed on as a result of the federal tax break, but due to other rate filings, this will result in a net increase of 48 cents a month for consumers.
All of the rate adjustments will take effect Tuesday, May 1.