Puget Sound Energy passes federal tax savings to customers
SEATTLE — A Washington state energy utility says it is passing on the $96.5 million in federal tax savings to its customers.
Our news partner The Seattle Times reports that in the rate adjustments that took effect Tuesday, Puget Sound Energy will reduce residential electric bills by $3.50 per month and cut natural gas bills by $1.83 per month.
The utility’s savings were a result of the tax overhaul that Congress pushed through in December. The tax law lowered corporate rates from 35 percent to 21 percent.
Puget Sound Energy Vice President Ken Johnson says handing the tax savings back to customers was “the right thing to do.”
The utility says electric customers will save $7 a month after other rate adjustments from a regulatory review are included.