COLUMBUS, Ohio — Utility companies around the nation are reacting in varied ways to states’ demands that they return federal tax cut proceeds to their customers. At issue is an estimated $1 billion in tax savings this year and $5 billion over the next two years. The law’s corporate tax rate reduction affects regulated utilities because taxes are an expense the companies pass along to consumers. A bipartisan coalition of attorneys general, state agencies and consumer advocates from 18 states called on the federal government to assure public utility customers — not utility shareholders — receive the benefits of the federal tax cut. At least one utility serving the state, Oklahoma Gas & Electric, has said it will embed the tax savings in its upcoming rate package.

Source: National Post March 24, 2018 15:22 UTC