Duke Energy customers' projected tax act savings top $110 million in Ohio and Kentucky

PRNewswire 5-Mar-2019 9:05 AM

CINCINNATI, March 5, 2019 /PRNewswire/ -- Duke Energy customers in Ohio and Kentucky will likely see a combined $110.7 million in savings on their energy bills thanks to the Tax Cuts and Jobs Act of 2017.

As a result, individual households could see bill savings of up to approximately $70 over the course of one year. Customers who receive both electric and natural gas service from Duke Energy may see even higher savings.

"We've been working closely with state regulators to ensure that our customers enjoy immediate and long-term benefits of the tax act," said Amy Spiller, president of Duke Energy Ohio & Kentucky. "Since the act was passed, we've taken many voluntary and proactive steps to enable our customers to start saving money on their monthly energy bills."

Ohio customers will see bills go down even more beginning this month
Last month, regulators approved the company's proposal to deliver $18 million in new, annual tax savings to its electric customers in Ohio – along with an additional $8 million that will be passed along to customers over the coming year. These savings, which will appear on monthly bills beginning this month, are in addition to approximately $20 million in annual tax savings that Duke Energy began passing along to its Ohio electric customers in 2018.

Compared to 2017, a typical residential electric customer in Ohio saved about $13 on electric charges in 2018 due to the tax act – and can expect to save approximately $40 in 2019.

Additionally, regulators are reviewing Duke Energy's proposal to provide $17 million in new, annual tax act savings to its natural gas customers in Ohio – along with a one-time $20 million credit that will be passed along to customers over a 12-month period. The proposed savings would be in addition to approximately $3 million the company began providing to its Ohio natural gas customers in 2018. If regulators approve Duke Energy's plan, a typical residential natural gas customer in Ohio will pay about $70 less for service over 12 months as a result of the tax act.

Kentucky customers likely to see additional savings in 2019
In May 2018, Duke Energy Kentucky electric customers began seeing nearly $16.5 million in tax act benefits on their bills. When compared to 2017, a typical residential electric customer in Kentucky saved $37 on electric charges in 2018 due to the tax act. In 2019, a typical residential electric customer of Duke Energy Kentucky can expect to save $55.

Separately, late last year, the company began applying a $3 million credit to Kentucky customers' gas bills resulting from the tax act. This credit will be reflected on bills through the end of this month.

Duke Energy Kentucky natural gas customers will see even more tax act savings, pending regulatory approval of the company's proposal to adjust base rates. In its application, Duke Energy Kentucky proposed applying $5.2 million in tax act benefits to its natural gas customers' rates. If approved, the tax act savings will equate to approximately $51 per year for a typical residential customer.

Duke Energy Ohio/Kentucky
Duke Energy Ohio/Kentucky's operations provide electric service to about 850,000 residential, commercial and industrial customers in a 3,000-square-mile service area, and natural gas service to approximately 533,000 customers.

Duke Energy Ohio/Kentucky is a subsidiary of Duke Energy (NYSE:DUK).

Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the U.S., with approximately 29,000 employees and a generating capacity of 49,500 megawatts. The company is transforming its customers' experience, modernizing its energy grid, generating cleaner energy and expanding its natural gas infrastructure to create a smarter energy future for the people and communities it serves.

The company's Electric Utilities and Infrastructure unit serves approximately 7.6 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. Its Gas Utilities and Infrastructure unit distributes natural gas to approximately 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Its Commercial Renewables unit operates a growing renewable energy portfolio across the U.S.

A Fortune 125 company, Duke Energy was named to Fortune's 2018 "World's Most Admired Companies" list and Forbes' 2018 "America's Best Employers" list.

More information about the company is available at duke-energy.com. The Duke Energy News Center includes news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Lee Freedman
24-Hour: 800.559.3853

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SOURCE Duke Energy