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    PUC approves plan to return tax savings


    November 24, 2021 - Staff Writer

     

      The Pennsylvania Public Utility Commission on Nov. 18 approved plans submitted by several utilities to distribute accumulated tax savings associated with the federal Tax Cuts and Jobs Act of 2017 which had not been previously addressed.

      The Commission voted 3-0 to approve petitions filed by Peoples Gas Company, Pennsylvania Power Company (Penn Power), Metropolitan Edison Company (Met-Ed), Pennsylvania Electric Company (Penelec) and West Penn Power Company to distribute tax savings that accumulated during the period of Jan. 1-30, 2018, along with and interest.

      Under the plans approved, the utilities will be returning the following accumulated tax savings and interest to their customers during the coming year:

      Peoples Gas ? $3,723,470Penn Power ? $5,602.115Met-Ed ? $18,482,825Penelec ? $19,005,569West Penn Power ? $14,967,620

      The Commission noted that in each of these situations the additional tax savings being returned to customers during 2022 will temporarily increase the utilities' current TCJA surcharge/credit, which is also being used to return ongoing tax savings to customer.

      The tax savings addressed in these utility plans accumulated before the PUC instituted a statewide process in 2018 to return utility tax savings to customers. Per the Commission's order, any utility that had not filed a base rate case on or before May 17, 2021, was required to submit a plan to address and return any tax savings that had accumulated

      between Jan 1, 2018, and June 30, 2018.

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