With the Florida Public Service Commission’s (PSC) vote today, Duke Energy Florida, LLC (DEF) customers will save $150.9 million from the Tax Cuts and Jobs Act of 2017. The federal law reduced corporate tax rates from 35 percent to 21 percent.
“The Act’s lower tax rates are being applied to best benefit customers,” said PSC Chairman Art Graham. “In this case, we are providing Duke customers with a one-time rate reduction that offsets what could have been a rate increase.”
DEF’s savings will be applied to recover storm costs related to Hurricane Irma. The one-time $150.9 million rate reduction will be implemented for all customers after all prudently-incurred storm costs have been recovered, which is anticipated to occur in March 2021. DEF and the Office of Public Counsel—representing Duke customers—agreed on all issues related to the federal tax impacts.
DEF serves 1.8 million customers in Florida.
For additional information, visit www.floridapsc.com.
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