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Ameren Illinois files petition to pass tax savings to customers
Customers expected to save as a result of the decrease in the federal corporate tax rate
Ameren Illinois electric customers could save an average of $2.50 to $3.00 per month in 2018 and natural gas customers could save an average of $1 per month if the Illinois Commerce Commission (ICC) approves the company's plan to pass savings from the recently approved federal tax cut legislation back to its customers. Customers using both electricity and natural gas could see a combined savings.
In the proposal filed with the ICC today, the company is seeking approval to pass along federal tax savings to electric customers beginning this year. A similar proposal was filed last week on behalf of Ameren Illinois natural gas customers.
"Under the new tax plan, Ameren Illinois’ effective tax rate will decrease by nearly 13%,” said Richard Mark, chairman and president, Ameren Illinois. "The plan we have filed with the ICC gives us the ability to expedite the return of these savings to our customers."
The Energy Infrastructure Modernization Act of 2011 provides a mechanism to return these savings to electric customers, but without filing the petition customers would have to wait until 2020 to receive the benefits. If approved by the ICC, Ameren Illinois customers will begin seeing these savings in March.
"We have been in contact with the ICC since Congress passed the federal tax plan in December to get these savings returned to our customers as soon as possible," said Mark.
Electric customers are already benefitting from savings in 2018. In December, the ICC ruled in favor of Ameren Illinois' request to decrease its delivery services rates. Residential customers will save approximately $1.70 per month on their electric bill in 2018 as a result of the previous ICC ruling.
About Ameren Illinois
For further information: Marcelyn Love, 217.535.5116, firstname.lastname@example.org