Georgia Power spokesman John Kraft said the company will make sure its 2.5 million customers benefit from the tax savings, but it has not been determined how that will happen. The company is now reviewing the new tax law to determine financial impacts.
McDonald pointed out that several energy companies in other states, many of them affiliates of Chicago-based Exelon Corporation, have submitted proposals to regulators about reducing rates because of the Tax Cuts and Jobs Act. The law, which reduced the corporate tax rate from 35 percent to 21 percent, became effective on Jan. 1.
In Maryland, BGE announced it will reduce customers' rates as a result of $82 million in annual savings. Pepco unveiled a plan that would also lead to lower bills for 1.1 million customers in Maryland and the District of Columbia by the end of March. Commonwealth Edison filed a petition with the Illinois Commerce Commission asking for permission to pass along approximately $200 million in savings.
The Brookhaven City Council and Mayor John Ernst issued a statement on Tuesday requesting that the PSC require Georgia Power to rebate savings.
“If you apply the 2017 tax overhaul to Georgia Power’s bottom line in 2016, the result would be approximately $111 million in savings,” Ernst said in a news release. “Georgia Power can’t reduce its own rate, so the PSC should mandate a rebate, retroactive to Jan. 1. The people of Georgia deserve no less.”