Michigan Public Service Comission says utility customers will save over $379 million
The Michigan Public Service Commission approved lower bills for Michigan ratepayers Tuesday totaling $379.5 million.
The lower bills were announced for customers of Indiana Michigan Power Co. - the last of ten utilities to have lower rates approved by the state.
The reductions stem from lower taxes state utilities are paying due to the impact of the Tax Cuts and Jobs Act, which lowered the corporate tax rate from 35 to 21 percent.
Nick Assendelft is with the MPSC.
“We wanted to make sure that if the corporations realized savings from the tax law since ratepayers are paying for the service we wanted to make sure some of the money came back to the ratepayers.”
Assendelft said some consumers may already be seeing a benefit.
“On the average, I think um people saw a dollar twenty or dollar forty per month decrease in their monthly utility bills for gas and electric.”
He said there are still two more steps before the MPSC completes its assessment of savings from the tax law - so he expects there will be more savings coming to Michigan ratepayers.