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Gulf Power Customers To See Rate Reduction
March 27, 2018
Monday, Gulf Power received unanimous approval from the Florida Public Service Commission to pass along approximately $103 million in tax savings to its 460,000 customers. With the approval, the average residential Gulf Power customer using 1,112 kilowatt-hours per month can expect to see a $14 drop on their monthly energy bill for 2018 — the largest decrease in company history. More than $30 million in savings for customers will continue into 2019 and beyond.
“We’re thankful to gain approval from the Commission today so we can now quickly pass these savings on to our customers,” said Stan Connally, Gulf Power chairman, president and CEO. “Gulf Power customers will benefit from this tax reduction in the form of lower energy prices beginning in their April bills.”
“It’s exciting,” said Art Graham, chairman of the Florida Public Service Commission, which approved the plan Monday. “It’s definitely exciting to see the immediate impact of this kind of stuff.”
The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Gulf Power will have to pay and allows the energy provider to pass that savings along to customers.
While the average residential Gulf Power customer who uses 1,112 kilowatt-hours per month will see a $14 drop on their bills, customers who use more energy will see a larger decrease and those who use less, a smaller decrease.
Gulf Power worked together with the Office of Public Counsel, the Florida Industrial Power Users Group and the Southern Alliance for Clean Energy to reach a settlement on how to deliver these savings to customers as soon as possible.
“We think it’s a fair deal, and we think it’s in the public interest,” said Jon Moyle, an attorney for the group commonly known as FIPUG.
The decrease comes on the heels of record consumption by Gulf Power customers during an unusually cold January.
Comments
8 Responses to “Gulf Power Customers To See Rate Reduction”
Sounds like a reduction of (one cent) per KWH. So if use 2500 KWH per
month we’d pay about 25/30 dollars less per month ? Plus a bit less in taxes.
No matter how you feel about Trump …….this is coming from His Tax Reduction
for “We The People” plan. Then also applaud Gulf Power and ( SouthernCo )
for passing it on to us (We The People ).
Why we can not tax light bill on tax return.
So what about the HUGE bonuses GP employees just got?
Just sayin’…
Better squirrel that so called savings, for as sure as they giveth they will take back sooner than you can chug a beer. Hurricanes, floods,etc. and sending gulf power workers out of state / country which is an expense and the humongous amount of money they earn on top of their pay. Who pays for that? I’ll bet it will be the customer.
EREC is a non-profit. They pay no federal income taxes. Their tax rate went from 0% to 0%.
OK EREC IN JAY FLORIDA WE ARE WAITING AND EXPECTING THE SAME THING OUT OF YOU, I CAN HARDLY WAIT, I KNOW YOU ALL WILL DO THE RIGHT THING
Fourteen dollars a month is significant. If all corporations followed suit, the tax bill would truly be a success, but Gulf power has given this years tax break, will they make this cut permanent? Other corporations are not monitored by a commerce commission and are not going to give employees raises or drop prices……just higher profits for their shareholders, but at least 14 bucks a month will be coming our way.
That’s awful nice of them but I’d rather see a refund of the overcharges we all had to pay 2 months in a row. The next thing to be offered will be free air conditioner servicing like they did about 3 years ago because they had been overcharging customers.