Agency says utilities should pass tax savings to ratepayers
FRANKFORT, Ky. (AP) — The Kentucky Public Service Commission has ordered the state’s for-profit utilities to pay attention to their savings under the new federal tax law.
The commission wants those utilities to track their savings under the new lower rate that takes effect on Monday. The intent is to pass those savings on to ratepayers of electric, gas and water.
The PSC says in a release the new corporate rate will decline from 35 percent to 21 percent next year, substantially reducing the tax burden on for-profit, investor-owned utilities.
The utilities affected by the order include Duke Energy Kentucky, Kentucky Power, Kentucky Utilities, Louisville Gas and Electric, Atmos Energy, Delta Natural Gas, Columbia Natural Gas along with Kentucky-American Water and Water Service Corp. of Kentucky.