Tallying Up Savings So Far From Utility Tax Cuts
Over the past few months Wisconsin’s major utilities have refunded tens of millions of dollars to you, passing along tax savings from corporate tax reform legislation that was enacted last year.
Based on recent reports filed with the state Public Service Commission, the total amount given back already, primarily on July’s monthly bills, is well over $67 million.
Tax reform reduced utilities’ corporate tax rate to 21% from 35% at the end of 2017, and all of Wisconsin’s utilities started 2018 with rates that were too high because they were assuming the higher 35% tax rate.
So, at a time when we continue to be concerned that Wisconsin’s electric rates are higher than the national average and above the Midwest average, we’re glad to see that money is making its way back to you.
The amount coming back varies by utility but we’re happy to report that utilities in Madison and Eau
Claire are returning 100% of their tax savings to you, the customer. We would have liked to have seen the tax savings returned more consistently across the state. If that had been the case, even more money would have flowed back to customers of utilities in Milwaukee and Green Bay.
Here’s the breakdown:
|Utility||Electric Refund||Gas Refund||Total Refund||Month(s) of Credit|
|Xcel Energy||$10.58 million||$1.08 million||$11.66 million||July|
|Madison Gas & Electric||$3.03 million||$1.03 million||$4.06 million||June|
|Wisconsin Power And Light (Alliant)||$19.87 million||$2.15 million||$22.02 million||June and July|
|Wisconsin Public Service||$8.05 million||$2.75 million||$10.8 million||June and July|
|We Energies||$5.63 million||$13.46 million||$19.09 million||June and July|
Smaller utilities also issued another $1.5 million in refunds, including $680,000 for customers of Superior Water, Light and Power; $148,000 for Dahlberg Light and Power; $268,000 for Northwestern Wisconsin Electric Co.; and $220,000 for Consolidated Water Power Co.; and 161,000 for Midwest Natural Gas; and $59,000 for City Gas Co.
Source: Filings in PSC docket 5-AF-101