Washington Gas Announces Plans to Deliver $34 Million in Savings from Federal Tax Rate Reduction to Customers in the District of Columbia, Maryland and Virginia
Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), announced
plans today to file with state regulatory commissions in all three of
its service territories, including the District of Columbia, Maryland,
and Virginia, to pass through annual tax savings to the more than 1.1
million customers that the company serves across the region.
If the recommendations are approved, Washington Gas has committed to
providing a reduction in customer rates that would lower annual customer
bills by approximately $34 million, beginning in the first quarter of
The federal tax savings are driven by the Tax Cuts and Jobs Act of 2017,
a new law passed on December 22, 2017, that went into effect on January
1, 2018. Reducing the corporate income tax rate from 35 percent to 21
percent lowers the amount that Washington Gas will have to pay in
federal income tax.
"We are pleased to pass along the savings from the reduction in
corporate tax rates to our customers," said Terry D. McCallister,
Chairman and CEO of WGL Holdings, Inc., and Washington Gas. "We always
work to keep our costs reasonable and we know that lower energy bills
will be helpful to our customers as we begin 2018, especially since we
have been experiencing a colder than expected winter."
Washington Gas expects to file with the Public Service Commission of the
District of Columbia, the Maryland Public Service Commission, and the
Virginia State Corporation Commission this week, and each commission
will establish how the benefits of the federal tax reduction will be
distributed to customers in its jurisdiction.
Customers will be notified of their savings via a message included in
their next bill.
About Washington Gas
Washington Gas Light Company is a regulated natural gas utility
providing safe, reliable natural gas service to more than 1.1 million
customers in the District of Columbia, Maryland and Virginia. A
subsidiary of WGL Holdings, Inc. (WGL), the company has been providing
energy to residential, commercial and industrial customers for 169 years.
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading source
for clean, efficient and diverse energy solutions. With activities and
assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL
Midstream and Hampshire Gas. WGL provides options for natural gas,
electricity, green power and energy services, including generation,
storage, transportation, distribution, supply and efficiency. Our
calling as a company is to make energy surprisingly easy for our
employees, our community and all our customers. Whether you are a
homeowner or renter, small business or multinational corporation, state
and local or federal agency, WGL is here to provide Energy Answers. Ask
Us. For more information, visit us at wgl.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180108006934/en/
Bernie Tylor, 202-624-6778
Douglas Bonawitz, 202-624-6129
Source: Washington Gas
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