Washington state regulators order Cascade Natural Gas to return tax cut benefits to customers
Utility rates of Cascade Natural Gas will soon have to cut their rates and return all benefits of the 2017 federal tax cut legislation to its customers, following a ruling by the Washington Utilities and Transportation Commission (UTC).
Cascade’s last general rate increase was in 2016.
Regulators settled on a $5.4 million decrease in Cascade’s natural gas annual revenues. The company originally requested a $5.9 million rate increase. Over a 15 month period, beginning Aug. 1, the company will have to repay tax benefits and refund an additional $1.6 million in excess deferred income tax. For residential customers using 55 therms, this will translate to approximately $1.62 less per month, for an average monthly bill of $45.82.
The commission’s settlement also allows Cascade to earn a 7.31 percent rate of return. Cascade had initially requested a 7.6 percent rate of return. The commission received 38 public comments on the rate increase proposal — 37 of them opposed such an increase and one was undecided.
