MPSC approves almost $270 million in savings for DTE, Consumers Energy customers
Following the trend of benefits provided by the lowered federal corporate tax rate, the Michigan Public Service Commission (MPSC) has approved savings of $269.6 million for customers of Consumers Energy Co. and DTE Electric Co.
The result will be an average off residential bills per month of $2.35 for Consumers customers and $2.46 for DTE customers. Those rates are based on usages of 500 kilowatts per month. Those savings will go into effect beginning next month.
“The Commission’s action ensures that Michigan residents will expediently receive utility bill reductions as a result of the federal Tax Cuts and Jobs Act that went into effect Jan. 1,” MPSC Commissioner Rachael Eubanks said. “The quick action was made possible by Commission Staff working tirelessly to identify everything customers are entitled to receive from the tax law changes. We also appreciate the cooperation by utilities and stakeholders in the first step of our process and look for that to continue as we move forward with our plan that will deliver even more savings to residents and businesses in Michigan.”
In all, nearly $370.8 million in cuts has been approved across Michigan utilities as a result of the Tax Cuts and Jobs Act (TCJA). Such efforts are the result of a three-step process the MPSC put in place to help utilities calculate their reduced corporate tax liability and begin passing those savings to consumers.
