Federal tax cut savings to reach $110.7M for Duke Energy customers

Duke Energy customers will see $110.7 million in energy bill savings as a result of the Tax Cuts and Jobs Act of 2017, the company reports.

That money is spread between Duke’s Ohio and Kentucky customers. Electric customers will benefit most from this, with Ohio customers gaining $46 million and Kentucky customers $16.5 million in annual savings. Where natural gas is concerned, Ohio and Kentucky customers will each gain $3 million in savings, though another $37 million is under consideration in Ohio and another $5.2 million is under review by regulators in Kentucky.

In a single year, Duke said that this could gain individual households up to $70 for natural gas and $40 for electric in Ohio, while Kentucky customers could see up to $51 for natural gas annually and $55 for electric.

“We’ve been working closely with state regulators to ensure that our customers enjoy immediate and long-term benefits of the tax act,” Amy Spiller, president of Duke Energy Ohio and Kentucky, said. “Since the act was passed, we’ve taken many voluntary and proactive steps to enable our customers to start saving money on their monthly energy bills.”

The pending funds in question are divvied up between annual benefits and one-off payments.