Utility holding company Exelon Corp. (EXC) said Friday its BGE and ComEd subsidiaries will seek permission from state regulators to reduce rates for customers following the enactment of the recent federal tax overhaul.
The company said in both instances, the savings are from the reduction in the corporate tax rate.
Continue Reading Below
BGE said it will seek permission from the Maryland Public Service Commission to pass about $82 million in tax savings to customers this year. BGE said if approved, the average residential electric customer could see a decrease of about $2.31 on their monthly bill, and the average residential combined natural gas and electric customer could see a $4.27 monthly bill reduction, starting next month.
ComEd said it will seek permission from the Illinois Commerce Commission to pass about $200 million in tax savings to customers this year. ComEd said if approved, the average residential customer could see a decrease between $2 and $3 on their monthly bill.
Exelon shares fell 0.1% to $38.47 in morning trading.
Write to Bowdeya Tweh at firstname.lastname@example.org
(END) Dow Jones Newswires
January 05, 2018 10:55 ET (15:55 GMT)