The Public Utility Commission Thursday issued a Temporary Rates Order, in conjunction with the ongoing review of how the federal Tax Cuts and Jobs Act may affect ratepayers of electric, natural gas, water and wastewater companies regulated by the PUC that earned over $11.8 billion in 2016.
The order, which was approved by a 5-0 vote, is part of the PUC’s ongoing efforts to determine how the reduced annual tax obligations may be addressed in rates charged to ratepayers by public utilities.
The rates charged by Commission-regulated public utilities to their ratepayers reflect, among other things, annual taxes paid both to the federal and state governments.
The order notes that the process for final resolution of this matter will require further review and analysis.
While the Commission will process this matter as promptly as possible, given the complex nature of the tax law changes and the numerous public utilities involved, it is not certain as to when the issues in this matter will be finally resolved for each of the affected public utilities.
Under the circumstances, the Commission moved to declare the current rates and riders of affected utilities to be temporary rates – maximizing the PUC’s authority to establish refunds, negative surcharges or other rate adjustments that are deemed to be necessary, just and reasonable, in response to federal tax rate reductions.
A full list of the utilities impacted by the PUC order has been posted to the online docket for this matter: M-2018-2641242.
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