Vectren Energy Delivery will establish a credit on natural gas customer bills to reflect the Tax Cuts and Jobs Act of 2017 on its rates, the Public Utilities Commission of Ohio announced Wednesday.
In all, each Vectren residential customer is estimated to receive approximately $270 in total credit over the duration of the refunds, the release stated.
A $6 million credit, including interest, will be passed back to customers through the end of 2021, for amounts overpaid since Jan. 1, 2018, under the previous corporate tax rates.
Vectren also will credit customers two different funds of excess accumulated deferred income tax (ADIT). One, estimated by the utility to be $74.6 million, will be credited over a 25-year period, and the second of $25.9 million will be credited over a six-year period.
A copy of Wednesday’s finding and order can be found on the PUCO website by clicking on the link to Documents and Rules, then Docketing Information System and searching case 19-29-GA-ATA.
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Read More: Vectren, PUCO reach agreement for utility to credit natural gas bill
