Commission Approves Federal Tax Reduction For Vectren Bills
Customer bill amounts to decrease by $125 over a 12 month period
The Indiana Utility Regulatory Commission (IURC) approved the final phase of an agreement between Vectren Energy Delivery of Indiana – South (Vectren) and various consumer groups to reflect decreases in natural gas and electric rates as a result of the Federal income tax reduction prescribed in the Tax Cuts and Jobs Act of 2017.
Today’s approval, combined with the first phase approved in June, results in customers who receive Vectren electric and natural gas service seeing their annual energy bill reduced by a combined total of about $125 over a 12-month period; roughly $90 is associated with the electric portion of the bill, and the remaining $35 related to the natural gas charges.
“Current bills include the cost of income taxes and with this agreement, customers will directly benefit from this reduced cost resulting from the lower tax rate,†said Brad Ellsworth, president of Vectren Energy Delivery of Indiana – South. “Vectren is committed to ensuring all reductions approved within the Tax Cuts and Jobs Act of 2017 are received by customers.â€
Vectren announced its plan to lower rates in February, which was followed by a March regulatory filing with the IURC. The first phase of the plan was approved by the IURC in June and immediately implemented. The additional reductions approved today are expected to be reflected in bills by the end of 2018 or early 2019.
