ComEd has received approval from the Illinois Commerce Commission to lower electric bills in the wake of the federal tax cut signed into law in by President Trump in December.
ComEd says that as a result, customers will see cumulatively $200 million in savings in 2018. For the average customer, ComEd predicts that will work out to about $2-$3 per bill.
After the tax cut bill was signed into law, ComEd filed an expedited plan to the ICC so that it could take immediate action to pass along some of the savings the company will receive due to the dropping of the corporate tax rate from 35% to 21%. Without that filing, they say the earliest customers could have benefited would not have been until 2020.
“The new tax plan presented an important opportunity to work with our regulators and stakeholders to produce a solution that accelerates the delivery of real savings to our customers,” said Anne Pramaggiore, president and CEO, ComEd in a statement. “We’re grateful to the ICC for their rapid action and the positive outcome.”
ComEd notes that electricity rates for its customers are already pretty low, with rates that are about 20% below the average rate for the 10 largest cities in the U.S.