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DTE Gas Co. customers can expect a small monthly credit on their utility bills starting next month.
The Michigan Public Utilities Board on Tuesday announced monthly discounts for DTE Gas's customers to reflect the effect of lower federal corporate tax rates on the utility's long-term investment in the company. Detroit, the MSPC announced in a press release.
About $ 12.7 million a year – for a total of $ 333 million – will be returned to customers from September, said the statement.
Residential customers of DTE Gas using 10,000 cubic feet of natural gas per month can expect a credit of 58 cents per month on their bill.
The adjustments will be in effect until the next time the utility charges new rates, depending on the version.
DTE has 1.2 million residential and business customers in Michigan, DTE spokesperson RoNeisha Mullen said in an e-mail.
"Since the entry into force of the Federal Law on the reduction and reduction of income tax, the Commission defends the savings made by taxpayers," said in a statement the president of the MPSC , Sally Talberg. "Our staff continues to play a leading role in ensuring that every dollar saved as a result of changes in tax legislation is passed on to taxpayers as quickly as possible."
This is the third series of invoice adjustments triggered by the 2017 law on reducing the tax on employment and employment, which lowered the rates of tax. 39, corporate taxation from 35% to 21%, the statement said.
After the law came into force, MPSC put in place a multi-step process for utilities owned by investors, including DTE Energy Co., Consumers Energy Co. and others, so transfer savings to taxpayers.
In the first repayment cycle, called Credit A, the commission approved credits of about $ 380 million for Michigan utilities. In the second round, repayments of approximately $ 232 million were approved.
The Board approved repayments of Credit A of $ 2.12 per month for DTE Gas's customers in May 2018 and repayments of Credit B of $ 2.21 per month in October 2018.
In addition, DTE Electric Co. will apply a three-month surcharge on utility bills to recover the recurring costs of customers of the Old City of Detroit's public lighting service that were transferred to DTE. In a settlement agreement, MPSC accepted a surtax of 0.103 cents per kilowatt hour. As a result, customers using 500 kilowatt hours of electricity can expect to pay 52 cents on their October, November and December bills to cover 2018. Transition costs of the system, according to the release .
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