Regulators Sign Off on Tampa Electric Savings

Customers of Tampa Electric Co. will see lower rates as the utility uses savings from last year’s federal tax package to offset hurricane-restoration costs.

The Florida Public Service Commission on Monday approved Tampa Electric’s proposal to reduce rates the equivalent of $6.50 a month for residential customers who use 1,000 kilowatt hours of electricity, once “true-up” costs for past storm work are settled.

The settlement of the costs may not occur until after the start of 2019. For a residential customer who uses the industry benchmark 1,000 kilowatts per month, the change would put monthly bills at $101.35. Tampa Electric serves about 750,000 customers in west-central Florida.

It has joined Florida Power & Light and Duke Energy Florida in offsetting rate increases by using savings from last year’s federal tax overhaul, which cut corporate tax rates and made numerous other changes to the federal tax code that benefited businesses.

Reposted with permission from The News Service of Florida

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