The Public Service Commission has approved $16 million in credits to customers within the Atlanta Gas Light delivery area.
The credits which will show up in customer bills in July and October stem from savings from the recent tax cuts, a statement from the PSC said. The new law lowered the corporate tax rate from 35 percent to 21 percent.
Residential customers will receive credits totaling $8.62 that will be split evenly in their July and October bills. Customers living in multifamily apartments will receive $5.95 in savings in total.
Under an agreement between the company and the commission, the company’s rates will also be frozen at 2017 levels for the next two years. The company, which had prior to the passage of the new tax law sought to increase rates, said it will not seek an increase through 2019.
“We are pleased that the stipulation will provide tangible benefits to consumers by providing bill credits and freezing the company’s rates through 2019,” said Commission Chairman Lauren “Bubba” McDonald.
The company also said savings from the new tax rate would yield another $19.5 million in savings to the balance owed by customers on a 2,700 mile natural gas pipeline replacement program.
“The PSC’s order strikes the proper balance of allowing Atlanta Gas Light to continue making important safety and modernization investments in infrastructure programs while returning the net benefits of tax reform to customers,” said Bryan Baston the president of Atlanta Gas Light.
Atlanta Gas Light company, a subsidiary of Georgia Power’s parent company, Southern Company, and provides natural gas services to over 1.6 million customers in Georgia.
All the customers within the Atlanta Gas Light Company distribution area will receive two bill credits this year. The credits vary in amounts from residential customers to commercial, Agricultural and Transportation customers.