LITTLE ROCK, Ar. (News Release) - Entergy Arkansas, Inc. filed its plan on Tuesday to provide customers approximately $466 million in benefits as a result of the Tax Cuts and Jobs Act (TCJA). Because of the lower federal corporate tax rate, some of Entergy Arkansas’ future tax obligations, which are a component of customers’ rates, have been significantly reduced. To provide this benefit to customers as quickly as possible, Entergy is proposing to provide bill reductions beginning in April of this year.
If approved by the APSC, the multi-million dollars in tax savings will benefit customers in the following ways:
· Customer bill credits will begin in April so customers will begin to benefit almost immediately and prior to summer when usage is typically higher.
· Residential customers will see a savings of an estimated $20 per month for every 1000 kWh consumed from April 2018 to December 2019.
· Business customers also will see significant bill reductions, allowing them to reinvest those savings into their business in 2018 as they deem appropriate.
· Other effects of the TCJA are being considered in a docket opened by the APSC, and we expect those customer benefits to be reflected in future rate changes.
“When tax reform was passed, Governor Asa Hutchinson asked that the Arkansas Public Service Commission work with utilities to pass those benefits to customers as quickly as possible,” said Rick Riley, Entergy Arkansas president and CEO. “Entergy Arkansas has worked with its stakeholders, including Arkansas Attorney General Leslie Rutledge, who has expressed a similar desire, to meet this objective. If approved, the plan submitted will allow Entergy to provide the tax reform benefits to customers beginning as early as April of this year. The tax reduction will allow us to provide substantial bill credits to all customers for a significant period of time.”
Entergy Arkansas, Inc. provides electricity to approximately 700,000 customers in 63 counties. Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and nearly 13,000 employees.
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