BREAKING: El Paso Electric to Provide Credits to Texas Consumers Due to Tax Reform
Since its passage in December, major utility companies nationwide have announced plans to pass on savings to their customers due to the Tax Cuts and Jobs Act. Recently, El Paso Electric Company (EPE) joined the list, announcing that it will provide a credit to base rates beginning in April 2018 for Texas consumers, pending regulatory approval. In a statement provided by EPE, President and CEO Mary Kipp states that “With the reduction in the federal statutory income tax rate and our recent rate case settlement, it was important for El Paso Electric to plan ahead in order to pass those savings along to our customers as quickly and efficiently as possible. An important provision of our rate case settlement was to create the mechanism to credit these savings back to our Texas customers.”
The announcement could not have come at a better time. The massive savings prove that every-day Americans are reaping the benefits of tax reform. EPE services approximately 320,000 Texas customers, including constituents in El Paso, Hudspeth and Culberson Counties. According to the announcement, the EPE is proposing to provide a rate decrease to pass through the effect of the tax reduction by applying a credit to base rates beginning April 1, 2018, for the electric service it provides to Texans.
Historic tax reform continues to produce tangible benefits for American workers, job creators and families nationwide. Now, in addition to 90 percent of Americans keeping more money in their paychecks, El Paso electricity consumers can look forward to receiving additional relief. I am proud to have fought hard to deliver real results to the hardworking folks in El Paso County who are the true faces of tax reform.