CLEVELAND, Ohio (WOIO) - Customers of Dominion Energy Ohio will be getting a reduced bill each month for many years because it overcharged residential gas customers.
An agreement made in October between the Public Utilities Commission of Ohio and Dominion Energy means a $50.9 million credit will be passed back to residential gas customers. The reductions will go into effect immediately, according to the PUCO.
The PUCO ruled the company must credit residential customers for billing rates that reflect the federal corporate income-tax rate reduction from 35% to 21%.
The Tax Cuts and Jobs Act of 2017 lowered corporate tax rates for 2018.
A total payback will be spread out over 38 years.
- First year - Residential customers will see a bill reduction of approximately $5.80 per month
- Years two through six - Residential customers will see a bill reduction of around $3.15 per month
- Year seven and beyond - Residential customers will see a reduction of about $1.55 per month