PG&E proposes to reduce expected customer rate increases |

PG&E proposes to reduce expected customer rate increases

SAN FRANCISCO — Pacific Gas and Electric Company filed several ratemaking requests Monday with the California Public Utilities Commission, the company said in a release.

PG&E is taking action to pass along approximately $450 million in annual tax savings to its customers, the release stated.

As a first step, PG&E made three separate filings requesting to pass along approximately $325 million per year in federal tax savings from the federal Tax Cuts and Jobs Act for 2018 and 2019. PG&E has proposed to the commission the benefits of the federal tax savings be used to offset expected rate increases.

Also, the company filed its 2018 Catastrophic Events Memorandum Account application requesting cost recovery of $183 million for safely restoring power for fire and storm declared emergencies from the middle of 2016 through early 2017.

That filing also includes recorded costs of $405 million for work to prune, cut back or remove dead or dying trees in 2016 and 2017 resulting from years of drought conditions and associated bark beetle infestation, as well as a forecast of $555 million for additional tree mortality and fire mitigation work anticipated in 2018 and 2019.

“We’ve committed to making sure that the changes to the federal tax law benefit our customers,” said Robert Kenney, PG&E vice president of regulatory affairs. “PG&E has proposed that the savings from the federal tax law changes be used to offset currently approved or anticipated rate increases to stabilize customers’ rates and bills.”

PG&E expects to work with the California Public Utilities Commission to determine the timing and the best way to pass the tax savings along to its customers given the impact on customer rates from the Catastrophic Events Memorandum Account application and other factors.

As a next step in passing along the additional tax savings to customers, PG&E expects to reflect additional federal tax savings of approximately $125 million from other rate cases, including a pending Federal Energy Regulatory Commission proceeding.

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Source: Pacific Gas & Electric

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