Avangrid will pass savings from tax reform to customers
AVANGRID, Inc. (NYSE: AGR), a diversified U.S. energy company, issued the following statement regarding the impact of the 2017 tax reform act.
AVANGRID’s regulated natural gas and electricity companies will pass along to customers the full benefit of any tax savings that the companies realize as a result of the 2017 federal tax reform act.
Among other changes, the tax reform act reduces the federal corporate tax rate from 35 to 21 percent. As a matter of fairness, AVANGRID believes that any resulting tax savings should be extended to customers.
AVANGRID and its companies look forward to working with regulatory agencies to determine the best mechanism to accomplish this, and to ensure it is done in a fair and responsible manner. We expect this to happen via existing regulatory processes in the months ahead.
AVANGRID is the parent company of United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas in Connecticut; Central Maine Power and Maine Natural Gas in Maine; Berkshire Gas in Massachusetts; and New York State Electric & Gas and Rochester Gas & Electric in New York.