WILMINGTON, Del. (AP) — Delmarva Power has reduced its power rate request in Delaware by $26 million after Congress cut corporate tax rates.
State regulators in January directed public utility companies like Delmarva Power to add their total amount of savings to make sure consumers receive the benefits.
Delaware Public Advocate Drew Slater and state lawmakers argued that the entirety of the tax savings should go to ratepayers.
Earlier last fall, Delmarva had petitioned the state to grant an electricity and gas rate increase of about $31 million, or about $9 a household.
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Jake Sneeden, a Delmarva spokesman, says the upper bound rate increase now will be about $5 million, after the $26 million in savings. He says Delmarva is still working through the rate case, but the savings will bring a significant offset.
Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com