Ohio regulators say utilities can't keep federal tax cut
The utilities can appeal the commission's decision to the Ohio Supreme Court
COLUMBUS, Ohio (AP) — State utility regulators in Ohio have rejected legal arguments by the state's four big electric utilities seeking to avoid returning proceeds from the federal tax cut to customers through rate reductions.
The Public Utilities Commission of Ohio's unanimous decision Wednesday means American Electric Power, Dayton Power & Light, Duke Energy and FirstEnergy must continue to set aside all money from the tax cut until details about how rates will be lowered.
President Donald Trump signed a $1.5 trillion tax cut package in December that reduced corporate tax rates from 35 percent to 21 percent.
PUCO Chairman Asim Haque said the question has always been how the utilities' tax savings would benefit electric consumers.
The utilities can appeal the commission's decision to the Ohio Supreme Court.