PANAMA CITY — The average Gulf Power customer will likely see their monthly power bill drop a little bit as the company had filed an agreement with Florida Public Service Commission to reduce rates in 2019.
A combination of Congress and President Trump slicing the corporate from 35 percent to 21 percent and lower fuel, conservation and environmental costs are driving Gulf Power to reduce rates. If the proposed rate change is approved, the average Gulf Power customer using 1,112 kilowatt-hours per month can expect to see a $2.70 drop on their monthly electricity bill for 2019, according to the company.
That would put the average bill at $141.09, the lowest since 2014, according to Gulf Power records.
"I'm excited that our prices are the lowest they've been in five years," said Stan Connally, Gulf Power chairman, president and CEO in a prepared statement. "Reduced taxes and reduced costs means reduced prices for Gulf Power customers — about $32 per year for the average customer. This will be the eighth time in 10 years we've been able to decrease prices."
If approved by the Florida Public Service Commission, customers will see the decrease starting on their January 2019 bill, passing along savings from the tax cuts.
This is the second decrease customers could see since the Tax Cuts and Job Acts became law on Dec. 22, 2017. Last year, Gulf Power reduced rates by $103 million for 2018.
On the tax-related decrease, Gulf Power worked together to reach an agreement with the Office of Public Counsel, the Florida Industrial Power Users Group, The Florida Retail Federation and the Southern Alliance for Clean Energy to agree on how to deliver these savings to customers.
Even with the cost savings, Connally said in a statement the company will be continuing to make investments in the energy grid.
"Our team will continue to make smart investments in our energy grid to continue the high reliability our customers have come to expect," said Connally.