Utilities in Iowa agree their customers should reap the benefits of corporate tax cuts. This afternoon, the Iowa Utilities Board held a workshop featuring presentations from several companies, including MidAmerican Energy and Iowa American Water Company. This month, the corporate tax rate dropped from 35% to 21%.
Tom Specketer, VP and CFO of MidAmerican Energy, told the utilities board the company estimates it may save around $99 million on its federal tax bill. And Specketer said the utility already has a way to share the savings with customers.
Iowa American Water Company serves Davenport, Bettendorf, Clinton, and LeClaire. Its estimated tax savings is around $1.1 million. It's now up to the Iowa Utilities Board whether to require rate cuts, or work with each company on individual plans to pass the tax savings on to customers. Also today, the Illinois Commerce Commission ordered 22 rate-regulated utilities to reduce their rates or show the agency why they shouldn't have to.
MEC IUB Presentation by Michelle O'Neill on Scribd
Iowa American Water Presentation by Michelle O'Neill on Scribd
463307 by Michelle O'Neill on Scribd