Duke Energy customers could see a drop in their bills by the end of this year. The Indiana Utility Regulatory Commission has approved an agreement with Duke to lower electric rates, due to savings from last year’s Republican federal tax bill.
The rate reduction was first proposed in June. According to a press release from Duke Energy, the commission approved it this week. Duke estimates that by 2020, customers will save an average of about $7, or 5.6 percent, on their average monthly electric bill.
"This is an important agreement, and the commission's approval allows us to begin passing along savings to customers immediately and ensure they see the benefit of the new federal tax law," Duke Energy Indiana President Melody Birmingham-Byrd says in the release.
The agreement will also reduce base rates as early as next month.