ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR), a diversified U.S. energy company, today issued the following statement regarding the impact of the 2017 tax reform act.
AVANGRID’s regulated natural gas and electricity companies will pass along to customers the full benefit of any tax savings that the companies realize as a result of the 2017 federal tax reform act.
Among other changes, the tax reform act reduces the federal corporate tax rate from 35 to 21 percent. As a matter of fairness, AVANGRID believes that any resulting tax savings should be extended to customers.
AVANGRID and its companies look forward to working with regulatory agencies to determine the best mechanism to accomplish this, and to ensure it is done in a fair and responsible manner. We expect this to happen via existing regulatory processes in the months ahead.
AVANGRID is the parent company of United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas in Connecticut; Central Maine Power and Maine Natural Gas in Maine; Berkshire Gas in Massachusetts; and New York State Electric & Gas and Rochester Gas & Electric in New York.
About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a diversified energy and utility company with approximately $32 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates more than 6 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.