Baltimore Gas & Electric Co. said Thursday that the annual benefit to its customers from the recent federal tax cuts will be $103 million, up from the roughly $82 million it announced last week.
The Baltimore-based electric and gas utility filed an updated request Thursday with the Maryland Public Service Commission to share the anticipated tax savings with customers.
With the expanded savings, the average residential electric BGE customer would see their monthly bill reduced by about $2.91, up from $2.31 last week. The average residential customer receiving both natural gas and electricity would see their monthly bill reduced by $5.41, up from $4.27 last week.
BGE has proposed to the commission, which must review the proposal and approve it, that the reduced rates would take effect in February.
The proposal stems from the reduction in the corporate tax rate to 21 percent from 35 percent under the tax bill passed by Republicans in Congress and signed into law by President Donald J. Trump in December.
BGE serves more than 1.25 million electric customers and more than 650,000 natural gas customers in central Maryland.