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Haworth, NJ, March 12, 2018 -- SUEZ announced today that it has filed a plan to cut its customers' bills by about $14 million, following a New Jersey Board of Public Utilities order that mandates that utility companies pass savings from the Federal Tax Cuts and Jobs Act onto its ratepayers.
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The Federal Tax Cuts and Jobs Act that passed in December has reduced the maximum corporate tax rate from 35 percent to 21 percent.
“Reduced tax costs create an opportunity for our customers to benefit from further decreases in their total water service bills,” said David Stanton, President, Utility Operations. “We are pleased to provide these savings to our customers, while making sure we are making smart investments in the local water infrastructure to maintain safe, reliable and affordable service.”
If the plan is approved by the Board of Public Utilities, it is estimated that the reduction will lower the average residential customer's monthly bill by:
- Northern New Jersey utility (Bergen and parts of Hudson counties): 5.2 percent
- Toms River utility: 4.9 percent
- Mt. Arlington: 5.2 percent for water service and 5.8 percent for wastewater service
The total savings for the average residential customer using 4,000 gallons of water a month would be approximately $22 to $24 per year, depending on location.
Stanton further noted that savings only apply to SUEZ customers in utility operations that are owned by the company, as opposed to locations where SUEZ contracts with municipalities to operate and maintain systems, such as Jersey City, Hoboken, Rahway, Kearny or Bayonne.
Attachment:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/43deac26-5036-4baf-80bf-5fa831891b49
Steven Goudsmith SUEZ in North America 201-225-6809 [email protected]
