PORTSMOUTH, Va. (WAVY) — Virginia Natural Gas customers can expect to see lower rates in 2019.
The utility company says typical customers who use 50 cubic feet of natural gas a month can expect to see an annual bill decrease of about $33.
The lower rates stem from the Tax Cuts and Jobs Act of 2017, which lowered the company’s federal tax rate from 35 percent to 21 percent.
The company says this will directly benefit 300,000 natural gas customers.
Jim Kibler, president of Virginia Natural Gas, said in a statement, “The benefits of the tax law lowered tax expenses for the company, a savings we are pleased to share with our customers, and I’m happy to report we will be able to lower rates more than originally anticipated.”
Along with the new rates, the company says it’s refunding $13.9 million total for customers’ usage in 2018. The exact amount individual customers see will vary on their usage between Jan. 1 and Dec. 31 of last year.
Customers can get more information on the rates at this link.