JUST IN: Utility Company Announces Reduced Rates for Texans
Thanks to tax reform, Texas utility company, Quadvest, is lowering rates for Texans. In the few months following the passage of the Tax Cuts and Jobs Act, utility companies in 48 out of 50 states have taken action to pass their federal tax savings on to their customers. This means more than 87 million customers across the country—so far—are set to see lower monthly utility bills. Simon Sequeira, President of Quadvest based in Magnolia, TX, released the following statement:
"On behalf of the approximately 30,000 customers Quadvest Utility serves in Southeast Texas, we would like to thank you for your integral part in the development and ultimate passage of the Tax Cuts and Jobs Act of FY2017. The passage of this key piece of legislation has allowed Quadvest to proactively reduce our customers' base water and sewer fees by 26% or almost $90 per year/family."- Simon Sequeira, President of Quadvest.
This comes on the heel of The Woodlands based utility company, Entergy's announcement to use their $200 million in tax savings to keep customer rates low and invest in new equipment to increase their reliability and affordability. Sallie Rainer, President and CEO of Entergy, released the following statement:
"Tax reform provides Entergy Texas an opportunity to continue our investment to improve our service to customers, while minimizing the effect to customer bills," said Sallie Rainer, President and CEO of Entergy Texas.
"A lower monthly utility bill is not just "crumbs" as some Washington Democrats would have you believe, it's a big deal for so many families," said U.S. Congressman Kevin Brady. "And if you’re living paycheck-to paycheck, if you’re having a hard time heating or cooling your house - this is real, tangible relief. Tax Reform is working for Texas families and Texas businesses, and the results speak for themselves."
Quadvest is a privately owned water and sewer utility company that is 100% owned by members of the founding family. For 40 years, Quadvest has provided water and wastewater services to approximately 12,000 residential and commercial customers. Currently, Quadvest owns and operates 57 subdivisions throughout Southeast Texas in the following counties: Montgomery, Harris, Katy, Waller, Liberty, Jackson, Brazoria, Fort Bend, Matagorda, and Aransas.
CLICK HERE to read full letter of support.
Entergy Texas, Inc. provides electricity to approximately 450,000 customers in 27 counties. Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees.
CLICK HERE to read official press release.