A 6 percent rate decrease for Ameren customers in Missouri takes effect Wednesday.
The St. Louis-based utility credits the estimated $167 million cut, which was approved last last month, to savings resulting from the federal Tax Cuts and Jobs Act of 2017, which reduced tax rates to 21 percent from 35 percent.
The rate cut for Ameren customers was facilitated by a new state law, signed by former Gov. Eric Greitens before he left office in June, changing the way utilities like Ameren are regulated by the Missouri Public Service Commission.
In a release, Ameren said the new law would also enable the company to update its energy grid as part of its larger “Smart Energy Plan.”
That plan also includes solar rebates of up to $28 million for customers starting in 2019 and allocation of $14 million to utility-owned solar by 2023, according to the release.