Big Utilities See Inflation Act Helping Reduce Customers’ Bills

Utility giants planning to spend billions of dollars to move away from fossil fuels see the Inflation Reduction Act helping to reduce the cost of that transition as its customers grapple with high energy bills.

Executives with Duke Energy Corp. and American Electric Power Co. said they are still evaluating the totality of the potential savings. They foresee customers getting a break on their bills thanks to the clean energy tax credits and incentives provided under the law. Both utility owners plan to deploy massive amounts of new wind and solar energy to replace their aging coal power plants.

“This ...