INDIANAPOLIS (AP) - State regulators have approved an agreement that will lower electric rates for Duke Energy’s 800,000 Indiana customers.

The amount of savings under the agreement approved by the Indiana Utility Regulatory Commission will vary by customer. But the reduction will translate into savings of about $7 a month for the utility’s average electric customer by 2020.

Duke Energy credits the Republican-led federal tax overhaul for the rate reduction. The company said in July that it had stuck a deal with the state’s consumer watchdog and industry groups to share some tax savings with consumers.

Most of the savings will be realized in 2018, but the effects of the agreement will continue to be felt in the coming years.

Duke Energy, an investor owned utility, is one of Indiana’s largest electricity suppliers.

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