The Ohio Public Utilities Commission approved a settlement allowing Dayton Power & Light Company to raise its distribution revenues by $29.78 million annually, and set a rate of return of 7.27 percent, according to a Sept. 26 press release. The rates reflect savings under the federal tax law which slashed corporate income tax to 21 percent from 35 percent effective Jan. 1. The change is expected to increase monthly residential electric bills by $2.64. In November 2015, the utility asked for an annual revenue increase of $65.7 million, which would have raised residential electric rates by $4.07. The settlement also requires the utility to examine grid modernization opportunities, and adopt revenue decoupling, a mechanism that lowers incentives to increase energy sales. The Dayton Power and Light Company is as a subsidiary of DPL Inc.