Wednesday, October 4, 2023

Dominion Energy Virginia Lowers Customer Rates

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As of July 1, Dominion Energy has lowered its rates by approximately $14 per month for typical residential customers, with lower rates also going into effect for non-residential customers.

The rate reduction was enabled by bipartisan legislation passed in the 2023 Virginia General Assembly, which eliminated about $7 in monthly charges. The law also allowed Dominion Energy to seek regulatory approval to spread fuel costs over a multi-year period, which lowered the monthly fuel charge by another $7. The lower fuel charge will remain on an interim basis, pending Virginia State Corporation Commission (SCC) approval of the company’s long-term fuel securitization proposal.

According to Dominion Energy, over the last 15 years, the company’s residential rates have remained stable and consistently below the national and regional averages. With lower monthly rates now in effect, the company’s residential rates are now 20 percent below the national average and 39 percent below the East Coast regional average.

“At a time when consumers are paying higher prices for most goods and services, we’re pleased to lower our customers’ rates,” said Ed Bane, president of Dominion Energy Virginia, in a press release. “This will provide immediate relief for our customers now and ongoing savings in the future. It is an important part of our mission of delivering reliable, affordable, and increasingly clean energy to our customers.”

In a separate filing with the SCC recently, the company initiated the first biennial base rate review under the legislation passed earlier this year. During the review, by which law occurs every two years, the SCC will assess the company’s “base rates,” which account for about half of a residential customer’s monthly bill. The company is not seeking an increase to its base rates under the review.

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