SCC approves settlement in review of Dominion Energy Virginia rates

The State Corporation Commission has approved a settlement in a triennial financial review of Dominion Energy Virginia’s base rates, terms and conditions for the provision of generation, distribution and transmission services.  No case parties opposed the settlement.

Through its order, the Commission approved customer refunds totaling $330 million and the statutory maximum annual rate reduction of $50 million. For a residential customer using 1,000 kilowatt hours (kWh) per month, this rate reduction will result in a decrease of approximately 90 cents per month beginning within 60 days of the SCC final order.

In addition, a residential customer using 1,000 kWh per month will receive refunds totaling approximately $67 over the 2022-2023 period.

As part of the settlement, the Commission approved the term of the stipulation authorizing a rate of return on common equity for Dominion of 9.35 percent. This ROE will be used for rate adjustment clauses and for Dominion’s next triennial review.