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News | News Release Contact: Andy Farmer, (804) 371-9141
For Immediate Release: November 21, 2013
Listen SCC SETS LOWER FUEL RATE FOR DOMINION VIRGINIA POWER

RICHMOND — The State Corporation Commission (SCC) has approved a reduction in the fuel rate requested by Dominion Virginia Power that will take effect on December 1, 2013.

The new fuel rate is 2.572 cents per kilowatt-hour (¢/kWh), which represents a decrease of 0.37 ¢/kWh from the current fuel factor of 2.942 ¢/kWh. For the average residential customer, the fuel rate decrease means the monthly bill for 1,000 kilowatt-hours of electricity will decrease $3.70, or approximately 3.3 percent.

The fuel rate is the portion of the electric bill that pays for the cost of fuel used to generate electricity and reflects the wholesale purchase and sales of power. Dominion Virginia Power is statutorily entitled to recover its prudently incurred fuel costs. This is a dollar-for-dollar recovery, and the company can make no profit on the recovery of fuel expenses.

The company’s voluntary fuel rate reduction seeks to align its 2013-2014 fuel year revenues with corresponding fuel expenses in light of recent weather conditions and fuel commodity prices.

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Case Number PUE-2013-00042 - Application of Dominion Virginia Power to revise its fuel factor