SCC Approves Fuel Rate Increase for Dominion Energy
SEP 16, 2022
RICHMOND – The State Corporation Commission (SCC) approved an increase to the fuel rate for customers of Dominion Energy Virginia that includes a mitigation proposal that would spread the recovery of the $1.020 billion projected fuel deferral over three years. The Commission also approved a stipulation under which Dominion Energy agreed to waive recovery of one-half of its incremental carrying costs arising from the three-year mitigation proposal, approximately $27.5 million.
The rate increase became effective on an interim basis, subject to further modification, on July 1, 2022.
For a residential customer using 1,000 kilowatt-hours of electricity per month, it represented an increase to the average weighted monthly bill of $14.93.
The fuel rate is the portion of the electric bill that pays for the fuel used to generate electricity and costs associated with power purchased by the utility company to serve its customers.
In its final order, the Commission stated: “the Commission notes its awareness of the ongoing rise in gas prices, inflation, and other economic pressures that are impacting all utility customers. We are sensitive to the effects of rate increases, especially in times such as these. The Commission, however, must follow the laws applicable to this case, as well as the findings of fact supported by the evidence in the record. This is what we have done herein.”
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