RICHMOND, Va. (AP) - Most Virginians will get a credit on their electric bills because of a federal tax overhaul.
The State Corporation Commission announced Friday that Dominion Energy customers will get a one-time customer credit by July 1. Customers of Appalachian Power will get their credit by Oct. 1.
Both companies had reduced rates on interim basis after the federal corporate income tax rate was lowered from 35 percent to 21 percent starting in 2018.
After a more detailed review, the SCC found that Dominion’s rates need to be lowered an extra $57.5 million and Appalachian Power’s rates need to be lowered an extra $30 million.
Dominion is the state's largest electric utility and Appalachian Power is the second largest.