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$330 million in refunds headed to Dominion customers

(Ned Oliver/Virginia Mercury)
Published: Nov. 19, 2021 at 7:38 AM EST
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Virginia utility regulators have approved a settlement in the state’s review of Dominion Energy’s earnings between 2017 and 2020.

The settlement, which was first announced last month, will send $330 million in refunds back to ratepayers and reduce the company’s annual rates by $50 million, the maximum amount allowed under the Grid Transformation and Security Act passed by the General Assembly in 2018.

The average residential ratepayer is expected to receive approximately $67 in refunds in the form of bill credits over the 2022-23 period and will also see their monthly bill decline going forward by approximately 90 cents starting in about two months.

Dominion shareholders will also see returns rise under the settlement, which raises the utility’s return on equity from its current level of 9.2 percent to 9.35 percent.

In an order issued Thursday afternoon, the State Corporation Commission concluded that the settlement “taken as a whole, is in the public interest” and “comports with statutory requirements.”

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.(Virginia Mercury)

The Virginia Mercury is a new, nonpartisan, nonprofit news organization covering Virginia government and policy.

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