Dominion: Bills need to go up to cover higher fuel costs

RICHMOND, Va. (AP) - Dominion Energy Virginia told state regulators this week it expects customers’ bills to increase substantially as the result of dramatic increases in fuel prices.

The state’s largest electric utility filed an application Thursday with the State Corporation Commission seeking to revise the component of customers’ electric rates that covers fuel costs effective July 1.

The company said that it anticipates that by June 30, it will need to recover $1 billion more in fuel costs than previously expected.

That could result in a monthly bill increase of 20%. But the company is proposing spreading that cost recovery out over three years, meaning a smaller increase over a longer-term.

(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.