Dominion Energy South Carolina Files Comprehensive Settlements of General Electric Rate Case for Approval by Public Service Commission of South Carolina
Dominion Energy South Carolina Files Comprehensive Settlements of General Electric Rate Case for Approval by Public Service Commission of South Carolina
A kilowatt-hour (kWh) is a unit of energy equal to one kilowatt (1,000 watts) of power used continuously for one hour; it’s the standard way utilities measure and bill electricity. Investors use kWh to compare how much electricity a plant generates, a device consumes, or a storage system can deliver, much like liters tell you how much fuel was used — it directly ties to revenue, costs and the economic value of energy assets.
return on equityfinancial
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
regulatory capital structurefinancial
The regulatory capital structure is the mix of financial resources a regulated firm must hold and how regulators treat each piece when judging the firm’s safety and compliance. Think of it as a required safety kit — some items (like cash cushions or equity) reduce the risk of failure more than others, and the rules about which items count affect how freely a company can pay dividends, borrow, or grow, so investors use it to judge stability and risk.
Public Service Commission of South Carolinaregulatory
A state regulatory agency that oversees and approves rates, service standards, and major infrastructure projects for utilities such as electricity, gas, water and certain transportation and telecommunications providers within the state. Its rulings act like a referee for public services: they determine how much companies can charge, which projects get built, and how costs are shared, so investors watch its decisions because they directly affect company revenues, costs, risk and long‑term value.
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Weatherization projects are upgrades that make buildings use less energy and withstand weather better, such as adding insulation, sealing drafts, replacing windows, or improving heating and cooling systems — think of wrapping a house in a better coat to keep the temperature steady. For investors, these projects matter because they cut operating costs, can increase property value, lower future repair or compliance risks, and may qualify for government incentives that improve returns.
offshore windtechnical
Offshore wind is wind turbines and related facilities installed in the sea or large lakes to generate electricity from stronger, steadier winds offshore. For investors, it matters because these projects are large, long-lived infrastructure investments that can provide steady revenue under long-term power contracts or government support, but also carry big up-front costs, construction and maintenance risks, and dependence on policy and grid connections — like building a factory on the water that sells power instead of goods.
carbon-free electricitytechnical
Electricity generated without releasing greenhouse gases during production, typically from sources like wind, solar, hydro, and nuclear — imagine power from a factory that produces no smoke while running. For investors, carbon-free electricity matters because it reduces exposure to climate-related rules and fuel-price swings, can unlock subsidies or premium pricing, and signals long-term competitiveness and lower transition risk for utilities and companies that use or produce energy.
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Settlements’ rate request keeps DESC residential customers’ electric rates below national average
Significant proposed customer benefits include bill credit, additional assistance for low-income customers, and weatherization projects
CAYCE, S.C.--(BUSINESS WIRE)--
Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), together with other parties of record, today submitted comprehensive settlement agreements in DESC's pending general electric rate case for approval by the Public Service Commission of South Carolina (PSC). With the exception of one party, the settlements include all parties signing, supporting, or not opposing.
Since 2023, DESC has added approximately 23,000 new electric customers to its system and invested $1.4 billion in its electric system to keep it running in a safe, reliable and cost-effective manner.
DESC and intervening parties will present the settlements to the PSC at a hearing scheduled to begin May 12. After a thorough review, DESC expects the PSC to make the final decision and adjust rates as appropriate. If approved by the PSC, the proposed settlements would allow DESC to recover the rising costs of investments needed to provide electric service to an expanding customer base at the level of excellent operational performance customers count on every day while also listening to concerns of customers and other stakeholders.
Key components of the proposed settlements, which require PSC approval, provide significant customer benefits:
Starting July 1, the average monthly bill for a residential customer using 1,000 kilowatt-hours would increase by just under $12, representing a 7.62% adjustment and keeping residential rates below the national average.
A total of $6 million funded by shareholders will directly assist customers. This consists of a one-time $3 million refund in the form of a bill credit applied this year for residential customers. Also, an additional $1 million annually for three years will help low-income customers through payment assistance programs and support weatherization projects.
The proposed settlements also support:
An authorized return on equity of 9.99%.
A regulatory capital structure equity component of 53.52%.
A revenue increase of $207 million, which is about 36% less than the original request of $322 million in January.
There is no change to Dominion Energy's existing financial guidance.
Intervening parties have engaged with DESC for several months to reach the settlement agreements. They include the South Carolina Office of Regulatory Staff, the South Carolina Department of Consumer Affairs, South Carolina Energy Users Committee, Frank Knapp, Jr., Southern Alliance for Clean Energy, South Carolina Coastal Conservation League, Vote Solar, the Sierra Club, Google, LLC, CMC Steel South Carolina, Walmart, AARP, and the U.S. Department of Defense and All Other Federal Executive Agencies.
About Dominion Energy
Dominion Energy (NYSE: D) provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina; is one of the nation’s leading developers and operators of regulated offshore wind and solar power; and is the largest producer of carbon-free electricity in New England. Through the Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $40 million in 2025 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit DominionEnergy.com to learn more.
