- Residential customers will see $14 in average monthly savings
- Residential rates now 20% below national average, 39% below regional average
- Company separately initiates biennial base rate review, seeking no increase to base rates
RICHMOND, Va., July 5, 2023 /PRNewswire/ -- Beginning July 1, Dominion Energy Virginia is lowering its rates by about $14 a month for typical residential customers, with lower rates also going into effect for non-residential customers. A typical residential customer uses an average of about 1,000 kilowatt-hours of electricity each month.
The rate reduction was enabled by bipartisan legislation passed in the 2023 Virginia General Assembly, which eliminated about $7 in monthly charges. The law also allowed the company to seek regulatory approval to spread fuel costs over a multi-year period, which lowers the monthly fuel charge by an additional $7. The lower fuel charge will remain on an interim basis, pending Virginia State Corporation Commission (SCC) approval of the company's long-term fuel securitization proposal.
Over the last 15 years, the company's residential rates have remained stable and consistently below national and regional averages. With lower monthly rates going into effect on July 1, the company's residential rates are now 20% below the national average and 39% below the East Coast regional average.
"At a time when consumers are paying higher prices for most goods and services, we're pleased to lower our customers' rates," said Ed Baine, President of Dominion Energy Virginia. "This will provide immediate relief for our customers now and ongoing savings in the future. It's an important part of our mission of delivering reliable, affordable and increasingly clean energy to our customers."
In a separate filing with the SCC earlier this week, the company initiated its first biennial base rate review under the legislation passed earlier this year. During the review, which by law occurs every two years, the SCC will assess the company's "base rates," which account for about half of a residential customer's monthly bill. The company is not seeking an increase to its base rates under the review.
View the Spanish version of this press release.
About Dominion Energy
About 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
