RICHMOND, Va. — Virginia regulators have approved a settlement that will bring to a close a review of the rates of the state's largest electric utility and result in modest refunds and a rate reduction for Dominion Energy Virginia customers.
No party to the case opposed the settlement, the State Corporation Commission said in a news release Thursday announcing its approval.
The settlement resolves Dominion's triennial base rate case, which kicked off in the spring. Under the terms of the settlement announced last month, a typical residential customer will see a monthly bill reduction moving forward of approximately 90 cents. In addition, that typical customer will receive refunds totaling approximately $67 over the 2022-2023 period, the commission said.
Dominion, a political heavyweight, has routinely pushed through legislation over the years that has minimized its chances of having to lower its rates. Consumer advocates have said the settlement represents the best possible outcome for ratepayers under current law.
“We thank all parties to the case for working cooperatively for a good outcome for customers, an even more reliable grid, economic development and the environment," Ed Baine, president of Dominion Energy Virginia, said in a statement Thursday.