RICHMOND, Va. (WRIC/AP) — 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.

The State Corporation Commission said in a news release Thursday it had approved the settlement resolving Dominion’s triennial base rate case. No party to the case opposed it.

Under the terms, a typical residential customer will see a monthly bill reduction moving forward of approximately 90 cents. Rate reductions will reach a maximum of $50 million a year.

In addition, that typical customer that uses around 1,000 kWh per month will receive refunds totaling approximately $67 over the 2022-2023 period. There will be around $330 million in refunds distributed statewide.

Consumer advocates have praised the settlement.