RICHMOND, Va. (AP/WRIC) — Virginia’s largest electric utility has reached a settlement agreement with the Virginia State Corporation Commission (SCC) Staff, the Office of the Attorney General and other groups in an ongoing rate case that if approved would provide one-time refunds to customers and a rate reduction going forward.
Dominion Energy Virginia announced the development late Monday afternoon in the rate case that kicked off in the spring.
The company said in a news release that the proposed settlement would result in $330 million in one-time refunds on customer bills, amounting to about $67 for a typical residential customer.
Rates would be slightly cut under the new settlement, each customer would see about a 90 cents decrease on their monthly bill.
Other parts of the settlement include investment into the Coastal Virginia Offshore Wind project. The project will create the largest coastal wind operation on the East Coast. There will also be continued efforts towards growing Virginia’s solar portfolio.
These environmentally minded efforts are part of Dominion’s plans to transition to 100% clean energy in Virginia by 2045 and cut net emissions to zero by 2050 across the corporation.
“I appreciate the thoughtful effort of all parties in reaching an agreement that puts our customers’ interests first,” said Ed Baine, president of Dominion Energy Virginia. “We have a lot of work ahead as we continue to build a clean energy future in Virginia. This settlement enables us to continue to keep rates affordable while creating new jobs through the development of offshore wind, solar and energy storage expansion, transformation of the grid and energy-efficiency enhancements.”
The State Corporation Commission can now accept, reject or modify the agreement.