Dominion Energy Virginia lowered residential rates $14/month on average as of July
As July began, Dominion Energy Virginia lowered its rates approximately $14 per month for its typical residential customers, planting them at 20 percent below the national average while also cutting non-residential rates.
Despite kicking off a biennial base rate review as well, the company has put forth no request for base rate increases. The company credits such rate reductions and low prices in general to bipartisan legislation from the 2023 Virginia General Assembly, which allowed it to drop about $7 in monthly charges and to pursue regulatory approval to spread fuel costs over multiple years, dropping the fuel charge further.
Still, the lower fuel charge is only an interim figure for now – the Virginia State Corporation Commission (SCC) needs to approve Dominion’s long-term fuel securitization proposal first.
“At a time when consumers are paying higher prices for most goods and services, we’re pleased to lower our customers’ rates,” Ed Baine, president of Dominion Energy Virginia, said. “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.”
Biennial rate reviews must be submitted every two years under Virginia law. Base rates account for about half of a residential customer’s monthly bills. Over the last 15 years, Dominion noted that its residential rates have remained stable and consistently placed below national and regional averages.
