Dominion Energy residential customers in Virginia can expect a one-time bill credit in June to return savings from federal corporate income tax reform.
The typical residential customer using 1,000 kilowatt-hours per month will see a credit of $33.27 next month, one of the largest in Dominion Energy Virginia’s history. Individual credits will depend on each customer’s historical energy usage.
This represents the third bill credit Dominion Energy customers have received over the past year. Along with the three credits totaling almost $71, the typical residential customer also saw more than $3.78 in rate cuts related to federal corporate income tax reform in the past year. The credits and rate reductions carry out the requirements of the Grid Transformation and Security Act of 2018, including its directive that the full savings of federal tax reform be passed along to customers.
Dominion Energy’s typical Virginia residential bill of $116.79 is 17 percent below the national average and about 34 percent below the mid-Atlantic/northeastern states average, according to a new report from Edison Electric Institute.
Over the past 11 years, Dominion Energy has invested in new infrastructure, sustainability initiatives, and renewable energy, while residential bills have increased at an average rate of 0.9 percent annually, well below the rate of inflation.
“The June bill credit will help provide relief to our customers as we enter the hot summer months,” said Corynne Arnett, vice president of customer service for Dominion Energy. “We have a long record of providing reliable and reasonably priced energy to Virginians even as we make significant new investments in renewable energy and critical infrastructure.”
The company today asked for State Corporation Commission approval of two other rate changes later this summer.
The company proposed a reduction in its fuel rate, due to the past year’s lower than estimated fuel costs and mild weather. If the request is approved, the typical residential monthly bill would drop by $2.84 beginning July 1. The company does not make any profit on the fuel charge. Customers only pay for the actual cost of fuel.
The company also requested SCC permission to revise its transmission rate, the portion of customer bills that supports the development and maintenance of the company’s high-voltage transmission system. If the request is approved as filed, the typical residential bill would increase by $6.71 on September 1. The adjustment reflects the ongoing expansion of the company’s transmission system, with investments of up to $1 billion annually in recent years to meet the growing needs of customers and ensure secure and reliable service. A significant portion of the proposed increase is also due to a retroactive change in the way the regional transmission operator, PJM, allocates regional transmission enhancement facility costs among its members.
More information about the company’s electric rates can be found on the Dominion Energy website.