Electric rates dropped September 1 for Dominion Energy residential customers in Virginia.
“When it comes to household expenses we know every penny counts, which is why we always strive to provide reliable energy at the best value to our customers,” said vice president of customer service Charlene Whitfield. “We’re proud of our ability to keep rates stable while still providing great service, excellent reliability and increasing our investment in renewable energy.”
The typical 1,000 kilowatt-hour residential monthly bill dropped by $1.55 due largely to a $2.07 reduction in transmission-related costs. While the company is still upgrading and modernizing its transmission system, transmission-related costs assigned to residential customers declined versus the previous year.
The decrease means Dominion Energy’s typical monthly residential bill is 7.0% below the Virginia average, 15.9% below the national average, 17.9% below the Washington, D.C., regional average and 29.3% below the East Coast average.
The reduced rate is the result of adjustments in the portion of customer rates supporting the transmission system, as well as other bill modifications approved by the Virginia State Corporation Commission (SCC) effective September 1.
The net impact of the changes for the monthly bill for the typical Dominion Energy residential customer is a decrease of 1.1%, lowering the typical bill from $117.20 to $115.65, some 30 cents lower than in February 2015.
Dominion Energy has made significant investments in renewable energy while keeping customer’s rates stable. In less than three years, the company’s Virginia solar portfolio has grown to 27 projects either currently operational or under development generating 444 megawatts of electricity across the Commonwealth. Dominion Energy’s 2017 Integrated Resource Plan calls for adding at least 5,200 megawatts of solar in the state over the next 25 years to meet customers’ energy needs.
The company also recently announced the Coastal Virginia Offshore Wind initiative, which is the first phase of a plan that could bring more than 2,000 megawatts of wind generated electricity to its Virginia and North Carolina customers.
The transmission rider, which covers the cost of new and upgraded transmission facilities, is decreasing at the same time as two other rate increases are taking effect. Those rate components recover the cost of solar facilities and the natural gas-powered Brunswick Power Station.
Base rates, which comprise about 60% of a typical residential bill, remain frozen.