– Proposed settlement in 4-year fee case balances stakeholder pursuits and gives clients with continued dependable, inexpensive, and more and more clear power.
– If authorized, important buyer advantages embody one-time refunds, fee discount and software of obtainable income to offset offshore wind and grid transformation investments.
– Buyer-focused utility regulatory framework permits Dominion Power to make investments in clear and dependable power whereas additionally defending clients.
– Dominion Power affirms all current monetary steering.
RICHMOND, Va., Oct. 18, 2021 /PRNewswire/ — Dominion Power Virginia, the Virginia State Company Fee (SCC) Workers, the Workplace of the Lawyer Common, and different events right now filed a complete settlement settlement within the Firm’s pending triennial base fee case. If authorized by the SCC, the settlement would resolve the continuing evaluation of the corporate’s efficiency over the previous 4 years in addition to present important further buyer advantages.
The settlement settlement gives a balanced, affordable and cost-effective strategy that helps continued capital investments in Virginia so as to meet the Commonwealth’s public coverage priorities and the wants of our clients. These investments embody the event of the Coastal Virginia Offshore Wind undertaking — the biggest on this aspect of the Atlantic – in addition to rising one of many main state-regulated utility photo voltaic portfolios within the nation. These, together with different investments together with nuclear relicensing, power storage and grid modernization, put the Firm effectively on its approach to reaching 100% clear power by 2045 in Virginia and internet zero emissions by 2050 throughout Dominion Power’s nationwide footprint.
The settlement settlement aligns with the customer-focused, state regulated utility framework in Virginia. That framework has resulted in nationally main decarbonization targets, buyer charges decrease than nationwide and regional averages and excessive ranges of reliability for purchasers, made attainable by a state regulatory mannequin that embraces long-term planning and resiliency safeguards.
“I respect the considerate effort of all events in reaching an settlement that places our clients’ pursuits first,” mentioned Ed Baine, president of Dominion Power Virginia. “We now have a number of work forward as we proceed to construct a clear power future in Virginia. This settlement permits us to proceed to maintain charges inexpensive whereas creating new jobs by the event of offshore wind, photo voltaic and power storage enlargement, transformation of the grid and energy-efficiency enhancements.”
Along with the SCC Workers and Workplace of the Lawyer Common, the settlement is joined by Condo and Workplace Constructing Affiliation of Metropolitan Washington, Costco, Direct Power, Division of the Navy on behalf of the Federal Government Businesses, Kroger and Harris Teeter, Virginia Committee for Truthful Utility Charges and Walmart. Not one of the remaining eight events to the continuing are against the settlement. Key parts of the settlement, which requires approval from the SCC, would supply important buyer advantages, together with the next:
- A complete of $330 million in one-time refunds on buyer payments made up of $255 million over a 6-month interval and $75 million over three years, leading to a complete proposed refund of roughly $67 for a typical residential buyer.
- Use of $309 million in income to offset prices of the Coastal Virginia Offshore Wind pilot undertaking, deployment of good meters and a Buyer Data Platform, as a part of the Buyer Credit score Reinvestment Offset (CCRO) mechanism outlined by Virginia regulation.
- A $50 million going-forward fee discount, leading to a proposed month-to-month invoice discount of roughly 90 cents for a typical residential buyer.
The proposed settlement additionally helps:
- A certified return on widespread fairness of 9.35%.
- A capital construction with an fairness ratio of 51.917%.
- Amortization by 2023 of the early retirement prices for fossil-generation items recorded in 2019 and 2020.
Complete charges for Dominion Power Virginia’s typical residential buyer are at present greater than 15 p.c under the nationwide common, nearly 30 p.c decrease than the mid-Atlantic common and 35 p.c decrease than the common of states that, like Virginia, have joined the Regional Greenhouse Fuel Initiative.
View the proposed settlement settlement submitting on the State Company Fee web site: https://scc.virginia.gov/docketsearch/DOCS/5tts01!.PDF
About Dominion Power
Greater than 7 million clients in 16 states energize their houses and companies with electrical energy or pure gasoline from Dominion Power (NYSE: D), headquartered in Richmond, Va. The corporate is dedicated to sustainable, dependable, inexpensive and protected power and to reaching internet zero carbon dioxide and methane emissions from its energy era and gasoline infrastructure operations by 2050. Please go to DominionEnergy.com to be taught extra.
SOURCE Dominion Power Virginia
For additional data: Media contact: Rayhan Daudani, 804-771-6115, Rayhan.Daudani@dominionenergy.com, Monetary analysts: David McFarland, 804-819-2438, David.M.McFarland@dominionenergy.com