In Settlement, Dominion Energy Virginia Customers Get $330 Million Refund, While Utility Keeps $309 Million For Reinvestment

Virginia’s Dominion Energy customers will get $330 million in refunds due to a settlement. On Thursday, the Virginia State Corporation Commission (SCC) approved the settlement put forward in October, closing the agency’s triennial financial review of the utility. SCC staff found that the company may have overcharged customers as much as $1.1 billion, according to a September report. Dominion Energy can deduct some items from that before issuing refunds, including a $309 million Customer Credit Reinvestment Offset (CCRO) that allows reinvestment in offshore wind, solar, and grid transformation projects.

The settlement also includes a rate reduction that will reduce customers’ bills.

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Virginia State Corporation Commission Staff Report: Dominion Energy Should Pay Customers $312.4 Million Refund

As testimony in an ongoing review of Dominion Energy, a State Corporation Commission (SCC) staff report recommends a $312.4 million refund to the utility’s Virginia customers after finding that the utility’s earnings exceeded a regulatory threshold by $1.143 billion in 2017 through 2020.

“Staff’s analysis indicates the Company earned a 13.61 percent ROE [Return on Equity] during the 2017 through 2020 earnings test period. This is 441 basis points of earnings, or $1.143 billion of revenues, above the applicable fair combined ROE of 9.2 percent,” SCC Division of Utility Accounting and Finance Deputy Director Patrick Carr wrote in the report.

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