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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