– Proposed settlement in 4-year price case balances stakeholder pursuits and offers prospects with continued dependable, reasonably priced, and more and more clear power.
– If authorized, vital buyer advantages embrace one-time refunds, price 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 prospects.
– Dominion Power affirms all present monetary steerage.
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 as we speak filed a complete settlement settlement within the Firm’s pending triennial base price case. If authorized by the SCC, the settlement would resolve the continued evaluate of the corporate’s efficiency over the previous 4 years in addition to present vital extra buyer advantages.
The settlement settlement offers a balanced, affordable and cost-effective method that helps continued capital investments in Virginia in an effort to meet the Commonwealth’s public coverage priorities and the wants of our prospects. These investments embrace the event of the Coastal Virginia Offshore Wind undertaking — the most important 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 option to reaching 100% clear power by 2045 in Virginia and web 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 objectives, 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 prospects’ pursuits first,” mentioned Ed Baine, president of Dominion Power Virginia. “Now we have a number of work forward as we proceed to construct a clear power future in Virginia. This settlement allows us to proceed to maintain charges reasonably priced whereas creating new jobs by way of the event of offshore wind, photo voltaic and power storage growth, transformation of the grid and energy-efficiency enhancements.”
Along with the SCC Workers and Workplace of the Lawyer Common, the settlement is joined by Residence and Workplace Constructing Affiliation of Metropolitan Washington, Costco, Direct Power, Division of the Navy on behalf of the Federal Govt 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 offer vital 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 sensible meters and a Buyer Info Platform, as a part of the Buyer Credit score Reinvestment Offset (CCRO) mechanism outlined by Virginia legislation.
- A $50 million going-forward price 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 way of 2023 of the early retirement costs for fossil-generation models recorded in 2019 and 2020.
Whole charges for Dominion Power Virginia’s typical residential buyer are presently greater than 15 p.c beneath the nationwide common, nearly 30 p.c decrease than the mid-Atlantic common and 35 p.c decrease than the typical 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 prospects in 16 states energize their properties and companies with electrical energy or pure gasoline from Dominion Power (NYSE: D), headquartered in Richmond, Va. The corporate is dedicated to sustainable, dependable, reasonably priced and secure power and to attaining web zero carbon dioxide and methane emissions from its energy technology and gasoline infrastructure operations by 2050. Please go to DominionEnergy.com to be taught extra.
SOURCE Dominion Power Virginia
For additional info: Media contact: Rayhan Daudani, 804-771-6115, Rayhan.Daudani@dominionenergy.com, Monetary analysts: David McFarland, 804-819-2438, David.M.McFarland@dominionenergy.com