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In order to serve you better, please select your Dominion Energy location services.
In order to serve you better, please select your Dominion Energy location services.
In order to serve you better, please select your Dominion Energy location services.
Last year, Virginia policymakers delivered meaningful rate relief and energy reforms.
Last year's rate reform legislation in Virginia delivered immediate and ongoing customer rate relief, while also providing greater discretion for regulators at the State Corporation Commission when setting electric rates.
“We must keep our rates as affordable as possible, especially given the economic pressures affecting our customers. Earlier this year we promised substantial rate relief for our customers. Thanks to bipartisan legislation and broad support from consumer advocates, we are delivering on that promise. This will provide immediate relief for our customers now and ongoing savings in the future.”
The other half of the $14 per month decrease came from a reduction in fuel rates while regulators considered our plan to securitize certain fuel costs. That plan, which has been since approved, avoids a sudden and significant rate increase by spreading the bill impact of high fuel costs over time.
Rate reform empowered regulators to review the “base rate” component of electric bills every two years, instead of every three. Our current review is almost finished – regulators are considering a settlement agreement which would provide $15 million in one-time customer bill credits by September 30, 2024.
In the meantime, Dominion Energy will maintain its long history of electric rates below national and regional averages.
The Coastal Virginia Offshore Wind project is scheduled to be complete in 2026 and will generate enough clean energy to power the equivalent of 660,000 Virginia homes. Virginia's regulated model has been successful in keeping the project on-time and on-budget, in contrast to projects proposed by third-party developers in the Northeast.
Our other initiatives are already paying off for customers. We have converted more than 2,000 miles of outage-prone overhead distribution lines to underground, avoiding an estimated 2,800 outage events. During recent storms, reductions in power restoration times of up to 25% have been directly related to this Strategic Underground Program.
As the electric grid becomes more resilient, we are also modernizing our system in other ways. As of December 2022, we had deployed more than 2,000,000 smart meters, enabling customers to take control of their energy usage.
Dominion Energy is committed to supporting customers facing financial hardship. Since 1982, our EnergyShare program has supported 908,000 families and individuals with bill payment assistance. Following the program's expansion in 2015, more than 22,200 homes have been weatherized across our Virginia service territory.
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