RICHMOND, Va., Feb. 21, 2020 /PRNewswire/ -- Dominion Energy customers in Virginia can expect a nearly $6 decrease in their monthly residential electric bills later this year under a proposed fuel rate adjustment.
This fuel rate reduction is driven by the outstanding performance of our generation fleet in Virginia, particularly our combined cycle power stations which provided excellent reliability and affordability to our customers while also reducing carbon emissions by displacing coal. In addition, the company's rapidly increasing renewable portfolio in the Commonwealth reduces both fuel costs and carbon emissions.
"We remain focused on providing customers with reliable service, increasingly clean energy and a great value for their energy dollar," said Robert M. Blue, president, Dominion Energy Virginia. "This proposed fuel reduction shows we are running an efficient operation and providing excellent service to our customers."
Based on typical 1,000 kwh residential bill
Industrial customers will see an overall rate reduction of around 10% under the proposal. The new rate will take effect May 1 if approved by the State Corporation Commission (SCC). No change can occur in company rates without approval from the SCC.
The fuel charge comprises about 20 percent of a typical residential bill. The company is not allowed to make any profit on the fuel charge, so customers only pay for the actual cost of power station fuels.
Base rates comprise about 60 percent of a typical residential bill. With the proposed fuel rate changes, the company's electric rates continue to be well below national, state and regional averages.
Dominion Energy recently committed to net-zero carbon emissions across its 18-state footprint by 2050. The company is developing the largest offshore wind project in America and is the 4th largest owner of solar energy in the country among utility holding companies.
About Dominion Energy More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.