RICHMOND, Va. (AP) – State regulators have ordered Dominion Virginia Power to refund $19.7 million to customers.
The State Corporation Commission ruled Monday that Dominion customers paid too much in 2013 and 2014. The commission reached that conclusion during its regular biennial review of Dominion’s earnings.
Dominion said in a statement to 8News that it disagrees with the SCC’s finding but will credit customer bills as ordered.
“While the company disagrees with the commission’s ruling to order refunds on base rates — rates that have not increased for over 20 years — we plan to credit customer bills in accordance with the order.”
Dominion’s authorized rate of return is 10 percent, but the utility is allowed to keep up to 10.7 percent. By law, 70 percent of any earnings above that percentage must be refunded to customers.
The SCC says Dominion’s rate of return was 10.89 percent.
A typical residential customer using 1,000 kilowatt-hours of electricity will receive a credit of about $4 to $5 spread out over six months.
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