Dive Brief:
- Lower costs for fuel and mild weather are prompting Dominion Virginia Power to ask state regulators to trim its typical residential customers' electricity bills by 3.3%. Commercial and industrial customers would see larger savings, Dominion said.
- Dominion would return a total of $140 million to customers if their request is approved. That would put electric rates in Virginia at roughly to same level they were more than five years ago when Virginia's law re-regulating electric utilities went into effect, Dominion said.
Dive Insight:
Dominion, which spends about $2 billion a year on fuel and related expenses, benefits from its diverse generation fleet. It has a balance of nuclear, natural gas and coal generation and in the past year fuel costs for all three have moderated because of oversupply.
