RICHMOND, Va. (AP) – Virginia regulators are warning of big electric bill increases for customers of the state’s largest utility.
The State Corporation Commission gave final approval Thursday to Dominion Energy’s roadmap for future capital investments like power stations and grid upgrades. The commission said Dominion’s plan met the minimum requirements under state law but “may significantly understate” future customer costs.
Commission staff calculated that the monthly bills for an average residential customer could rise by $18 a month in 2023. That figure could be significantly higher if Dominion’s projected decreases in fuel costs are off.
A law passed last year makes it easier for Dominion to spend excess earnings on capital projects rather than give refunds to customers. Dominion said the law will help spur investments in renewable energy.