Dominion wants more money

SC regulatory rate freeze ends in 2020

Posted 12/4/19

Dominion Energy believes state law allows it to charge its 725,000 local ratepayers higher rates.

With that in mind, it will ask SC regulators for its 1st rate hike since taking over SC Electric …

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Dominion wants more money

SC regulatory rate freeze ends in 2020

Posted

Dominion Energy believes state law allows it to charge its 725,000 local ratepayers higher rates.
With that in mind, it will ask SC regulators for its 1st rate hike since taking over SC Electric & Gas. Those ratepayers have already paid $2 billion for an abandoned nuclear plant.
If granted, Dominion’s new rates would begin in 13 months. How much it will ask has not been revealed.
“We just have to wait and see what the request looks like,” said Ron Aiken of the state’s watch dog Office of Regulatory Staff.
Ratepayers are still paying for the utility’s abandoned $9 billion nuclear plant for which they will never get promised lower rates.
On a call with investors last month, Dominion Energy CEO Tom Farrell said they will ask to raise rates next May, energy expert Rod Funderburk of Resource Supply Management said.
Farrell told analysts and investors that Dominion Energy makes less than it is entitled to under state law.
“We are under-earning in South Carolina,” he said.
“It’s well-known to everybody, and we’re formulating and completing that regulatory strategy now.”
Energy critic Tom Clements of Savannah River Watch said Dominion’s strategy is becoming clear.
“Milk captive ratepayers for every cent possible for the terminated nuclear reactor project as well as day-to-day operations.
“Soon customers will be longing for the good old days of the abuses of SCE&G.” he said.
Dominion Energy’s base rates are frozen until 2021 as a condition of Public Service Commission approval of the SCE&G sale.
The company is expected to file a rate increase request in 5 months for new rates to go into effect in January 2021, just as the mandatory freeze expires.
Details of the anticipated rate filings have not been disclosed, but ratepayers should be warned that increases are on the horizon, Clarkson said.
In comparison, Duke Energy seeks a rate increase in North Carolina for an extra $464 million annually.
This would raise rates for residential customers 14.3% and 10.4% for commercial and industrial customers.

nuclear fiasco aftermath, dominion, Dominion energy

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