Dominion Energy South Carolina files rate settlement for regulatory approval

Dominion Energy South Carolina (NYSE: D) filed comprehensive settlement agreements with the Public Service Commission of South Carolina for its general electric rate case. The settlements include support from most parties except one.

The proposed settlement would increase the average monthly bill for residential customers using 1,000 kilowatt-hours by approximately $12, representing a 7.62% adjustment starting July 1. This would keep residential rates below the national average, according to the company.

The settlement includes $6 million in shareholder-funded customer benefits. This consists of a one-time $3 million bill credit for residential customers this year and $1 million annually for three years to support low-income customer assistance programs and weatherization projects.

The agreement allows for a revenue increase of $207 million, which is $115 million less than the company's original $322 million request filed in January. The settlement establishes an authorized return on equity of 9.99% and a regulatory capital structure equity component of 53.52%.

Since 2023, Dominion Energy South Carolina added approximately 23,000 new electric customers and invested $1.4 billion in its electric system infrastructure.

The Public Service Commission will review the settlements at a hearing scheduled to begin May 12. Participating parties include the South Carolina Office of Regulatory Staff, Department of Consumer Affairs, various energy advocacy groups, and corporate customers including Google and Walmart.

The company stated there would be no change to Dominion Energy's existing financial guidance as a result of these settlements.

You May Also Be Interested In

• FTI Consulting names Jerome Nyssen senior managing director in Australia
• Isoplus selects Navan to manage global travel and expense program
• LiveRamp integrates with Adobe GenStudio for commerce media networks