Dominion Energy South Carolina, South Carolina Office of Regulatory Staff, Intervenors File Comprehensive Settlement of General Electric Rate Case for Approval by Public Service Commission of South Carolina
- Compared to rates at time of original request in March and offset by fuel cost reduction and other factors, settlement's rate request would represent net 1% increase for residential customer's electric rate
- Significant proposed customer benefits include bill credit, additional energy efficiency funds
-
No change to
existing financial guidanceDominion Energy 's
DESC and intervening parties will present the settlement to the PSC at a hearing scheduled to begin
Key components of the proposed settlement, which requires PSC approval, provide significant customer benefits:
- Starting
Sept. 1 , the bill of a typical residential customer using 1,000 kilowatt-hours of electricity per month would be approximately$148 – a level that ensures residential rates remain below the national average. Compared to rates at the time of the original request in March and offset by the fuel cost reduction and other factors, the settlement's rate request would represent a net 1.0% increase for a residential customer's electric rate. - A one-time bill credit of
$7.5 million funded by shareholders would be applied this year for residential and small general service customers. - The Neighborhood Energy Efficiency Program budget would increase by
$3 million in shareholder funds over five years beginning in 2025.
The proposed settlement also supports:
- An authorized return on common equity of 9.94%.
- A regulatory capital structure of 52.51% equity and 47.49% debt.
- A revenue increase of
$219 million , representing about 28% less than the original request of$303 million in March.
There is no change to
Intervening parties have engaged with DESC for several months to reach the settlement agreement. They include the
About
More than 4.5 million customers in 13 states energize their homes and businesses with electricity or natural gas from
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