Virginia's largest electric utility has agreed to settle a pending rate case that will return nearly $400 million to customers and drive down monthly electric bills.
The settlement announced Thursday would reduce by $5, to $103.83, the typical monthly residential bill from Dominion Virginia Power, subject to regulatory approval. The company sought a rate increase that would have raised the monthly bill to $116.27.
The settlement provides that Dominion return to ratepayers at least $268 million from 2008 earnings and $129 million in fuel revenues.
Customers would also receive a refund of about $21 million per month that customers have paid under an interim rate increase.