Dominion Power Says They're Slashing Virginia's Electric Bills This Summer

Dominion Virginia Power says they're cutting electricity bills this summer by nearly 4 percent.

The company said in the statement that if their full rate proposal is accepted by the Virginia State Corporate Commission, the typical residential customer -- based on an average usage of 1,000 kilowatt hours per month -- will see a reduction in their monthly bill of $4.35, which would come out to about 3.8 percent.

The adjustment would bring in the rate increase of residential electric bills to just under 4 percent since July 2008, which would be half the rate of inflation over that period, the company claims.

"At Dominion our goal is to operate at high levels of efficiency in order to keep bills low for our customers," Robert M. Blue, president of Dominion Virginia Power, said in the statement. "We have done this, and the efficiency from our generating units, combined with the low cost of natural gas and the generally milder weather, has led to this positive announcement.

"Providing reliable and affordable energy in an environmentally responsible manner is our core mission, and this proposal to reduce customers' bills is yet another step forward in our ongoing effort," he added.

The new rate would take effect July 1. By law, Dominion Virginia Power may not get any profit from the fuel charge, which makes up 20 percent of a typical bill, so customers only pay for costs.

Image via Dominion Virginia Power