COLUMBIA, S.C. (WIS) – Dominion Energy is looking to raise rates on electric customers amid rising fuel costs.
In an application submitted on Monday, the utility company had under-collected $201 million due to the rising costs.
It asked the S.C. Public Service Commission to hold a hearing to raise electric rates from 3.032 cents per kWh to 4.877 cents per kWh.
Dominion Energy projects the following impact on customers:
- DESC projects that for a DESC residential customer using 1,000 kWh per month, the average monthly bill would rise from $132.79 to $151.34, or approximately 13.97%, inclusive of revenue taxes.
- For a DESC commercial customer with a 500 kVA demand, using 150,000 kWh per month, the average monthly bill would rise from $16,485 to $19,267, or 16.88%, inclusive of revenue taxes.
- A DESC industrial customer with a 10,000 kW demand, using 6,570,000 kWh per month (90% load factor), the average monthly bill would rise from $456,541 to $578,415, or 26.70%, inclusive of revenue taxes.
It remains unclear if a hearing will be granted or if the commission will improve the increase.
In its application, the company argued the rate increase now will head off the need for a more dramatic increase in May 2023 of approximately 27 percent.
If granted, the company is looking to institute the changes in November 2022.
Dominion spokesperson Rhonda O’Banion sent a statement reading:
Recognizing the challenges economic pressures have placed on everyone, Dominion Energy has carefully considered the best way to minimize the impact of rising fuel costs to produce electricity that are beyond our control. Specifically, the cost of natural gas has more than doubled since the last fuel cost adjustment. The company has requested a mid-period adjustment so that our customers see the lowest possible increase to their bills as we recover costs of purchasing and transporting fuel to produce the electricity they rely on every day. These fuel costs are a direct pass-through to customers – Dominion Energy does not earn a profit on this portion of electric rates. We encourage customers to contact us if they need payment assistance. In addition to $250 million still available in state and federal programs, customers can learn more about $1 million available through EnergyShare, Dominion Energy’s year-round assistance program.
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