Dominion filing kicks off first financial review in years

RICHMOND, Va. (AP) — Dominion Energy Virginia earned $26 million in excess revenue in the past four years and is seeking to reinvest that money in its offshore wind pilot project, the company said in a filing with regulators this week.

The electric utility’s filing with the State Corporation Commission marked the opening step of its first full financial review since 2015.

Dominion will be opening up its books for a months-long examination of its financial position and whether adjustments to customers’ base rates, which account for a little over half of a typical customer’s bill, are necessary.

The review will cover 2017 through 2020. Dominion said that after accounting for more than $200 million in pandemic-related debt forgiveness, base rate revenues during that period “very closely matched the $12.5 billion cost to provide service,” with only about $26 million in excess. The company wants to sink that into its Coastal Virginia Offshore Wind pilot project rather than refund it to customers.

The company also wants an increase in its allowable profit, from 9.2 percent to 10.8 percent.

The commission has a nine-month window to conduct its review and issue a final ruling. Interested parties like environmental and consumer interest groups will have the chance to weigh in.