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SCC rejects Dominion request for higher return on equity

November 21, 2019

RICHMOND, Va. (AP) — Virginia regulators have rejected a request from Dominion Energy Virginia to increase its rate of return on equity.

The State Corporation Commission announced Thursday it had turned down the utility’s proposal to set that profit rate for shareholders at 10.75 percent. The commission instead approved a rate of 9.2 percent, which is unchanged.

The commission found the 9.2 percent rate was “fair and reasonable” to Dominion and “consistent with the public interest.”

Clean Virginia, an advocacy group funded by a wealthy environmentalist, heralded the decision, as did Attorney General Mark Herring’s office. Both had opposed the increase, along with consumer advocacy groups, Walmart and the U.S. Navy.

Dominion spokesman Rayhan Daudani didn’t directly address the rejection but reiterated in a statement that the commission had upheld the existing rate.