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Va regs hold hearing on Dominion base rates

Published on NewsOK Modified: September 17, 2013 at 12:01 pm •  Published: September 17, 2013

RICHMOND, Va. (AP) — State regulators are weighing a proposal from Dominion Virginia Power to not increase its base rates for its customers for at least two years.

The State Corporation Commission began a public hearing Tuesday on the proposal from the Richmond-based electric utility.

State regulators also will rule on the company's reasonable rate of return for its stockholders as allowed by Virginia law.

Base rates make up about 60 percent of a typical residential bill and can only be adjusted every two years.

Dominion may still seek increases for the cost of fuel, constructing new plants or environmental compliance.

Regulators must rule on Dominion's filing by the end of November. Dominion is the state's largest electric company with about 2.3 million customers.