COLUMBIA, S.C. (AP) — Dominion Energy has agreed with South Carolina regulators on a much lower electric rate increase and promised not to raise rates barring an unforeseen economic disaster for two years.
Dominion will increase rates by 1.46% for South Carolina residential customers, or about $1.81 a month for a typical customer. The Virginia-based utility original asked for about a 7.7% increase.
Dominion also agreed to not seek another rate increase until July 2023 unless there are extraordinary economic conditions that could include a change in corporate tax rates.
Friday's agreement with the South Carolina Office of Regulatory Staff also requires Dominion to give up to $30 million to a fund to help poorer people catch up on their overdue bills and make repairs and energy efficient upgrades.
The agreement raises business rates by 1.08%.
Several groups including AARP and the South Carolina Small Business Chamber of Commerce contested the rate increase, getting regulators to put a six-month freeze in rates during the COVID-19 pandemic as they considered Dominion's request.