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Dominion Energy South Carolina Files Settlement Of General Electric Rate Case

Dominion Energy South Carolina or DESC, a subsidiary of Dominion Energy Inc. (D), together with the South Carolina Office of Regulatory Staff or ORS, said that it submitted a comprehensive settlement in the pending general electric rate case for approval by the Public Service Commission of South Carolina.

The settlement, which requires Commission approval, provide significant customer benefits: Starting September 1, typical residential customer monthly bills would increase by a net 1.46% driven in part by an acceleration of return of excess deferred income taxes.

It will initiate a stakeholder process to propose an electricity affordability program for low-income customers.

In addition, per the settlement agreement and contingent upon Commission approval, Dominion Energy South Carolina has agreed to commit up to $15 million in shareholder funds to forgive past due balances of more than 60 days, as of May 31, 2021. Customer credits would take place within 90 days of a final Commission order.

Dominion Energy South Carolina has agreed to allocate $15 million in shareholder funds to energy efficiency upgrades and critical health and safety repairs to customer homes, which will allow those homes to participate in money-saving efficiency programs.

Dominion Energy South Carolina has agreed to ouble the annual commitment to EnergyShare, the company's year-round assistance program, to $1.5 million in each of the next two years. This includes $500,000 for small business customers to participate in the program, a new benefit.

There is no change to Dominion Energy's existing financial guidance. Dominion Energy South Carolina has agreed to not file an electric general rate case prior to July 1, 2023.

The parties have proposed using the hearing currently scheduled for July 12, 2021, to provide the Commission opportunity to question the parties with regard to the settlement. A final decision by the Commission is expected later this summer.

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