Some SC residents may pay more for electricity as Dominion Energy requests rate increase

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Dominion Energy has reached a settlement to raise electricity rates for South Carolina residents, marking the first base rate increase in nearly four years. The proposal includes a net 1% rate increase, a $7.5 million one-time bill credit for residential customers, and a $3 million increase to the Neighborhood Energy Efficiency Program over five years. The settlement was negotiated among multiple stakeholders including the Southern Alliance for Clean Energy and requires approval from the Public Service Commission of South Carolina.

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Some SC residents may pay more for electricity as Dominion Energy requests rate increase

South Carolina residents may see their energy bills go up in the near future.

Dominion Energy has reached a settlement in the company's application to raise electricity rates for some South Carolina residents.

The comprehensive agreement for a requested rate increase was submitted on Friday, according to a news release, the first increase for base rates in nearly four years.

If approved, the bill of a residential customer using 1,000 kilowatt-hours of electricity per month would be approximately $148 starting Sept. 1, which Dominion says is still below the national average. Compared to customer rates at the time of the original hike request in March, it is a net 1% increase.

Other adjustments in Dominion's submission include a one-time bill credit of $7.5 million funded by shareholders that would be applied this year for residential and small general service customers. And the Neighborhood Energy Efficiency Program budget would increase by $3 million in shareholder funds over five years beginning in 2025.

There are no changes to Dominion's existing financial guidance.

The proposal must still be approved by the Public Service Commission of South Carolina. Dominion and other intervening parties will present the settlement at a hearing scheduled for Monday.

In a news release, Dominion said it expects the commission to make a final decision after a thorough review and adjust rates as appropriate. If approved, it would allow the company to recover some the "rising costs of investments" to keep its plants running and the grid system secure.

Those involved in the months-long settlement agreement include the South Carolina Office of Regulatory Staff, the South Carolina Department of Consumer Affairs, South Carolina Energy Users Committee, Frank Knapp Jr., Southern Alliance for Clean Energy, Coastal Conservation League, CMC Steel, Walmart, the U.S. Department of Defense and all other federal executive agencies.