Dominion Energy South Carolina, South Carolina Office of Regulatory Personnel, Intervenors File Global Settlement of General Electric Tariff Case for Approval by the South Carolina Civil Service Commission




– The cooperative approach between the parties balances the interests of stakeholders and guarantees reliable, affordable and increasingly sustainable energy delivery

– Significant benefits offered to customers include arrears remission, energy efficiency, billing assistance

CAYCE, South Carolina, July 2, 2021 / PRNewswire / – Dominion Energy South Carolina (DESC), a subsidiary of Dominion Energy, Inc. (NYSE: D), in conjunction with the South Carolina Office of Regulatory Staff (ORS), today submitted a global settlement in the tariff file for approval by the Public Service Commission of Caroline from the south (Commission). The settlement agreement is supported by all stakeholders. DESC, the ORS and stakeholders have committed over the past six months to producing this agreement, under the leadership of the Commission, balancing stakeholder interests and supporting DESC’s ability to continue to deliver energy. safe, reliable, affordable and increasingly sustainable.

“This regulation shows that we are listening to our customers and key stakeholders – an approach we have taken since we started operating in Caroline from the south,” mentionned Rodney Blevins, president of Dominion Energy South Carolina. “We are delighted to support the tabled settlement and to move forward. We strive to continue to provide exceptional value and reliability to our customers, meet 100% of our merger commitments, and promote the future prosperity of Caroline from the south. “

Blevins continued: “We are sincerely grateful to all parties for the spirit of cooperation, patience and compromise they have brought to these negotiations.”

The key elements of the settlement, which require Commission approval, offer significant benefits to clients:

  • Departure September 1st, monthly bills for typical residential customers would increase by a net 1.46% – a level that ensures residential rates remain below the national average – in part thanks to an acceleration in the reimbursement of excess deferred taxes.
  • Launched a process with stakeholders to deliver an electricity affordability program for low-income customers.

In addition, in accordance with the settlement agreement and subject to the approval of the Commission, DESC is committed to:

  • Commit up to $ 15 million in shareholders’ funds to cancel overdue balances of more than 60 days, from May 31, 2021. All DESC customers are eligible to participate. Customer credits would take place within 90 days of the final Commission order.
  • Allocate $ 15 million in shareholder funds for energy efficiency improvements and essential repairs to the health and safety of customers’ homes, which will enable those homes to participate in energy efficiency programs.
  • Double the annual commitment to EnergyShare, the company’s year-round assistance program, to $ 1.5 million in each of the following two years. This includes $ 500,000 for small business customers to participate in the program, a new advantage.

The proposed regulation also supports:

  • An authorized return on ordinary equity of 9.5%.
  • A regulatory capital structure of 51.62% equity and 48.38% debt.
  • An increase in income from $ 61.6 million (representing an increase in net income from $ 35.6 million after recognition of the accelerated reimbursement of excess deferred taxes).
  • A rate base of approximately $ 5.8 billion.

There are no changes to Dominion Energy’s current financial guidelines. DESC agreed not to file a general electricity pricing file before July 1, 2023, in the absence of unforeseen extraordinary economic or financial conditions that may include changes in corporate tax rates.

The filed settlement is available on the Commission’s website under file number 2020-125-E. The parties proposed to use the currently scheduled hearing for July 12, 2021, to give the Commission an opportunity to question the parties about the settlement. A final Commission decision is expected later this summer.

About Dominion Energy
More than 7 million customers in 16 states power their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Virginia. The company is committed to providing sustainable, reliable, affordable and secure energy and achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

SOURCE Dominion Energy

For further information: Financial Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com and South Carolina Media: Rhonda O’Banion, (800) 562-9308 or rhonda.obanion@dominionenergy.com ; Financial Analysts: Steven Ridge, (804) 929-6865 or Steven.D.Ridge@dominionenergy.com, David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com



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