- Sep 11, 2019 9:54 pm GMT
- 375 views
Here's an interesting situation.
Virginia's Dominion Energy overcharged its customers to the tune of $379 million in 2017 and 2018. Now they want their money back as refunds but a law prevents the utility from making those refunds. Instead the utility plans to spend the money on infrastructure to transform its energy grid, reduce emissions, and improve service to our customers. A March report pointed out that the typical bill for a Dominion Energy customer jumped by $23.17 to $113.76 in 2019 from its 2007 figures. The average customer bill increase for Appalachain Power Company is even more steep - an increase of $41.28 to $107.89 - during that period. Rate-adjustment-clauses (RACs) accounted for the maximum portion of that increase. A 2017 S&P report found that capital expenditures for utilities had jumped to $117.5 billion in 2017 to $52 billion in 2006, largely as a result of the changing energy landscape and volatility in energy prices. But demand remained sluggish for the most part. Instead utilities resorted to using RACs in order to make up for the shortfall.