Editor’s note: This story has been updated to reflect that Appalachian Power customers will receive lower rates instead of credits to their bills.
WASHINGTON — Dominion Energy customers may soon be receiving credits on their bills within the coming months and Appalachian Power customers can expect to see lower rates because of the latest federal tax reform overhaul.
Nearly 3 million customers in total may benefit from the tax overhaul. An order issued by the State Corporation Commission says Dominion Energy must cut rates by $125 million within 30 days after July 1. Appalachian Power must comply with $50 million in cuts within the same time period.
It’s unclear what the credit for each Dominion Energy customer will be, but the commission says this is just the first step in passing savings on to customers, with more expected next year.
Also, the commission determined a rate freeze issued back in 2015 resulted in more profits for the two utility companies. Dominion has since agreed to implement an additional $133 million bill credit within the coming months, along with an additional $67 million by next January.