SCC approves reduced electric rates

Richmond (WBQB/WFVA/AP)  -- The State Corporation Commission has approved a settlement that's expected to lower electric bills for Dominion Virginia Power customers. The SCC said that total savings will be about $726 million. A residential customer using 1,000 kilowatt-hours of electricity will pay about $10 a month less than they've been paying under an interim rate increase that took effect in September. In addition, customers will receive about $154 million in refunds. Dominion had sought a base rate increase that would have raised a monthly bill to $116.27. The typical customer paid $108.36 under the interim rates, and the SCC action trims that to $99.07.