NORFOLK, Va. — Energy consumption rates are nearing record levels, and soon your electricity bill could match it, as Dominion Energy customers could be paying 50% more by 2039.
Dominion Energy recently submitted its 15-year annual plan with the Virginia State Corporation Commission (SCC) and the North Carolina Utilities Commission (NCUC) to outline the path forward in modernizing its power grid, while maintaining Environmental Protection Agency (EPA) guidelines.
In the 81-page report, executives stated they are facing the largest growth in power demand since the years following World War II. This due in part to the rise of electric cars, data centers and a growing population dependent on electronic devices.
"We are forecasting that our energy usage will double in the next 15 years so there will be twice as much energy to meet that growing demand," said Jeremy Slayton with Dominion Energy. "We will be doing an all-of-the-above approach to provide to our customers."
To meet these needs, 80% of the comprehensive plan features carbon-free energy solutions. This includes off-shore wind, solar and battery center energy, whereas only 20% is projected to be reliant on natural gas.
However, keeping up with this ever-rising demand will come at a cost.
"Our forecast is that monthly power bills would increase a little over 2.5% annually," said Slayton.
According to a Dominion Energy forecast, between 2024 to 2039, Virginia customers could tack on $6 more per month, totaling an increase of an additional $72 per year by 2039, for a total of a 50% increase in your monthly power bill between now and then.
In October 2024, the typical energy bill in Virginia costs $142, so by 2039, it would cost $214.
As for North Carolina, analysts project customers could tack on an a little more than $6 more per month, totaling an increase of an additional $76 dollars per year by 2039, for a total of a 60% increase in your monthly power bill between now and then.
In October 2024, the typical energy bill costs $127. By 2039, it would cost $204.
"It's important to keep in mind our residential rates are among some of the most affordable in the country and we are currently 14% below the national average," said Slayton. "The annual rate would also be lower than the historic rate of inflation."
For now, these numbers are just projections. Any Dominion Energy rate increase must be approved by the Virginia State Corporation Commission.
Slayton also pointed to several billing assistance programs such as Budget Billing and Percentage of Income Payment Plan that is meant to help ease the financial burden to Dominion Energy customers. For more information on those programs, you can go to Dominion Energy's website.