Printer Friendly

VIRGINIA POWER ASKS FOR $78.1 MILLION DECREASE IN FUEL CHARGE

 VIRGINIA POWER ASKS FOR $78.1 MILLION DECREASE IN FUEL CHARGE
 RICHMOND, Va., Sept. 15 /PRNewswire/ -- Virginia Power asked the State Corporation Commission for a $78.1 million reduction in its fuel charge because of mild weather and superior power station operation during the past year.
 The reduction would bring the total amount of fuel charge decreases in the past three years to $145.5 million. The fuel charge was reduced $40.7 million in 1990 and $26.7 million in 1991.
 The decrease would begin October 27 and would reduce the effect of a base rate increase that was announced May 29. As a result of the fuel charge decrease, a planned $4.27 increase for residential customers who use 1,000 kilowatt-hours of electricity each month will be reduced to $2.61. With these changes, rates to Virginia Power's 1.8 million customers have increased 37 percent since 1980 while the inflation rate has increased 82 percent.
 Rates charged to Virginia Power customers are composed of base rates and separate fuel charges, which cover the cost of fuel that is used to generate electricity. Virginia Power does not earn a profit on fuel charges; any savings are returned directly to the customers.
 "While mild weather certainly contributed to the decrease we are requesting, the superior operation and performance of our power stations also played key roles," said James T. Rhodes, president and chief executive officer. "Nuclear and fossil power station staffs operated our generating units at record availability and efficiency levels in 1990 and 1991, and that is continuing in 1992."
 -0- 9/15/92
 /CONTACT: James W. Norvelle, Virginia Power, 804-771-6115/
 (D) CO: Virginia Power ST: Virginia IN: UTI SU:


MM -- CH010 -- 9723 09/15/92 14:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1992
Words:292
Previous Article:AFTER HURRICANES, AAA FINDS NEARBY RESORTS DOING BUSINESS AS USUAL
Next Article:$50 MILLION OFFERING OF FIRST BANKS, INC., CLASS C 9.00 PERCENT INCREASING RATE, REDEEMABLE, CUMULATIVE PREFERRED STOCK
Topics:


Related Articles
DELMARVA POWER PROPOSES REDUCTION IN PRICE OF ELECTRICITY
PP&L PROPOSES $4 MILLION DECREASE IN ELECTRICITY RATES
VIRGINIA POWER PROPOSES SLIGHT INCREASE IN FUEL FACTOR
VIRGINIA POWER PROPOSES $97 MILLION CUT IN FUEL FACTOR
PUBLIC SERVICE COMMISSION OF NEVADA APPROVES NEVADA POWER COMPANY RATE DECREASE
VIRGINIA POWER BILLS REFLECT LOWER FUEL RATE
DOMINION RESOURCES SECOND-QUARTER EARNINGS JUMP 40 PERCENT, FROM 43 CENTS TO 60 CENTS
Dominion Resources Third-Quarter Earnings Decline Because of Mild Weather, Hurricane Fran
Virginia Power Proposes Slight Adjustment in Fuel Rate
Five-Year Rate Freeze Proposed by Virginia Power

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters