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Virginia Natural Gas cuts gas rates, refunding $13.9M in tax benefits

Virginia Natural Gas Inc. implemented a rate reduction that incorporated a return of money to ratepayers to reflect lower corporate tax rates.

The Southern Co. gas utility in December 2018 obtained approval from the Virginia State Corporation Commission to reduce rates by $12.4 million. Starting Jan. 1, a typical Virginia Natural Gas customer using about 50 ccf per month will see a $33 bill decrease on an annual basis, according to a Jan. 2 news release.

The regulator's decision included a refund of $13.9 million for customers' usage in 2018, covering the period between the effective date of the federal tax cut in 2017 and the effective date of the commission's rate reduction approval.

Virginia Natural Gas serves nearly 300,000 customers in southeast Virginia.