PORTSMOUTH, Va. (WAVY) -- Dominion Energy recently proposed new increased rates throughout the Commonwealth, citing growing inflationary pressures. According to a release, Dominion Energy filed the proposal with the Virginia State Corporation Commissions on Monday. The company states the increas ed rates will help them to "continue delivering reliable service and increasingly clean energy to its customers." The two proposals, one for 2026 and the other for 2027, would be Dominion's first base rate increase since 1992. The company claims that their rates are approximately 40% lower than the current rate of inflation. If approved, there will be a base rate increase of $8.51 per month in 2026 and $2 per month in 2027 for typical customers. Dominion has also proposed a new rate class for higher energy users, which would require high energy users to pay for requested power through a 14-year commitment. “We’re focused on providing exceptional value for our customers every single day,” said Ed Baine, President of Utility Operations and Dominion Energy Virginia. “Outside of major storms, we deliver uninterrupted power 99.9% of the time, and we’re significantly reducing storm-related outages as well. This proposal allows us to continue investing in reliability and to serve our customers’ growing needs.” According to the release, in a 2023 biennial case filing, the company noted an increase in the cost of labor and materials, such as cables, wires, utility poles, transformers and power generation equipment. Dominion also noted an increase in customers, saying the base rate increase will help with needed investments. “We know our customers are feeling the impact of inflation in other areas of their lives, and some of our customers may need assistance with their power bills," Baine said. "We’re here to help. Our Energy Share program not only offers among the most supportive bill assistance in the country, but also provides free home energy efficiency upgrades to help lower your energy use and save on your monthly bills.” In addition, in order to keep up with an increasing demand for power thorughout the Commonwealth, Domionion proposed moving power capacity costs, which are set by PJM, to an annual fuel rate rather than the base rate. The release states this would result in a $10.92 monthly fuel rate increase for typical residential customers due to extended cold weather in January and an anticipated rise in commodity prices. This rate would include a $3.99 fuel credit expiration. If the proposal is proposed, the new fuel rate would go into effect on July 1, 2025. The new base rates would go into effect on Jan. 1, 2026 and Jan. 1, 2027. For more information on the proposed rates, click here. ...read more read less