Dominion Energy Ohio customers are getting an early holiday gift as the company issues nearly $479 million in credits, according to an article by News 5 media partner Akron Beacon Journal.
The credits are being issued following an agreement authorized by the Public Utilities Commission of Ohio to give back hundreds of millions of dollars that was over-collected by Dominion, according to the article.
Dominion will be issuing the credits over a long period of time, the article said.
Residential customers will see a total credit on their bill of $5.80 per month for the first year ($69.90 annual), a $3.15 reduction in years two through six ($37.80 annual) and a $1.55 reduction in year seven and beyond ($18.60 annual). The credits will be returned over 37 years, according to the article.
Per a federal tax code table, Dominion has a period of 38 years to return the money it over-collected, the article said.