Regulators rules against Dominion on tax cut savings

RICHMOND, Va. (AP) - Virginia regulators have ordered Dominion Energy to pass along savings to its customers sooner rather than later.

The State Corporation Commission issued a ruling Thursday ordering that Dominion “ensure its customers promptly” receive about $118 million worth of tax cuts.

Dominion had sought to postpone passing along the tax cuts related to transmission line upgrade costs until as late as September 2020. The company said customers would have eventually gotten the money back with interest.

Dominion is one of several utilities facing a cash flow crunch and concerns about its creditworthiness since the federal corporate tax rate was cut from 35 percent to 21 percent at the start of this year.