U.S. Markets closed

Old Dominion Power seeks rate increase in Va

RICHMOND, Va. (AP) -- Old Dominion Power Company is asking Virginia regulators to increase its rates to its nearly 30,000 customers in the state's southwest corner.

The electric utility is proposing to increase its rates by more than 9 percent in order to recover the costs associated with improving service and reliability.

Under the proposal, a typical residential customer using 1,000 kilowatt hours of electricity per month would see a $9.57 increase in their bills.

If approved, the increase will not occur until Jan. 1, 2014.

The company's customers are located in the counties of Wise, Lee, Russell, Scott and Dickenson.