U.S. Markets closed

Va. regs to hold hearing on Dominion base rates

RICHMOND, Va. (AP) -- State regulators are set to discuss Dominion Virginia Power's proposal to not increase its base rates for its customers for at least two years.

The State Corporation Commission is scheduled to hold a public hearing on the proposal from the Richmond-based electric utility on Tuesday.

Base rates make up about 60 percent of a typical residential bill and can only be adjusted every two years. Dominion may still seek increases for the cost of fuel, constructing new plants or environmental compliance.

Regulators must rule on Dominion's filing by the end of November. Dominion is the state's largest electric company with about 2.3 million customers. It is a unit of Dominion Resources Inc.