Virginia American Water has been granted new water and wastewater rates by the Virginia State Corporation Commission, representing a total annualized revenue increase of approximately $14.6 million. The rate request, primarily driven by more than $110 million in infrastructure investment in treatment system and distribution upgrades since the last rate filing, was filed on November 1, 2023.
The new approved rate order represents a reduction from the interim rates that became effective on May 1, 2024. For most water customers using 4,000 gallons per month, the average bill will decrease by approximately $2.00 per month, while the bill for an average wastewater customer will decrease by approximately $1.50 per month, depending on the service area.
The new rates, retroactive to May 1, 2024, will result in the company issuing credits to customers for the difference between interim and permanent rates, including interest, within 90 days of the final order. These credits will appear as two separate line items labeled “rate refund” and “interest on rate refund.”
Virginia American Water has also highlighted its existing bill paying assistance programs, payment arrangements, and budget billing options available on the customer mywater portal at virginiaamwater.com, as well as income-eligible customer requirements for assistance through the company’s H2O Help to Others program, administered by Dollar Energy Fund.
As a reminder, customers will receive information about the new rates in their next Virginia American Water bill, with additional information available on the company’s website at www.virginiaamwater.com under "Customer Service & Billing," "Your Water and Wastewater Rates."
Virginia American Water serves approximately 350,000 people and is committed to making necessary investments to continue providing high-quality service and ensuring compliance with state and federal regulations. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $134.37. If you want to know more, read the company's complete 8-K report here.
