Regulated Rates

Substation

2024 Customer Notice:

Rebalanced Residential Rate is Revenue Neutral

NOVEC’s revenue collection and cost causality are better aligned with the residential rate rebalancing that took effect January 1, 2024. The monthly service charge increase is offset by the decrease in the monthly distribution charge. The net result is revenue neutral to the residential rate class, so the adjustments do not generate any additional money for NOVEC.

The monthly service charge increases from $15.75 to $21.30, while the distribution charge correspondingly decreases to offset the service charge increase.

NOVEC is more accurately recovering its fixed and variable costs with the rebalancing. The fixed monthly service charge recovers fixed costs such as billing, metering, vehicles, customer service, and basic connection to the electric grid. The variable distribution charge fluctuates based on the amount of electricity each customer uses. The rebalancing allows a greater share of fixed costs to be collected regardless of kilowatt-hour usage. NOVEC’s fixed customer costs do not vary with how much or how little electricity a customer uses.

As a not-for-profit regulated utility, Virginia’s State Corporation Commission regulates NOVEC’s rates and terms of service.

NOVEC’s Regulated Rate Schedules

As a regulated not-for-profit electric utility, the Virginia State Corporation Commission regulates NOVEC’s rates and terms of service.