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SCC PRESENTATION TO THE COMMISSION ON ELECTRIC UTILITY REGULATION DECEMBER 4, 2017 1 Total Monthly Bill Typical Residential Customer using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 2007 2017 $117.20 $115.25 29% increase 73%

  1. SCC PRESENTATION TO THE COMMISSION ON ELECTRIC UTILITY REGULATION DECEMBER 4, 2017 1

  2. Total Monthly Bill Typical Residential Customer using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 2007 2017 $117.20 $115.25 29% increase 73% increase $90.59 $66.61 APCo DEV December 4, 2017 2

  3. Fuel Rate Typical Residential Customer using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 2007 2017 $23.83 $23.01 $22.32 7% increase 75% increase $13.12 APCo DEV Fuel December 4, 2017 3

  4. APCO’S GENERATION MIX 2007 2017 Wind PPA 3% Market/ Other Purchases Hydro 12% Affiliate/Other 2% Purchases 24% Hydro Natural Gas 1% 14% Natural Gas 0% Coal Coal 75% 69% December 4, 2017 4

  5. DEV’S GENERATION MIX 2016 2007 Renew. … Oil NUG/PJM 1% 9% Nuclear NUG/PJM Nuclear 29% 27% 32% Renew. 0% Natural Oil Gas 2% 31% Natural Gas Coal Coal 6% 25% 36% December 4, 2017 5

  6. HISTORIC NATURAL GAS PRICES “Shale Revolution” Lowers The Cost To Before “Shale Revolution” Produce Natural Gas “Polar Vortex” Winter Source: Drilling Info., Inc. December 4, 2017 6

  7. RACs Typical Residential Customer using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 2007 2017 $18.07 11 Total $14.84 RACs 5 Total RACs $1.84 $0.00 1 RAC APCo DEV RACs December 4, 2017 7

  8. Base Rates Typical Residential Customer using 1,000 kWh Monthly July 1, 2007 and July 1, 2017 2007 2017 $77.40 $75.30 $68.27 10% increase 50% increase $51.65 APCo DEV Base Rates December 4, 2017 8

  9. APPALACHIAN POWER BASE RATE EARNINGS Revenue Increases/ Earned ROE (Returned to Customers) Commission Proceedings 2007 Base Rate Case 5.33% $167,900,000 2008 Initial Rate Case 2.01% $61,500,000 2009/2010 First Biennial Review 4.69% $55,100,000 2012/2013 Second Biennial Review 11.86% ($5,800,000) Informal Filings provided during Base Rate Freeze 2014 Informational Filing 7.86% N/A 2015 Informational Filing 11.84% N/A 2016 Informational Filing 11.09% N/A December 4, 2017 9

  10. DOMINION ENERGY VIRGINIA BASE RATE EARNINGS Commission-determined (Returned to Customers)/ Earned ROE Future Recovery Deferral Commission Proceedings 2008 Initial Rate Case 16.73% ($726,000,000) 2009/2010 First Biennial Review 13.31% ($78,300,000) 2011/2012 Second Biennial Review 10.25% $22,700,000 2013/2014 Third Biennial Review 10.89% ($19,700,000) Informal Filings provided during Base Rate Freeze Company-filed Earned ROE 2015 Informational Filing 11.00% N/A 2016 Informational Filing 12.87% N/A December 4, 2017 10

  11. POTENTIAL IMPACTS OF FEDERAL TAX RATE REDUCTION Congress is considering reducing the Federal Income Tax rate from 35% to 20% for companies Base Rate Tax Savings Estimates: • $165 million annually for DEV • $80 million annually for APCo The tax savings arising from base rate earnings would remain with shareholders during the base rate freeze December 4, 2017 11

  12. APCo Typical Residential Bill Increase using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 $48.64 $25.75 $13.00 $25.75 $13.00 $9.89 $9.89 Fuel RACs Base Rates Total December 4, 2017 12

  13. DEV Typical Residential Bill Increase using 1,000 kWh Monthly July 1, 2007 to July 1, 2017 $26.61 $7.03 $18.07 $18.07 $7.03 $1.51 $1.51 Fuel RACs Base Rates Total December 4, 2017 13

  14. CONTACT INFORMATION Kim Pate Director of Utility Accounting and Finance State Corporation Commission 804-371-9961 Kim.Pate@scc.virginia.gov December 4, 2017 14

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