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(Richmond-AP) -- Dominion Virginia Power asked state regulators today to allow it to raise residential rates by nearly nine percent over two years to pay for the costs of supplying power to its two million residential customers.

The $441.7 million rate increase, which would take effect January first, 2004, would be Dominion's first in three years. The State Corporation Commission must approve any rate increase.

The company, Virginia's dominant utility provider, filed an application July first with the commission to increase its rates.

Under state legislation passed in 1999 that deregulated the industry, power companies may not increase base rates for business and residential customers until 2007, but may recoup unforeseen expenses by passing along fuel cost increases to consumers.

(Copyright 2003 by The Associated Press. All Rights Reserved.)

Date published: 10/7/2003

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