RICHMOND, Va. (AP) — Virginia’s largest electric utility has reached a settlement agreement with regulators and other parties in an ongoing rate case that if approved would provide one-time refunds to customers and a rate reduction going forward.

Dominion Energy Virginia announced the development late Monday afternoon in the rate case that kicked off in the spring.

The company said in a news release that the proposed settlement would result in $330 million in one-time refunds on customer bills, amounting to about $67 for a typical residential customer.

The State Corporation Commission can now accept, reject or modify the agreement.