SCC Asked to Consider Higher Profits for Dominion

Two recent editorials, one in Charlottesville’s Daily Progress and one in Fredricksburg’s Free-Lance Star, urge the State Corporations Commission (SCC) to demand full and accurate information from Dominion before considering Dominion’s request for new projects and new profits – and potentially new rate increases from customers to pay for them. Dominion wants the SCC to raise its guaranteed return on equity [ROE] so it can attract investors. But SCC judges and staff noted that nearly all the projects could also generate higher bills for ratepayers. Plus Dominion has submitted varying plans at various times.

The Free-Lance Star put it this way: “If Dominion’s guaranteed return on equity is increased, that would mean more money for investors, but less money for refunds or grid investments that directly benefit the company’s 2.6 million captive customers—who incidentally just got stuck paying up to $5.7 billion to clean up decades’ worth of toxic coal ash. It’s up to the SCC, which will hold a public hearing on Sept. 10 in Richmond on the utility’s application, to decide whether that’s fair.”