From The Richmond Times Dispatch. Proposals would enhance the authority of the Virginia State Corporation Commission. February 1, 2021
Meade Browder, a senior assistant attorney general asked lawmakers to support proposals to strengthen oversight of the state’s largest electric utility after years of utility-friendly laws tied regulators’ hands.
New legislation could lead to hundreds of millions in refunds for Dominion customers in Virginia. At issue: The State Corporation Commission has projected that Dominion, since 2017, earned more than $500 million above the fair profit allowed by law in exchange for operating an electric monopoly. Browder told lawmakers the fundamental issue is whether a utility is recovering its costs and a fair profit, and nothing more.
Should the legislation be approved by the House, it is expected to face an uphill challenge in the Senate.