Attorney general pushes for legislation aimed at Dominion Energy’s excess profits

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.