Game changing bills released to rein in Dominion energy bills
RICHMOND, Va. — A bipartisan coalition of lawmakers are proposing a package of bills aimed at ending decades of overcharging by Virginia’s monopoly electric company Dominion. In 2020, Virginia passed transformative energy legislation designed to eliminate carbon emissions from the power sector by 2050. Now begins the work of implementing that law in a least-cost way by regulating Dominion’s unjust excess earnings.
“Our work to address climate change is equal parts equity and environmental work. These bills will ensure that we protect economically vulnerable Virginians by keeping our energy bills down while moving toward Virginia’s commitment to becoming a zero carbon state,” said Will Cleveland, Senior Attorney with the Southern Environmental Law Center who worked with lawmakers to craft the bills. “Virginia has monopoly utilities with captive customers, so we cannot depend on competition to keep prices down. Only the regulator can do that, but current law prevents the State Corporation Commission from actually lowering prices. It is time for that to change.”
Virginians already pay the 6th highest electric bills in the country and according to the State Corporation Commission, Dominion Energy has not had its prices adjusted since 1992; the revenue those prices bring in are – on average – $300 million more per year than authorized.
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