Despite floor speeches from lawmakers from both parties
calling it a mistake, the state Senate voted 26-13 on Friday to pass the
utility regulatory reform package endorsed by Gov. Ralph Northam and
spearheaded by Dominion Energy, Virginia’s biggest utility.
“Let’s be honest,” said Sen. Chap Petersen, D-Fairfax City.
“This bill is being written to benefit ... an industry giant.”
The far-reaching legislation shifts Virginia to what
Dominion calls a “reinvestment model” that lets the company keep millions in earnings
that would otherwise be returned to customers in exchange for investments in
grid upgrades and renewable energy, among other spending, over the next decade.
Supporters bill it as a way to transform the state’s
electrical grid to match a shift in the utility industry that better
incorporates solar, wind and battery storage and hardens the system against
storms and cyberattacks. The legislation has a host of bells and whistles,
including a push for expensive programs to put distribution and transmission
lines underground, $200 million in credits for Dominion customers for past
overpayments, and about $1 billion in energy efficiency investments.
