Virginia lawmakers, long seen as beholden to Dominion, have reached a deal to strengthen oversight and potentially create savings for electricity customers.
Lawmakers had been weakening the SCC’s power over Dominion for years. In 2015, the General Assembly granted Dominion a rate freeze to protect it from mandates of the Obama administration’s Clean Power Plan that might have harmed its profit margins.
The utility approached this legislative session aware that the writing was on the wall for giving more power to the SCC. And change comes at a time of turmoil for a company that has been a Virginia mainstay for generations of employees and shareholders. Dominion’s longtime CEO Thomas Farrell II died in 2021, the day after stepping down from his post; energy markets are reeling from rising prices; and the industry faces the need to retool for renewables.
In addition, Dominion proposed changing the way it charges customers for fuel costs — spreading out big increases, such as those that have hit since Russia invaded Ukraine, over many years instead of paying them all at once. That would also lower monthly bills.
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