Feb. 28, 2014
RICHMOND, Va. (AP) - Virginia lawmakers have sent a bill to Governor Terry McAuliffe's desk that may impact rates for Dominion Virginia power customers.
The measure allows the Richmond-based utility to deduct most of its research spending from its balance sheets.
The Washington Post reports that the bill would let Dominion deduct about $400 million from its profits and probably avoid a refund to consumers the next time the State Corporation Commission next reviews its financials. Dominion could avoid a possible refund in 2015 and a rate cut in 2017.
Supporters say the bill encourages Dominion to make bigger investments in clean energy. But opponents argue that the change harms consumers.
State Attorney General Mark Herring opposes the bill. Gov. McAuliffe has not announced a position on the legislation.