February 22, 2013
RICHMOND, Virginia (AP)— Gov. Bob McDonnell has signed legislation changing how Virginia regulators handle electric rates.
McDonnell on Thursday signed legislation that eliminates renewable energy bonuses and makes other regulatory changes following a deal between Attorney General Ken Cuccinelli's office, Dominion Virginia Power and Appalachian Power.
The Commission on Electric Utility Regulation had asked the parties to address part of a 2007 law that allowed utilities to get renewable energy bonuses after a report said the incentives have not yielded the intended environmental goals and have contributed to increases in customer bills.
The legislation eliminates those bonuses, but the state's voluntary renewable energy goals will remain intact.
It also changes performance incentives, the handling of accounting issues and an electric provider's potential rate of return.
Story copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.