RICHMOND, Va. (AP) — Virginia Gov. Terry McAuliffe is voicing concerns about a possible rate increase for customers of the state’s largest electric utility.
The governor’s office said Monday it was worried that Dominion Virginia Power customers would overpay because a 2015 law prohibits state regulators from adjusting base rates — the majority of a customer’s bill — for several years but allows them to approve large construction costs.
Dominion is currently seeking legislation to clarify that it can recover from customers, with a profit, $3 billion to $4 billion it plans to spend extending the life of its nuclear power plants in Virginia by 20 years to 25 years.
McAuliffe has also previously said he supports undoing the 2015 law, which critics have said locked in excessive profits for Dominion.