By Steve Haner
Standing firm against raising taxes is a fine thing, but it would help if Virginia’s leaders also stopped using people’s electricity bills to fund rent-seeking energy speculations.
Governor Glenn Youngkin (R) has tweaked, but not vetoed, pending bills that allow both of Virginia’s investor-owned utilities to charge ratepayers for power plants that may not be built. The dream projects involve small modular nuclear technology, proven in military applications but so far speculative for commercial generation.
The Governor’s proposed amendments (substitutes really, but not substantial substitutes) do not greatly enhance any consumer protection. In theory, the regulatory State Corporation Commission could refuse a future application to charge ratepayers, but it seldom thwarts the will of the legislature. Expect to see your bills raised in the next 18 months or so to pay for plants that may never be built.
During the session one of the concerns raised was that different bills with different rules would apply to Dominion Energy Virginia and Appalachian Power Company. That is where we have ended up. House Bill 1491 applies only to APCo with its 500,000 customers, and Senate Bill 454 applies only to Dominion and its 2.6 million customers. (You lucky rural cooperative customers escape again.)
The substitute versions will be voted on April 17 and there is no reason from the history of the bills to date (H1491 and S454) to expect they will fail. Neither will they be unanimous. Continue reading