Since 2015, Dominion Energy has overcharged Virginia customers by more than $2 Billion.
Since 2015, Virginians have been overcharged $2 billion by Dominion Energy, as revealed in a recent testimony filed with the State Corporation Commission (SCC). The testimony, submitted by a former utility executive and regulator from Texas, is part of Dominion’s triennial review process, during which the SCC evaluates the earnings of public utilities. This review allows the SCC to assess whether customer base rates should be adjusted. Dominion Energy is set to address these overcharging allegations in the final hearing of the review scheduled for next month.
Despite Virginians already paying the sixth-highest energy bills in the nation, Dominion's ability to overcharge stems from state law. Under an "earnings collar," Virginia utilities like Dominion are permitted to retain a bonus profit of 0.7% above or below the profit margin limit set by the SCC. Dominion's profit margin 2010-2023 is set at 12.4%.
Many Virginians struggle to afford these inflated energy bills, highlighting a disparity in state law that favors public utilities over consumers. If the SCC adopts recommendations outlined in the recent testimony, it could potentially refund a portion of the excessive rates and gain greater discretion in rate adjustments going forward. However, calls for broader reforms are mounting, urging the General Assembly to enact legislation mandating full refunds for overcharges and granting the SCC enhanced authority in rate-setting decisions.
Previous legislative efforts aimed at curtailing Dominion Energy's influence and restoring SCC oversight have garnered bipartisan support in the House of Delegates. However, these bills met their demise in the Senate Commerce and Labor committee, thwarting relief efforts for Virginians.
The upcoming General Assembly session is expected to spotlight utility rate relief and SCC regulatory powers. It's imperative for state lawmakers to prioritize legislation that restores SCC oversight and prevents Dominion from continuing to exploit consumers. As the legislative session approaches, it's crucial to communicate these concerns to your state representatives, advocating for laws that prioritize the interests of Virginians over those of utilities.
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