Pro Publica / Richmond Times-Dispatch: “The People We Serve Are Paying Too Much for Energy:” Virginia Lawmakers Are Targeting Dominion Energy

In a bid to lower some of the highest electricity bills in the nation, Virginia lawmakers are pushing legislation that would strengthen oversight of the state’s largest utility, Dominion Energy, potentially setting up hundreds of millions of dollars in customer refunds.

The package of seven bills is designed to restore authority to Virginia’s State Corporation Commission, which regulates utilities and other business interests. As the Richmond Times-Dispatch and ProPublica reported in October, years of Dominion-backed laws have left the agency hobbled as residential power bills have soared. Notably, the utility backed legislation passed in 2015 to block rate reviews for seven years, and it later championed changes that allowed it to keep some profits that would otherwise be returned to customers and instead use the money for new projects. …

On Wednesday, a Senate subcommittee unanimously recommended rejection of one of the bills, which would scrap the provision that allows Dominion to keep 30% of its excess profits. Leading the charge was Sen. Tommy Norment, a Republican who called on his colleagues to pause what he referred to as “legislative assaults” that were “impacting the desirability and Wall Street’s perspective on Dominion.” He owns $50,000 to $250,000 in Dominion stock, according to his most recent economic interest statement.

In a statement, Norment said his actions were appropriate under Virginia law. “I am permitted to vote on any issue that does not treat me differently than any other individuals in a similar class,” he said. “Here, the similar class would be all shareholders.”

Paul Seamus Ryan, vice president of policy and litigation at Common Cause, a government accountability organization, agreed but said Norment should recuse himself anyway.

“I think it’s really important for public officials to avoid even the appearance of a conflict of interest or corruption,” he said.