March 14, 2014
RICHMOND, Va. (AP) -- A report by Virginia Attorney General Ken Cuccinelli says the state's utility regulation law is costing Virginia energy customers more than necessary.
The report released Thursday says customers of Virginia's two largest electric companies will pay over $1 billion more than necessary for new power plants and renewable energy programs under the 2007 law.
Cuccinelli's report says bonuses called "adders" allowed under the law cost customers of Dominion Virginia Power and Appalachian Power far too much for the benefits they produce.
The adders allow utilities a higher potential profit for meeting renewable energy goals and building new electric generation facilities.
The Richmond Times-Dispatch reports (http://bit.ly/QvC2Kx) that the two utilities disputed those claims, saying the law is working as intended for the public benefit.