We are now ending the last full week of the 2018 Session prior to crossover. As explained last week, the Senate and House will have to finish work on bills originating in their own chambers by Tuesday. This has been a week full of contention.
One of the most contentious issues of the session relates to rate setting for utility companies. In 2015, Dominion Power pushed a bill through the legislature which essentially froze part of their rates, disabled the State Corporation Commission from rate-setting reviews for a period of years, and locked in Dominion’s revenues. Dominion argued that action was needed because of the expected financial impacts of adoption of the federal Clean Power Plan. I voted against that bill because I thought it was a bad deal for the ratepayers. Interestingly, one of the “concessions” that Dominion made in that deal to get the Governor’s support and that of some environmentally-minded Democrats was a commitment to produce 500 megawatts of solar energy by 2020. That goal was attained in 2017. As anyone who watches the markets knows, the cost of solar energy is going down and the demand is going up. Hindsight being 20-20, we now know that the “concession” made in 2015 was a low bar. [Read more…]