Lawmakers to consider utility regulation
posted Jan 17 2013 1:46PM
RICHMOND, Va. (AP) - Lawmakers are considering changes to how regulators handle electric rates following a proposed deal between the attorney general's office and Virginia's largest power companies.
The Commission on Electric Utility Regulation was briefed Thursday on an agreement between Attorney General Ken Cuccinelli's office, Dominion Virginia Power and Appalachian Power. The panel had asked the parties to address the part of a 2007 law that allows utilities to get renewable energy bonuses after a report said the incentives have not yielded the intended environmental goals and have contributed to increases in customer bills.
The proposed agreement would eliminate those bonuses. But officials say voluntary renewable energy goals would remain intact.
It also recommends changes to performance incentives, the handling of accounting issues and an electric provider's potential rate of return.