For Immediate Release
February 10, 2015
Office of Senator Adam Ebbin
SENATOR EBBIN OPPOSES BILL ALLOWING UTILITY MONOPOLY TO BE UNREGULATED FOR FIVE YEARS
Ebbin says, “I know it's good for Dominion shareholders... but my responsibility is to the people of my district.”
RICHMOND – Senator Adam P. Ebbin (D-Alexandria) spoke out against legislation (SB1349) to weaken consumer protections on Virginia electric utilities.
This bill would “strip away crucial ratepayer safeguards that require regular reviews of utility monopolies earnings and costs,” said Ebbin.
By barring the State Corporation Commission (SCC) from conducting biennial reviews as prescribed by Virginia law, the bill would not allow for the return of excess profits earned by electric utilities. In the two Dominion base rate cases since 2007 where the company had excess profits, the SCC ordered rate credits to customers totaling $800 million.
“I know it's good for Dominion shareholders, and they have a fiduciary responsibility to them for the best outcome for their stock, but it’s important to recognize that my responsibility is to the people of my district and the ratepayers,” said Senator Ebbin on the Senate floor.
SB1349 passed the Virginia Senate and will next be heard by the House Commerce and Labor Committee.
Senator Adam P. Ebbin represents the 30th Senate District, which includes portions of Arlington County, Alexandria City and Fairfax County’s Mount Vernon and Lee Magisterial Districts. Senator Ebbin currently serves on three committees: General Laws and Technology; Agriculture, Conservation and Natural Resources; and Local Government.