The Affordable Energy Act
House Bill 1604, Delegate Rip Sullivan and Delegate Lee Ware
Senate Bill 1321, Senator Jennifer McClellan and Senator Creigh Deeds
The Affordable Energy Act is a bipartisan bill to restore authority to the State Corporation Commission to lower rates when electric utilties overcharge customers above their authorized profit level. Since 2009, Dominion and Appalachian Power Company have overcharged Virginians by nearly $2 billion.
What the bill does
The Affordable Energy Act removes restrictions preventing the State Corporation Commission (SCC) from lowering electric utility rates when the agency determines customers will be overcharged. On several occasions, SCC staff have identified necessary rate reductions. However, the erosion of the SCC’s rate-making authority has prevented the agency from adjusting rates to reflect lower costs of service since 1992.
Without this bill, utility monopolies will continue to overcharge customers by hundreds of millions each year at a time when Virginians are already facing record inflation, and high natural gas prices are putting additional financial pressure on families. Dominion just raised residential electricity bills by $15 a month and Appalachian Power Company also requested a monthly increase of $20 to pay for rising fossil fuel costs.