Governor McDonnell this morning signed important legislation to improve the 2007 law that re-regulated electricity in Virginia. The governor was joined by Attorney General Ken Cuccinelli, Senator Bill Carrico, Delegate Terry Kilgore, Delegate Donald Merricks, Delegate Will Morefield, Delegate Israel O'Quinn, Delegate Charles Poindexter, Senator Phillip Puckett, Delegate Tom Rust, and Senator John Watkins. With the Governor's leadership while he was Attorney General, the 2007 law adopted a new framework for regulating Virginia's investor owned utilities, a framework aimed at protecting consumers from rate volatility and incentivizing urgently needed investment in new generation facilities.
The legislation signed today was developed and adopted after the Attorney General Ken Cuccinelli and his Office of Consumer Counsel conducted a five year review of the impact and effectiveness of the unique incentives included in the 2007 law. The new law will provide savings to APCO and Dominion customers while maintaining the goals and requirements of the original re-regulation legislation.
Speaking about today's bill signing, Governor McDonnell said, "This legislation marks a victory for citizens and businesses across the Commonwealth. By rolling back the adders put in place in 2007, customers will pay less for electricity than if this bipartisan group of Virginia leaders had not acted. It is an improvement on the important work we did together 5 years ago and I especially commend Delegate Kilgore, Delegate Poindexter, Delegate Merricks, Senator Puckett, Senator Saslaw, and Senator Watkins for introducing and guiding this legislation to my desk."