(2/2) As this process moves forward, my focus remains on protecting consumers and ensuring that any decision serves the long-term interests of the Commonwealth.
"We've got a company from another state that is proposing to acquire our large electric utility. I think we need to be careful and ensure that five years, 10 years down the line, we're not gonna regret this decision. It's a decision that would create the largest energy company in America. A deal so large and complex that Virginia's Lieutenant Governor, Gazala Hashmi, sat down to tell me she thinks it can't be fairly reviewed in only six months under the standard SEC review process. We just need to give our regulators enough time so that they are able to do the due diligence, that they're able to assess the impacts that we're gonna see here in Virginia, and that they get some clarity and some real answers to very important questions. Before the SEC can consider the Dominion Energy and NextEra merger filing, the process requires both companies to answer 28 baseline questions. Hashmi says that's not enough. In a letter to the SEC, she proposes 64 questions instead. Her top concern, the impact on you as a rate payer. We know that electric costs are rising. The monthly electric bill is something that many families are having challenges in paying. And if this acquisition means increased costs for our families, that's my top line concern. Another she has is regarding the bill credits we previously reported on. According to Dominion President Ed Bain, the merger would provide $1.8 billion in bill credits to customers. And if you allocate across the classes, it's roughly a $10 per month credit for a residential customer. The bill credits last two years after the deal is closed. What happens after that? And what are the assurances that our families aren't gonna see continued escalation of electric costs and that we have guarantees that we are not going to put greater burdens and impositions on families? The 64 questions cover the merger's cost, benefit, risk, governance, competition and customer impact. She says the companies answering it would provide clarity and real answers to questions needed to be able to make an informed decision on this acquisition. Dominion expects to file its formal merger application within the next few months. The SEC says once it gets that application, there will be opportunities for you to share your voice. In Richmond, I'm Taylor Locke, CBS 6 News."
💬 Discussion
(2/2) As this process moves forward, my focus remains on protecting consumers and ensuring that any decision serves the long-term interests of the Commonwealth.