Virginia Senate passes utility regulation overhaul

Despite floor speeches from lawmakers from both parties calling it a mistake, the state Senate voted 26-13 on Friday to pass the utility regulatory reform package endorsed by Gov. Ralph Northam and spearheaded by Dominion Energy, Virginia’s biggest utility. “Let’s be honest,” said Sen. Chap Petersen, D-Fairfax City. “This bill is being written to benefit ... an industry giant.”The far-reaching legislation shifts Virginia to what Dominion calls a “reinvestment model” that lets the company keep millions in earnings that would otherwise be returned to customers in exchange for investments in grid upgrades and renewable energy, among other spending, over the next decade.