Richmond, Virginia—Members of the Senate Committee on Commerce and Labor passed SB1321, also known as the Virginia Electric Utility Regulation Act this afternoon. The bill, sponsored by Senator Jennifer McClellan, would help ensure that utility monopolies are not making too much profit at the expense of hardworking families in our community, and that’s something we can get behind.
“We’re thrilled that the Virginia Electric Utility Regulation Act has taken the first step towards becoming law. When you have companies that have a monopoly on purpose, it is crucial that they be tightly regulated to ensure that families in Virginia are protected from unreasonable rate increases,” LaTwyla Mathias, Executive Director at Progress Virginia, said. “When utility companies are charging too much and making too much money, that money should go back into the pockets of the people it was taken from. We will keep working to ensure that this bill becomes law.”
The bill would give the State Corporation Commission the power to review the rates utility companies are charging. If those rates are deemed unreasonable, it gives them the right to order utility companies to reduce the rates, putting more money in the pockets of families in our community.
The bill will be voted on by the full Senate before crossing over for a vote by members of the House of Delegates.