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Northam announces compromise on electric rate overhaul

Feb 05, 2018 - Associated Press Financial Wire

RICHMOND, Va. (AP) - Virginia Gov. Ralph Northam is endorsing a major overhaul of electricity regulations that's been sought by utilities, despite warnings from the state's attorney general that customers will end up paying more than they should.

Northam's statement Monday says he supports legislation imposing new limits on the ability of state regulators to adjust rates.

Dominion Energy and Appalachian Power say the legislation is needed to help improve the state's electric grid.

Northam says he worked with the utilities and others to improve the legislation, boosting energy-efficiency programs and adding customer protecti...