The Virginia Energy Reform Act is a better way forward for powering Virginia than the current dead-end system in which our utilities benefit from monopoly control of both the Commonwealth’s energy market at the customers’ expense.
The Virginia Energy Reform Act:
- Establishes a well-designed, competitive market for electricity retailers to give families and businesses a choice.
- Requires monopoly electric utilities to exit the retail services and generation businesses and be limited to just owning and maintaining the distribution system.
- Establishes a nonprofit independent entity that has no financial stake in electricity market outcomes to coordinate operation of the distribution system.
- Implements performance-based regulation of monopoly electric distribution utilities, tying the amount they charge for their service to key outcomes such as cost and reliability.
- Implements a standard ensuring that cost-effective energy efficiency resources are deployed across the Commonwealth.
- Establishes a bill assistance program for low-income households that have to spend a disproportionately high percentage of their income on electricity.
- Builds in additional consumer protections and education to ensure smart energy choices.