Gov. Abigail Spanberger filed paperwork Monday with the State Corporation Commission urging the regulatory body to reject the proposed merger with Dominion and NextEra as it stands. At a press event Tuesday, she doubled down on her asks for a rate hike freeze and increased bill credits and criticized what she said had been an opaque process.
Spanberger told reporters that she didn’t think SCC regulators could make an informed decision on the deal without a specific dollar amount tied to the efficiencies the companies expect from the merger. Testimony from SCC staff also filed Monday said it also was unable to pin down that number, even under confidential review.
“In its current status, (the deal) doesn’t actually provide the numbers behind their math, and so that would make it much more difficult to actually create any mechanism of enforceability,” Spanberger said. “And it does create a far more opaque landscape and one that makes it very difficult for the commissioners, SCC staff, or everyday Virginians to really assess this potential merger and ultimately what it would mean for them financially.”
Spanberger also was critical of the secrecy behind the so-called “Robo memo,” a document authored by a consulting firm addressed to NextEra’s then-CEO James Robo.
Both companies have fought to keep that document, which purportedly alleges instances of the company interfering in political elections in Florida, according to reporting from the Miami Herald. The parties in the case, including Spanberger, would be able to see the document in-person if they agree to a judge’s order that would prevent the memo’s contents from being disseminated. Spanberger did not say if she had seen the memo, but said it should be in the public sphere.
“There is substantial public reporting related to allegations within the Robo memo, and ultimately a settlement that was paid, more than $100 million that was paid by NextEra, to settle a case related to political corruption and really egregious malfeasance as it relates to political meddling,” she said.
Spanberger also acknowledged recent reporting that showed NextEra had donated $4 million to the construction of President Donald Trump’s White House ballroom.
“If you have millions of dollars to donate to President Trump’s ballroom, then presumably you have the financial capacity and capability to ensure that Virginians are also benefiting from any potential deal of this size and scale,” she said.
SCC staff also urged commissioners to reject the deal as it’s currently written. It would be unusual for the SCC to go against the recommendation of its research staff, though the decision ultimately lies with its three commissioners.
The next step in considering the merger is live testimony at hearings in the coming weeks.
In a joint statement, Dominion and NextEra said the deal represented a generational investment in Virginia with $2.1 billion in bill credits, bill payment assistance, workforce development and charitable investments. The companies also said they would maintain Dominion’s Virginia workforce for five years and create 1,000 new jobs.
“The combination will also strengthen our ability to invest in reliability and critical infrastructure while helping keep energy affordable for Virginia families and businesses,” the statement read. “Dominion Energy Virginia will remain locally led, separately regulated and fully accountable to the State Corporation Commission.
“As expected in a proceeding of this size and significance, (Monday’s) testimony reflects a wide range of viewpoints and interests. We are reviewing the filings and will address the issues raised through the Commission’s established process.”
Kate Seltzer, 757-713-7881, kate.seltzer@virginiamedia.com
Source: www.pilotonline.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
