Abigail Spanberger, a Democrat, is the governor of Virginia.
Virginia regulators are facing a decision that could shape energy affordability in the commonwealth for decades.
NextEra Energy, a Florida-based utility company, has filed paperwork to buy Dominion Energy for about $67 billion, creating the largest regulated electric utility in the world. Virginia’s State Corporation Commission is the regulatory body tasked with reviewing the application, and the SCC’s commissioners will ultimately decide whether to approve, deny or impose new conditions on any potential merger.
As a Virginian, I am deeply skeptical about whether selling our primary, state-regulated utility to an out-of-state company is good for the commonwealth. I have serious questions about what this deal would mean for us. And as governor, I intend to get answers and be a voice for Virginians in the process.
That is why I will be taking the legal step of “intervening” in this proposed merger, which means that as governor, I will formally request to be a party to the case.
I know this action is unprecedented by a Virginia governor — but so, too, is the size of this proposed merger and its potential impact on the commonwealth. Virginians deserve to know that their leaders are laser-focused on ensuring that their needs are part of the SCC review.
As the SCC and its commissioners conduct their work in the coming months, I will emphasize three nonnegotiable priorities:
First, Virginia’s families and small businesses. If two large corporations stand to benefit financially from this merger, so should the Virginians who pay the bills. That is why any potential deal must deliver a more affordable energy bill with sustained, long-term energy cost savings.
Second, Virginia’s workforce. Virginians who have long devoted themselves to their careers — including the linemen who get the lights back on after a rough storm, the grid operators who monitor real-time power generation and the engineers who make sure projects follow environmental laws — deserve to know that their steady, good-paying jobs are not going anywhere, even if an out-of-state company acquires their employer.
Third, Virginia’s energy future. Any company that wants to own our state-regulated, largest utility must have a clear plan to accelerate progress toward producing affordable, reliable, local and clean power — not slow it down or trade it away.
Lowering costs, standing up for workers and investing in an innovative energy future — these have been my priorities since taking office in January.
To lower bills, I signed more than a dozen laws aimed at mitigating rising energy costs for Virginia families and small businesses, and created the Regional Greenhouse Gas Initiative refund to bring down Virginians’ utility bills. To support working families, I signed laws guaranteeing paid family and medical leave and paid sick leave. And to keep our energy system fair, my administration is holding data centers accountable — implementing tougher environmental standards for their diesel generators and water usage, enforcing a first-of-its-kind statewide tax on their energy consumption, and successfully urging regulators to make them cover the cost of the infrastructure they need.
By formally intervening in the SCC case, my administration can build on the progress we have already made. To be clear: Taking this action does not mean I intend to make the SCC’s decision for it. Instead, I am seeking to make sure Virginians have a voice in the process.
This action will allow my administration to have the legal right to engage, bring concerns forward, request detailed information about the proposed merger, and make clear that Virginians expect to see long-term, tangible benefits of any potential deal.
The SCC’s mandate requires that commissioners “balance the interests of citizens, businesses, and customers” in their decisions. But for a deal this consequential, I will not watch from the sidelines as that potential balance is assessed and determined.
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