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Virginia Supreme Court upholds electric rate review law

(MGN Online)

RICHMOND, Va. (AP) — The Virginia Supreme Court has upheld a law temporarily banning state regulators from adjusting a portion of electric rates.

The court issued a ruling Thursday that the 2015 law was constitutional.

A group of large industrial electric customers and advocates for the poor challenged the law, which critics have called a costly giveaway to electric monopolies Dominion Resources and Appalachian Power.

A report from state regulators earlier this month said customers of both utilities would be paying lower bills if not for the law.

Supporters of the law say it has helped shield the state from potential rate spikes due to uncertainty around carbon regulations.

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