RICHMOND, Va. — The Latest on Dominion Energy’s plan to upgrade the electric grid (all times local):
Dominion Energy says the estimated cost of an electric grid upgrade is between $2.4 billion and $3.5 billion.
The company said Friday that the upgrades it thinks are needed would cost between $300 million to $350 million a year for eight to 10 years.
Company officials had previously said they could not provide a ballpark estimate of the costs.
The state’s largest electric utility is scrambling to secure support for legislation that blocks its rates from being reduced, even if the company earns excessive profits.
Dominion says it needs the legislation to upgrade the grid and keep rates stable. Critics say the company is pushing legislation that make ratepayers pay too much for their electric bills.
Dominion Energy says Virginia needs a critical upgrade of its electric grid but can’t estimate how much needs to be spent.
State regulators say the company wants to pay for the upgrade in a way that makes customers pay twice for some of the costs.
The state’s largest electric utility is currently scrambling to secure support for legislation that blocks its rates from being reduced, even if the company earns excessive profits.
Dominion says it needs the legislation in order to upgrade the grid and keep rates stable, but the company says even a ballpark estimate of upgrade costs is impossible to calculate right now.
Critics say the proposal lacks credibility without a price tag for the upgrades.
Lawmakers are likely to take up the legislation next week.