State regulators want to make sure Virginia’s millions of utility ratepayers benefit from the corporate tax cut pushed through by congressional Republicans and signed into law last month by President Donald Trump.
The Virginia State Corporation Commission, which regulates utilities, issued an order Monday that requires electricity, gas and water utilities to account for the tax savings on their books.
“The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings,” the commission said in a news release.
Customers of Virginia’s two large electric utilities, however, will have to await action by the General Assembly to reap any benefit, a consequence of the controversial base-rate freeze for Dominion Energy Virginia and Appalachian Power that the legislature passed and Gov. Terry McAuliffe signed in 2015.
