Dive Summary:
- Governor Bob McDonnell of Virginia signed a bill eliminating renewable energy bonuses for utilities.
- In 2007, the state legislature sanctioned bonuses for utilities if they meet voluntary renewable energy goals; later, a report came out contending the goals did not deliver on the intended environmental benefits and merely raised rates for consumers.
- While the new legislation eliminates the bonuses, the goal will remain; the law also amends performance incentives, account management and an electricity provider's potential rate of return.
From the article:
"Gov. Bob McDonnell has signed legislation changing how Virginia regulators handle electric rates.
McDonnell on Thursday signed legislation that eliminates renewable energy bonuses and makes other regulatory changes following a deal between Attorney General Ken Cuccinelli's office, Dominion Virginia Power and Appalachian Power. ..."