Lawmakers Request More Time for Merger Review
A group of Democratic lawmakers in Virginia has asked Governor Abigail Spanberger to convene a special session of the General Assembly to give regulators more time to examine the proposed merger between Dominion Energy and NextEra Energy. The request was made in a letter to the governor, which was made public on Monday. The lawmakers argue that the current six-month review window is insufficient for a deal of this magnitude.[S1][S2]
The letter, signed by several legislative leaders including Senate Majority Leader Scott Surovell and House Speaker Don Scott, emphasizes that the merger involves tens of billions of dollars and the long-term ownership of the state's largest utility. They contend that the State Corporation Commission (SCC) needs adequate time to evaluate the terms, including the impact on energy bills.[S1]
The Merger and Its Regulatory Clock
Dominion and NextEra formally filed applications with the SCC on July 15, starting a 180-day review period. Under current law, if the SCC does not make a decision within that window, the merger is automatically approved. The lawmakers argue that this compressed timeline prevents a thorough examination of the deal's implications.[S2]
The lawmakers, headed by State Sen. Jeremy McPike, argued that a half-year window is insufficient for the Commission to compile a thorough evidentiary record, for intervenors and expert witnesses to challenge the companies' assertions, or for the public to grasp and react. They caution that letting the deadline lapse would lead to automatic approval, not rejection.[S2]
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Governor's Stance and Next Steps
Governor Spanberger is expected to be receptive to the request. Earlier this month, she took the legal step of formally requesting to be a party to the case, giving her administration the right to engage, bring concerns forward, and request detailed information about the merger. She emphasized that Virginians expect long-term, tangible benefits from any potential deal.[S2]
The legislators are requesting a special session in September so that legislation extending the review period can be enacted in time. They contend that the timeline should be dictated by the review's requirements rather than an arbitrary statutory deadline, safeguarding ratepayers, communities, and the stability of Virginia's energy grid.[S2]
