RICHMOND — Earlier today the House of Delegates approved landmark legislation that will reform how the state’s largest utility, Dominion Energy, is regulated.

The legislation is designed to bring rate and regulation stability to benefit Virginians facing higher energy bills and give the utility the ability to make investments needed to ensure stable, reliable service long into the future.

“Ultimately, this final compromise is truly that — a compromise. This will provide immediate and long term relief for ratepayers,” said House Speaker Todd Gilbert, R-Shenandoah. “With State Corporation Commission oversight restored, residential and industrial customers of Dominion Energy will be protected from sudden spikes in their bills. Dominion Energy is a great corporate citizen and major employer here in Virginia and this bill will provide them certainty and stability to ensure they can continue to provide reliable energy to all Virginians.”

“As we continue to address runaway energy prices, it is important to ensure families across the Commonwealth have access to affordable and reliable energy to keep the lights on,” said House Majority Leader Terry Kilgore, R-Gate City. “Not only does the passage of this legislation deliver meaningful relief to ratepayers, it also adds additional regulatory oversight to ensure we continue to provide long-term savings for Virginians for years to come.”

“Considering all of the hard work and diligence that went into it, I know this bill reflects a win for our ratepayers and for our utilities,” said Commerce and Energy Committee Chair Kathy Byron, R-Bedford. “While no bill is perfect, a strong compromise comes from all parties involved getting something they want and no one getting everything. It’s time for the State Corporation Commission, who have the expertise, to have full authority again for the oversight necessary to ensure we have the energy we need to keep the lights on.”

The legislation now goes to Governor Glenn Youngkin for his signature.