RICHMOND, Va. — Virginia Lt. Gov. Ghazala Hashmi is asking the State Corporation Commission to require Dominion Energy and NextEra to answer significantly more questions before formally filing their proposed merger — a deal that would create the largest energy company in America.
"We've got a company from another state that is proposing to acquire our large electric utility. I think we need to be careful, and ensure that five years, 10 years down the line, we're not going to regret this decision," Hashmi said.
Hashmi told CBS 6 she believes the merger is too large and complex to be fairly reviewed under the standard six-month SCC review process.
"We just need to give our regulators enough time so that they are able to do the due diligence, that they're able to assess the impacts that we're going to see here in Virginia and that they get some clarity and some real answers to very important questions," Hashmi said.
Watch: Dominion-NextEra merger raises questions for Virginia energy customers
Before the SCC can consider the merger filing, both companies are required to answer 28 baseline questions. In a letter to the SCC, Hashmi proposes expanding that to 64 questions — covering the merger's costs, benefits, risks, governance, competition, and customer impacts.
"The existing baseline questions allow the applicants to frame the narrative in their own terms, potentially omitting the details, rigorous data support, and challenging topics necessary for a true public-interest review," Hashmi said in her letter to the SCC.
Her top concern is the impact on ratepayers.
"We know that electric costs are rising. The monthly electric bill is something that many families are having challenges in paying, and if this acquisition means increased costs for our families, that's my top line concern," Hashmi said.
Among the issues Hashmi raises is the future of bill credits we previously reported on. According to Dominion President Ed Baine, the merger would provide $1.8 billion in bill credits to customers.
"If you look roughly, if you allocate across the classes, it's roughly a $10 per month credit for a residential customer," Baine said.
Those bill credits would last two years after the deal closes.
"What happens after that? And what are the assurances that our families aren't going to see continued escalation of electric costs, and that we have guarantees that we are not going to put greater burdens and impositions on families when they're already facing a crisis in terms of their energy, their capacity to meet their energy bills," Hashmi said.
Hashmi said the goal of her letter is transparency, not opposition.
"My letter is really asking for information, for clarity, for transparency, so that we all have a clear understanding of what direction we're moving in, what this change might mean to our families, to Dominion Energy employees. These are my constituents, these are the people I work for, and that's why I'm hoping that we receive greater answers to these important questions," Hashmi said.
Dominion expects to file its formal merger application within the next few months. The SCC said there will be opportunities for the public to comment on the merger once the formal application is filed.
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