by Steve Haner

Dominion Energy Virginiaโs ongoing program to place selected neighborhood service lines underground, spreading the bill for the upgrades onto all its 2.7 million customers, will cost another $3.8 billion if the General Assembly blesses its extension for another ten years.
Of that, about $1.6 billion is the cost of the construction work and $2.2 billion (58 percent) will be to pay interest to the lenders or profit to the stockholders who put up the working capital. Those numbers are from an analysis provided to a curious legislator by the State Corporation Commissionโs staff in a letter earlier this week.
Almost a third of the money will come from the utilityโs commercial and industrial customers (yes, including the scapegoated data centers), the SCC reported. But the upgrades being financed will benefit few if any business customers. An earlier report on Baconโs Rebellion extrapolating data from an SCC case file had some similar cost projections.
When it is the business customers subsidizing electricity for homeowners, nobody in the legislature squawks at all. Politicians only feign outrage if homeowners think they are subsidizing businesses. And none of them dares admit how much profit their favorite political donor is making from all this. (If half the financing is equity, not debt, more than a billion dollars in profit is a pretty good payoff for $20 million in campaign donations. And this is hardly the only 2026 bill enriching the utility.)












