The Roanoke Star reports:
Energy giant Dominion Power got a doubly good deal when it paid $1.6 million for the right to develop a 112,800-acre tract into a wind farm off the Virginia coast. “It’s a good deal for Dominion, but only because of the taxpayer-funded handouts that come with generating offshore wind power,” said Nick Loris, an energy specialist at the Heritage Foundation. “Virginians are going to end up paying for this twice, through higher electricity rates and to help foot the bill for the project.”
“Virginians are going to end up paying for this twice, through higher electricity rates and to help foot the bill for the project.”
As a regulated monopoly power utility, Dominion Resources (symbol: D) has an authorized rate of return. Even if Virginians do “end up paying for this twice,” the money will be recouped somewhere else. By definition.