The Virginia Corporation Commission has launched a formal investigation of electric industry restructuring and emerging competition (Case No. PUE950089), focusing on reliability, continuity and stability of rates, fairness to customers and investors, and whether truly competitive markets can be developed. Because opinions differ over PoolCos, retail wheeling, performance-based pricing, and stranded-cost recovery, the commission observed that the presumed potential benefits of restructuring may not be quantifiable.
Unlike many other states, Virginia is not plagued by high-cost power, and electric service from its larger utilities is often "significantly below" the national average. However, the commission noted that low rates do not necessarily mean that no improvements can be made to provide reliable service at lower cost. The commission expects a staff report by March 29, 1996, and will accept written comments by May 31, 1996.
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