Similarly, Wilson gives an exaggerated view of the costs of clean energy investments and does not consider the benefits of no fuel risk, the social cost of carbon, economic development and jobs.
He also attempts to stigmatize offshore wind, the most important economic development opportunity for Hampton Roads since the invention of the aircraft carrier, by misstating an offshore wind cap whereby a change during the 2020 General Assembly yielded a lower overall cost cap for offshore wind than had been the case for previous versions of the legislation earlier in the session.
In summary, the Virginia Clean Economy Act sets a 25-year path for a carbon-free grid with the jobs and economic benefits associated with decarbonization focused on Virginia — not other states. Wilson cites an exaggerated cost of nearly $30 per month by 2030 to accomplish this.
This figure assumes lower commercial growth and more residential growth than we view as reasonable based on recent trends. We estimate a 2030 cost of $18.94 per month for the Clean Economy Act for the typical residential customer, before considering the benefits of energy efficiency, the social cost of carbon, economic development and jobs.
Since the General Assembly’s reregulation of electric utilities took effect in July 2008, Dominion Energy Virginia’s rates have increased less than 1% per year and have remained well below the national and East Coast averages. We have maintained reliable service, bolstered by our efforts to modernize the electric grid, and we have made record investments in clean energy.