Senate Majority Leader Sahane Massey has come up with a bill that most of us will agree is worth debating. His bill will save 725,000 Dominion Energy ratepayers up to $1 billion over the next 20 years. That’s an estimated $69 a year for each ratepayer. But Sen. Massey, who represents Lexington County, knows winning passage for his bill is going to be a tough fight. He and his bill’s backers must convince fellow lawmakers to approve a novel way to pay for SCANA’s $4 billion nuclear debt and save ratepayers’ money. His bill lets the state “secure” the money needed to pay off the debt at a far lower interest rate than Dominion can get. Dominion opposes this because it would cost it 10% profit on every dollar borrowed. It works like this: In selling utility bonds, Dominion would raise rates high enough to pay for the debt plus 10% profit for its investors and itself. That means ratepayers pay more than they should have to. Dominion bought SCANA in the belief state regulators would allow it to charge ratepayers $2.3 billion more for 2 failed nuclear reactors. The Senate Judiciary Committee will consider the bill’s legality since the Public Service Commission – blind or uncaring, take your pick – approved Dominion’s plan to charge ratepayers $2.3 billion more than the $2 billion they already paid. The question is whether lawmakers will protect their voters – or Dominion’s profiteering. You would think this is an easy decision. Ratepayers can vote lawmakers out of office. Dominion can’t – but it can apply a lot of pressure through its lobbyists and millions of dollars in campaign donations. The lobbyists want to exempt Dominion. Massey said he will fight that amendment. “We’re not making them reimburse what they’ve stolen,” he said, “just change the rates.” Massey’s bill will not refund the $2 billion SCE&G wasted but it could lower future bills. Let your lawmakers know how you feel about this.

– Jerry Bellune