VERC Calls for Restructured Electricity Market in Virginia

The Virginia Energy Reform Coalition (VERC) calls for a restructured electricity market designed to benefit Virginians through a competitive retail electricity market while keeping strong customer protections, reliability standards, and all pertinent regulations to avoid a similar scenario as what happened in Texas last month that left millions without power in subzero temperatures for several days. This reformed system would include proper guardrails in which suppliers can compete on price and product innovation, customers can benefit from lower prices and greater choice, and Virginia can benefit from a strong, resilient grid.

The system would continue to be highly regulated and officials would have all of the authority they need to ensure reliability, including proper weatherization of electricity production infrastructure. We are confident that with proper implementation, a comprehensive understanding of extreme weather impacts, and strong consumer protection measures, a restructured energy system will allow Virginians to power their homes at all times at the lowest cost possible.