According to recently uncovered testimony by staff at the State Corporation Commission, the Wise County Power Plant could actually eliminate 1474 Virginia jobs and have a significant negative economic impact on the rest of the state.
“This implies that for each dollar of revenue requirement collected through Rider S will have a -$1.36 impact on economic activity elsewhere in the state economic activity elsewhere in the state. The analysis also reveals a negative impact on employment of -1476 jobs.“
Because of the huge profit Dominion will make from this plant (12.12%), money will be removed from the Virginia economy, instead being transferred to Dominion’s shareholders, who received almost 40 cents per share dividend last quarter. Quite a good deal for the shareholders. We pay for our electricity, lose jobs, and they reap the profits.
Last year Governor Kaine dispatched Secretary of Commerce and Trade Patrick Gottschalk to testify before teh SCC, urging them to support the plant and emphasizing that the plant “has the full support of myself and the Governor”. Will this new evidence change his mind?
Despite an agreement with the Attorney General and the SCC staff that the plant will NOT be carbon capture compatible, Dominion struck a deal to maintain the higher 12.12% profit on the $1.8 billion power plant.
