Northam announces compromise on electric rate overhaul

Virginia Gov. Ralph Northam is endorsing a major overhaul of electricity regulations that's been sought by utilities, despite warnings from the state's attorney general that customers will end up paying more than they should.

Northam's statement Monday says he supports legislation imposing new limits on the ability of state regulators to adjust rates.

Dominion Energy and Appalachian Power say the legislation is needed to help improve the state's electric grid.

Northam says he worked with the utilities and others to improve the legislation, boosting energy-efficiency programs and adding customer protections.

But his fellow Democrat, Attorney General Mark Herring, says utilities will be allowed to keep rates at unfairly high levels rather than return money to ratepayers.

A Senate panel approved a version of the legislation Monday.