Virginia Electric & Power Company, d/b/a Dominion Energy Virginia (DEV)

The Commission issued an Order approving a Stipulation and Consent Agreement (Agreement) between the Office of Enforcement (Enforcement) and DEV. The Agreement resolves the investigation conducted by Enforcement into whether DEV violated any Commission rules, including the Anti-Manipulation Rule, 18 C.F.R. § 1c.2 (2018), by improperly targeting and increasing its receipt of lost opportunity cost credits (LOCs) in the PJM Interconnection, L.L.C. (PJM) market. DEV neither admits nor denies the alleged violations, but agrees to pay the amounts as outlined in the Agreement, and to be subject to monitoring that includes submission of an annual compliance monitoring report, with the requirement of a second annual report at Enforcement’s option.

Sanctions Imposed or Pending

Civil Penalty of $7,000,000 to the United States Treasury, and Disgorgement of $7,000,000 to PJM.