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SCC Reminds Investors to Consider Risks Before Conducting Financial Transactions that Rely on DeFi
JAN 11, 2022
RICHMOND – Decentralized Finance (DeFi), a relatively new blockchain-based set of financial services, may come with risks that are not readily apparent to investors. As such, the State Corporation Commission (SCC) urges Virginians to approach this technology as they would any other potential investment – with caution as well as an understanding of the potential benefits and risks.
DeFi firms rely on algorithms and use digital assets to provide financial services such as depository services, lending, investing and management services. Some of these services are highly complex, operate outside current regulatory frameworks and may offer few, if any, consumer protections. DeFi relies heavily on peer-to-peer transactions rather than an intermediary such as a bank that holds custody of funds.
“Never invest more than you can afford to lose,” said Ron Thomas, director of the SCC’s Division of Securities and Retail Franchising (Division). “Because DeFi is an emerging technology – and offers lending and investing options that are not dependent on traditional financial markets – the risks differ from those in traditional markets.”
“The growing popularity of cryptocurrencies is one of the main drivers behind the development of alternative banking and business opportunities that may rely on DeFi models,” Thomas said.
To help Virginians better understand DeFi, the North American Securities Administrators Association, of which the SCC is a member, issued an investor advisory to explain DeFi, the technology behind it, how DeFi lending works, potential risks for investors, and how consumers can avoid becoming a victim to scams.
Thomas encourages Virginians to understand any investment and the person offering it before they invest.
For additional resources regarding securities and investing, or to find out if an investment or the person offering it are properly licensed or registered in Virginia, contact the Division of Securities and Retail Franchising in Richmond at 804-371-9051 or toll-free at 1-800-552-7945, or visit its website at scc.virginia.gov/pages/Consumer-Investments.
Contact: Ford Carson, 804-371-9141
SCC Approves Dominion Energy Virginia Grid Transformation Plan
JAN 07, 2022
RICHMOND– The State Corporation Commission (SCC) has approved Dominion Energy Virginia’s Phase II of its plan for electric distribution grid transformation projects that the company seeks to deploy in 2022 and 2023.
In its petition, the company proposed projects that focus on grid reliability and are designed to accommodate or facilitate the expected increase in distributed energy resources resulting from recent policy developments, including the Virginia Clean Economy Act and FERC Order 2222.
After consideration of the case record, the Commission approved many of the Phase II projects subject to certain requirements, including cost caps. Among other projects, the Commission approved the company's Advanced Metering Infrastructure (AMI) proposal, which it had previously denied. The Commission's approval was based on several factors, including that the company provided a timeline for system-wide implementation of time-varying rates and now has an active experimental time-of-use rate, which requires AMI.
The Commission also approved a pilot-like proposal for two previously denied grid technologies projects: intelligent grid devices and fault location, isolation and service restoration. The Commission found these projects are targeted at feeder segments with below-average reliability.
The Commission also directed the company to take certain specific actions in implementing the approved Phase II projects and in filing its next petition. The Commission stated the company should continue to perform a robust cost-benefit analysis going forward. The company should also include a more thorough projection of distributed energy resources penetrations and anticipated reliability impacts.
The Phase II projects are grouped into several categories of related elements with associated costs:
- Advanced Metering Infrastructure, including deployment of approximately 1.1 million smart meters and associated infrastructure - $198.3 million
- The continued development of a customer information platform - $203.9 million
- Grid infrastructure, which comprises targeted corridor improvements and voltage island mitigation - $27.7 million
- Multiple grid technologies - $194.42 million
- Telecommunications - $102 million
- Cyber security - $9.3 million
- Physical security - $37.5 million
- Customer education - $3 million
Contact: Andy Farmer, 804-371-9141