A group of lawmakers have put off unveiling legislation to overhaul how Virginia regulates its electric rates.

The bipartisan group was set to unveil utility-backed legislation Thursday overhauling how the state regulates electric monopolies. But Republican Del. Terry Kilgore said the legislation was not yet ready and would be introduced Friday, the last day to file bills.

The legislation could have a major economic impact on the state for years to come. If nothing is passed, customers of Dominion Energy — the state's largest utility — could be on the hook for roughly $500 million a year in excessive payments, according to calculations by state regulators that the company disputes.