Electric utilities; SCC to establish procedures regarding refunds of moneys collected. (HB2519)
Introduced By
Del. Bud Phillips (D-Castlewood) with support from co-patrons Del. Terry Kilgore (R-Gate City), and Sen. Bill Carrico (R-Grayson)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Electric utilities; over-recovery of fuel costs. Requires the State Corporation Commission (SCC) to establish procedures regarding refunds by electric utilities of moneys collected from fuel cost tariffs in excess of actual fuel costs. The measure directs the SCC to continuously review fuel costs of all electric utilities and, if the SCC finds that a utility is in an over-recovery position, or likely to be so, to reduce the fuel cost tariffs to correct the over-recovery or require the utility to refund over-recoveries to customers. Currently, the SCC is authorized to review the fuel costs only of those utilities not bound by a rate case settlement that extended in its application beyond January 1, 2002, and if it finds that such a utility is in an over-recovery position, or likely to be so, the SCC is authorized to reduce its fuel cost tariffs to correct the over-recovery. Amends § 56-249.6 (“Recovery of fuel and purchased power costs.”), of the Code of Virginia. View Full Text »
