Electric utility regulation; SCC to regulate rate for services of investor-owned electric utilities. (SB680)

Introduced By

Sen. Phil Puckett (D-Tazewell) with support from co-patrons Del. Anne Crockett-Stark (R-Wytheville), and Del. Will Morefield (R-North Tazewell)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Electric utility regulation.  Reinstates provisions governing the authority of the State Corporation Commission (SCC) to regulate the rates for services of investor-owned electric utilities that existed prior to the enactment of the Electric Utility Restructuring Act in 1999 and of electric utility re-regulation legislation in 2007. Specifically, the measure eliminates, for rate cases initiated after January 1, 2011, rules that authorize such utilities to earn a rate of return on common equity that is not lower than the average of such returns for a majority of peer group utilities, and to recover certain costs through rate adjustment clauses. In rate cases initiated in 2011 and thereafter the SCC is directed to determine rates, terms, and conditions for the provision of generation, distribution, and transmission services for each investor-owned incumbent electric utility that are just, reasonable, and nondiscriminatory. These proceedings shall be governed by the provisions of Chapter 10 of Title 56 and shall provide fair rates of return on common equity. In such proceedings, the SCC may use any methodology to determine rates of return on common equity that it finds consistent with the public interest. The SCC is authorized to permit a utility to recover its actual costs, if the Commission finds such recovery is just, reasonable, and in the public interest, of peak-shaving programs, energy efficiency programs, participating in the renewable energy portfolio standard program, and environmental projects. Amends § 56-234.2, § 56-235.2, § 56-249.6, § 56-577, § 56-585.1, § 56-585.2, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/22/2010Presented and ordered printed 10104162D
01/22/2010Referred to Committee on Commerce and Labor
02/01/2010Impact statement from SCC (SB680)
02/08/2010Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/08/2010Committee substitute printed 10105148D-S1
02/10/2010Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/10/2010Read second time
02/10/2010Reading of substitute waived
02/10/2010Committee substitute agreed to 10105148D-S1
02/10/2010Emergency clause added
02/10/2010Reading of amendment waived
02/10/2010Amendment by Senator Puckett agreed to
02/10/2010Engrossed by Senate - committee substitute with amendment SB680ES1
02/10/2010Passed by for the day
02/10/2010Printed as engrossed 10105148D-ES1
02/11/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/15/2010Placed on Calendar
02/15/2010Read first time
02/15/2010Referred to Committee on Commerce and Labor
02/16/2010Impact statement from SCC (SB680ES1)
02/16/2010Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/17/2010Read second time
02/17/2010Constitutional reading dispensed (91-Y 0-N)
02/17/2010VOTE: --- AGREE TO (91-Y 0-N) (see vote tally)
02/17/2010Floor substitute printed 10105450D-H1 (Armstrong)
02/17/2010Speaker ruled substitute by Delegate Armstrong not germane
02/17/2010Passed House (93-Y 0-N)
02/17/2010VOTE: --- PASSAGE EMERGENCY (93-Y 0-N) (see vote tally)
02/17/2010Bill text as passed Senate and House (SB680ER)
02/17/2010Enrolled
02/17/2010Signed by Speaker
02/18/2010Signed by President
02/19/2010Signed by Speaker
02/19/2010Signed by President
02/19/2010Impact statement from SCC (SB680ER)
02/24/2010G Approved by Governor-Chapter 1 (effective 2/24/10)
02/24/2010G Acts of Assembly Chapter text (CHAP0001)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 13 minutes.

Duplicate Bills

The following bills are identical to this one: SB74.