General Assembly; prohibits any committee from reporting bill containing new sales & use tax exempt. (HB2132)

Introduced By

Del. Mark Keam (D-Vienna) with support from co-patrons Del. Ben Cline (R-Amherst), and Del. Tony Wilt (R-Harrisonburg)

Description

Electric utility ratemaking; incentives for generation facilities. Prospectively eliminates the ability of investor-owned electric utilities to earn an enhanced rate of return on common equity for generation projects. Projects for which a rate adjustment clause petition is filed on or after December 1, 2012, will be ineligible for the enhanced rate of return on the costs of the facility. The enhanced rate of return provides a utility with an increase in its rate of return of between 100 and 200 basis points for the first portion of the project's service life of between five and 25 years, depending on the type of generation facility. The measure also eliminates the State Corporation Commission's authority to allow an enhanced rate of return on common equity on an environmental project if the project reduces the need for new generation facilities by enabling the existing facility receiving the environmental project to continue operating. Read the Bill »

Outcome

History