Electric utility regulation; schedule for biennial reviews, authority to petition. (SB1366)

Introduced By

Sen. Phil Puckett (D-Tazewell) with support from co-patron Del. Ron Villanueva (R-Virginia Beach)

Progress

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

Description

Electric utility regulation; schedule for biennial reviews; authority to petition for rate increase. Requires Appalachian Power, referred to as a Phase I utility, to delay the filing of its next biennial review from March 31, 2013, until March 31, 2014, upon giving the State Corporation Commission 30 days' notice. Such a utility is (i) prohibited from deferring on its books for future recovery certain costs incurred during calendar year 2011 and (ii) required to file subsequent biennial filings by March 31, 2016, and every two years thereafter. The bill also provides that if the combined rate of return on common equity earned by generation and distribution services for the two successive 12-month test periods ending December 31, 2013, is no more than 50 basis points above or below the return determined for this utility, the combined return shall not be considered either excessive or insufficient, respectively. In addition, the measure provides that for any test period commencing after December 31, 2012, for Dominion, referred to as a Phase II Utility, and after December 31, 2013, for Appalachian Power, if the utility has, during the test period or periods under review, earned below the return determined for the utility, whether or not such combined return is within 70 basis points of the return as so determined, the utility may petition the State Corporation Commission for approval of an increase in rates as if it had earned more than 70 basis points below a fair combined rate of return. The bill states that an emergency exists and that the bill is in force from its passage. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2013Unanimous consent to introduce
01/21/2013Presented and ordered printed with emergency clause 13104134D
01/21/2013Referred to Committee on Commerce and Labor
01/23/2013Assigned C&L sub: Electric Utility
01/27/2013Impact statement from SCC (SB1366)
01/28/2013Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
01/30/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/31/2013Read second time and engrossed
02/01/2013Bills placed in block (39-Y 0-N) (see vote tally)
02/01/2013Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/06/2013Placed on Calendar
02/06/2013Read first time
02/06/2013Referred to Committee on Commerce and Labor
02/14/2013Stricken from docket by Commerce and Labor