Electric utility regulation; recovery of costs of offshore wind facilities, etc. (SB643)

Introduced By

Sen. Don McEachin (D-Richmond)

Progress

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

Description

Electric utilities; costs of offshore wind facilities. Requires a utility planning or developing a generating facility utilizing energy derived from offshore wind to cease deferral of at least 70 percent of any previously deferred or capitalized costs associated with such facility that the utility incurred between July 1, 2007, and December 31, 2013. This portion of the costs shall be (i) eligible for recovery only through the utility's base rates as a current period expense and (ii) deemed to have been reasonably and prudently incurred. The measure authorizes the State Corporation Commission to permit the utility to restore to common equity of the utility's capital structure any amounts charged to period expense resulting from this provision. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/17/2014Presented and ordered printed 14103810D
01/17/2014Referred to Committee on Commerce and Labor
01/23/2014Impact statement from SCC (SB643)
02/10/2014Reported from Commerce and Labor with substitute (16-Y 0-N) (see vote tally)
02/10/2014Committee substitute printed 14104958D-S1
02/11/2014Read first time
02/11/2014Constitutional reading dispensed (37-Y 0-N)
02/11/2014Reading of substitute waived
02/11/2014Committee substitute agreed to 14104958D-S1
02/11/2014Engrossed by Senate - committee substitute SB643S1
02/11/2014Constitutional reading dispensed (40-Y 0-N)
02/11/2014Passed Senate (40-Y 0-N)
02/13/2014Placed on Calendar
02/13/2014Read first time
02/13/2014Referred to Committee on Commerce and Labor
02/18/2014Reported from Commerce and Labor with amendments (18-Y 2-N) (see vote tally)
02/19/2014Impact statement from SCC (SB643S1)
02/20/2014Read second time
02/21/2014Passed by for the day
02/24/2014Read third time
02/24/2014Committee amendments agreed to
02/24/2014Engrossed by House as amended
02/24/2014Passed House with amendments (77-Y 19-N 3-A)
02/24/2014VOTE: PASSAGE (77-Y 19-N 3-A) (see vote tally)
02/26/2014House amendments agreed to by Senate (30-Y 7-N 2-A)
02/28/2014Enrolled
02/28/2014Bill text as passed Senate and House (SB643ER)
02/28/2014Impact statement from SCC (SB643ER)
03/03/2014Signed by Speaker
03/03/2014Signed by President
04/03/2014G Approved by Governor-Chapter 550 (effective 7/1/14)
04/03/2014G Acts of Assembly Chapter text (CHAP0550)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 7 minutes.