Investor-owned electric utilities; rate of return on common equity. (SB731)

Introduced By

Sen. Jennifer McClellan (D-Richmond) with support from co-patron Sen. Jennifer Boysko (D-Herndon)

Progress

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

Description

Rate of return for investor-owned electric utilities. Provides that the State Corporation Commission, in determining a fair rate of return on common equity for an investor-owned electric utility after January 1, 2020, shall not set such rate (i) lower than the average of either (a) the average of the returns on common equity of the utility's peer group reported to the Securities and Exchange Commission for the three most recent annual periods or (b) the authorized returns on common equity that is set by the applicable regulatory commission for other investor-owned electric utilities in the utility's peer group or (ii) higher than 150 basis points above such average. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2020Prefiled and ordered printed; offered 01/08/20 20101582D
01/07/2020Referred to Committee on Commerce and Labor
01/13/2020Impact statement from SCC (SB731)
01/23/2020Assigned C&L sub: Energy
02/03/2020Reported from Commerce and Labor with amendments (12-Y 3-N) (see vote tally)
02/05/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/06/2020Read second time
02/06/2020Reading of amendments waived
02/06/2020Committee amendments agreed to
02/06/2020Engrossed by Senate as amended SB731E
02/06/2020Printed as engrossed 20101582D-E
02/07/2020Read third time and passed Senate (36-Y 3-N) (see vote tally)
02/07/2020Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
02/07/2020Passed Senate (38-Y 1-N) (see vote tally)
02/13/2020Impact statement from SCC (SB731E)
02/18/2020Placed on Calendar
02/18/2020Read first time
02/18/2020Referred to Committee on Labor and Commerce
02/27/2020House committee, floor amendments and substitutes offered
02/27/2020Reported from Labor and Commerce with amendments (18-Y 0-N) (see vote tally)
03/02/2020Read second time
03/03/2020Passed by for the day
03/04/2020Read third time
03/04/2020Committee amendments agreed to
03/04/2020Amendments by Delegate Jonesagreed to
03/04/2020Engrossed by House as amended
03/04/2020Passed House with amendments (69-Y 25-N)
03/04/2020VOTE: Passage (69-Y 25-N) (see vote tally)
03/05/2020Passed by temporarily
03/05/2020House amendments rejected by Senate (1-Y 39-N) (see vote tally)
03/05/2020House insisted on amendments
03/05/2020House requested conference committee
03/05/2020Senate acceded to request (36-Y 2-N) (see vote tally)
03/05/2020Conferees appointed by Senate
03/05/2020Senators: McClellan, Spruill, Norment
03/05/2020Conferees appointed by House
03/05/2020Delegates: Bourne, Ayala, Wilt
03/07/2020C Amended by conference committee
03/07/2020Conference report agreed to by Senate (39-Y 0-N) (see vote tally)
03/08/2020Passed by temporarily
03/08/2020Conference report agreed to by House (75-Y 17-N)
03/08/2020VOTE: Adoption (75-Y 17-N) (see vote tally)
03/18/2020Bill text as passed Senate and House (SB731ER)
03/18/2020Enrolled
03/18/2020Signed by President
03/19/2020Signed by Speaker
03/20/2020Impact statement from SCC (SB731ER)
03/20/2020Enrolled Bill Communicated to Governor on March 20, 2020
03/20/2020G Governor's Action Deadline 11:59 p.m., April 11, 2020
04/10/2020G Approved by Governor-Chapter 1108 (effective 7/1/20)
04/10/2020G Acts of Assembly Chapter text (CHAP1108)