HB528: Electric generation facilities; SCC shall determine retirement of facilities.


VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to direct the State Corporation Commission to determine when electric utilities should retire coal-fired or natural gas-fired electric generation facilities.
[H 528]
Approved

 

Be it enacted by the General Assembly of Virginia:

1. § 1. Notwithstanding any other provision of law, the State Corporation Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities owned or operated by any Phase I Utility or Phase II Utility, as such terms are defined in subdivision A 1 of § 56-585.1 of the Code of Virginia. In making such determination, the State Corporation Commission shall (i) perform an independent analysis of the remaining undepreciated capital costs; (ii) establish a recovery period that best serves ratepayers; and (iii) allow for the recovery of any carrying costs that the Commission deems appropriate.


HOUSE BILL NO. 528
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Labor and Commerce
on February 6, 2020)
(Patron Prior to Substitute--Delegate Subramanyam)
A BILL to direct the State Corporation Commission to determine when electric utilities should retire coal-fired or natural gas-fired electric generation facilities.

Be it enacted by the General Assembly of Virginia:

1. § 1. Notwithstanding any other provision of law, the State Corporation Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any coal-fired or natural gas-fired electric generation facilities owned or operated by any Phase I Utility or Phase II Utility, as such terms are defined in subdivision A 1 of § 56-585.1 of the Code of Virginia. In making such determination, the State Corporation Commission shall (i) perform an independent analysis of the remaining undepreciated capital costs; (ii) establish a recovery period that best serves ratepayers; and (iii) allow for the recovery of any carrying costs that the Commission, in its sole discretion, deems appropriate.

HOUSE BILL NO. 528

Offered January 8, 2020
Prefiled January 5, 2020
A BILL to direct the State Corporation Commission to determine when electric utilities should retire coal fired or natural gas fired electric generation facilities.
Patron-- Subramanyam
Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. § 1. The State Corporation Commission shall determine when electric utilities should retire coal or gas fired electric generation facilities. In making such determination, the State Corporation Commission shall (i) perform an independent analysis of economic factors that are relevant to the operation of each electric utility's fleet of coal fired and natural gas fired generation facilities located in the Commonwealth or serving the utility's Virginia load; (ii) establish criteria for use in determining when the continued operation of such facilities is not in the public interest on the basis of the cost, availability, and reliability of electric power from other sources of electric generation; and (iii) determine the likely economic costs, including stranded costs, and benefits of retiring and decommissioning such facilities, including the effects thereof on customers' rates. The State Corporation Commission shall submit a copy of its conclusions to the General Assembly no later than July 1, 2021.