Electric utilities; triennial review, period costs, rate reductions. (HB1914)

Introduced By

Del. Dan Helmer (D-Fairfax Station) with support from 13 copatrons, whose average partisan position is:

Those copatrons are Del. Jeff Bourne (D-Richmond), Del. Betsy Carr (D-Richmond), Del. Josh Cole (D-Stafford), Del. Carrie Coyner (R-Chesterfield), Del. Glenn Davis (R-Virginia Beach), Del. Elizabeth Guzman (D-Dale City), Del. Patrick Hope (D-Arlington), Del. Sally Hudson (D-Charlottesville), Del. Kaye Kory (D-Falls Church), Del. Alfonso Lopez (D-Arlington), Del. Suhas Subramanyam (D-Sterling), Del. Lee Ware (R-Powhatan), Del. Michael Webert (R-Marshall)

Progress

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

Description

Electric utilities; period costs. Provides that in a triennial review proceeding, certain utility generation and distribution costs that are not proposed for recovery under various cost recovery mechanisms, at the State Corporation Commission's discretion, may be attributed to the test periods under review and deemed fully recovered or, if the utility has earned below a certain threshold, may be deferred for recovery over future periods. Under current law, such attribution is required unless the utility has earned below a certain threshold, in which case deferred recovery of the costs is required. The bill also eliminates provisions that limit any rate reduction ordered by the State Corporation Commission in the first triennial review of Dominion Energy Virginia after January 1, 2021, to $50 million in annual revenues and provides that in any triennial review, regardless of whether the Commission has ordered bill credits, the utility earned above its authorized rate of return during the test period under review, or the utility has made a request regarding any customer credit reinvestment offsets, the Commission may order any rate reduction it deems necessary and appropriate unless it finds that the resulting rates will not provide the utility with the opportunity to (i) fully recover its costs of providing its services and (ii) earn not less than a fair combined rate of return on its generation and distribution services. The provisions of the bill apply to the first triennial review of Dominion Energy Virginia conducted after January 1, 2021. This bill incorporates HB 1835. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2021Prefiled and ordered printed; offered 01/13/21 21101429D
01/10/2021Referred to Committee on Labor and Commerce
01/14/2021Assigned L & C sub: Subcommittee #3
01/15/2021Impact statement from SCC (HB1914)
02/01/2021House subcommittee amendments and substitutes offered
02/01/2021Subcommittee recommends reporting with substitute (6-Y 4-N)
02/02/2021Reported from Labor and Commerce with substitute (12-Y 9-N) (see vote tally)
02/02/2021Committee substitute printed 21104073D-H1
02/02/2021Incorporates HB1835 (Subramanyam)
02/03/2021Read first time
02/04/2021Read second time
02/04/2021Committee substitute agreed to 21104073D-H1
02/04/2021Engrossed by House - committee substitute HB1914H1
02/05/2021Read third time and passed House (60-Y 39-N)
02/05/2021VOTE: Passage (60-Y 39-N) (see vote tally)
02/05/2021Constitutional reading dispensed
02/05/2021Referred to Committee on Commerce and Labor
02/05/2021Continued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N) (see vote tally)
02/10/2021Assigned C&L sub: Energy
02/11/2021Impact statement from SCC (HB1914H1)
02/12/2021Senate committee, floor amendments and substitutes offered
02/15/2021Passed by indefinitely in Commerce and Labor (8-Y 7-N) (see vote tally)

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