Investor-owned water and water and sewer utilities; ratemaking proceedings, evaluation of utilities. (HB182)

Introduced By

Del. Rob Bloxom (R-Accomack)

Progress

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

Description

Investor-owned water and water and sewer utilities; ratemaking proceedings. Requires the State Corporation Commission, in any ratemaking proceeding for an investor-owned utility authorized to furnish water or water and sewer service initiated after January 1, 2022, to evaluate such utility on a stand-alone basis and, for purposes of establishing any revenue requirement and rates, utilize such utility's actual end-of-test period capital structure and cost of capital without regard to the cost of capital, capital structure, or investments of any other entities with which such utility may be affiliated. If the Commission finds that the debt to equity ratio of the actual end-of-test period capital structure of such utility is unreasonable, the bill authorizes the Commission to utilize a debt to equity ratio that it finds to be reasonable. The bill requires the Commission, in all proceedings initiated after January 1, 2022, in which the Commission reviews the rates and associated earnings of an investor-owned utility authorized to furnish water or water and sewer service, to conduct such review utilizing the same cost of capital and capital structure adopted in the utility's most recent rate case in which such rates were set, without regard to any later changes in the cost of capital or capital structure. This bill is identical to SB 500. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2022Committee
01/10/2022Prefiled and ordered printed; offered 01/12/22 22101650D
01/10/2022Referred to Committee on Commerce and Energy
01/18/2022Assigned sub: Subcommittee #1
01/20/2022Impact statement from SCC (HB182)
01/25/2022Subcommittee recommends reporting (8-Y 0-N)
01/27/2022Reported from Commerce and Energy (19-Y 3-N) (see vote tally)
01/31/2022Read first time
02/01/2022Read second time and engrossed
02/02/2022Read third time and passed House (67-Y 32-N)
02/02/2022VOTE: Passage (67-Y 32-N) (see vote tally)
02/03/2022Constitutional reading dispensed
02/03/2022Referred to Committee on Commerce and Labor
02/21/2022Reported from Commerce and Labor with amendment (15-Y 0-N) (see vote tally)
02/23/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/24/2022Read third time
02/24/2022Reading of amendment waived
02/24/2022Committee amendment agreed to
02/24/2022Engrossed by Senate as amended
02/24/2022Passed Senate with amendment (39-Y 1-N) (see vote tally)
02/28/2022Senate amendment agreed to by House (69-Y 29-N)
02/28/2022VOTE: Adoption (69-Y 29-N) (see vote tally)
03/02/2022Enrolled
03/02/2022Bill text as passed House and Senate (HB182ER)
03/02/2022Signed by Speaker
03/03/2022Signed by President
03/03/2022Impact statement from SCC (HB182ER)
03/11/2022Enrolled Bill communicated to Governor on March 11, 2022
03/11/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 581 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0581)

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