Investor-owned water and water and sewer utilities; ratemaking proceedings, evaluation of utilities. (SB500)

Introduced By

Sen. Lynwood Lewis (D-Accomac) with support from co-patron Sen. Lionell Spruill (D-Chesapeake)

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 HB 182. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22102089D
01/12/2022Referred to Committee on Agriculture, Conservation and Natural Resources
01/20/2022Impact statement from SCC (SB500)
02/08/2022Senate committee, floor amendments and substitutes offered
02/08/2022Reported from Agriculture, Conservation and Natural Resources with amendment (14-Y 1-N) (see vote tally)
02/09/2022Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/10/2022Read second time
02/10/2022Reading of amendment waived
02/10/2022Committee amendment agreed to
02/10/2022Engrossed by Senate as amended SB500E
02/10/2022Printed as engrossed 22102089D-E
02/11/2022Passed by for the day
02/14/2022Read third time and passed Senate (38-Y 1-N) (see vote tally)
02/18/2022Impact statement from SCC (SB500E)
02/21/2022Placed on Calendar
02/21/2022Read first time
02/21/2022Referred to Committee on Commerce and Energy
02/24/2022Reported from Commerce and Energy (22-Y 0-N) (see vote tally)
02/28/2022Read second time
03/01/2022Read third time
03/01/2022Passed House (81-Y 19-N)
03/01/2022VOTE: Passage (81-Y 19-N) (see vote tally)
03/04/2022Enrolled
03/04/2022Bill text as passed Senate and House (SB500ER)
03/04/2022Signed by President
03/04/2022Signed by Speaker
03/08/2022Impact statement from SCC (SB500ER)
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 582 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0582)

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