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
History
| Date | Action |
|---|---|
| 01/12/2022 | Prefiled and ordered printed; offered 01/12/22 22102089D |
| 01/12/2022 | Referred to Committee on Agriculture, Conservation and Natural Resources |
| 01/20/2022 | Impact statement from SCC (SB500) |
| 02/08/2022 | Senate committee, floor amendments and substitutes offered |
| 02/08/2022 | Reported from Agriculture, Conservation and Natural Resources with amendment (14-Y 1-N) (see vote tally) |
| 02/09/2022 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
| 02/10/2022 | Read second time |
| 02/10/2022 | Reading of amendment waived |
| 02/10/2022 | Committee amendment agreed to |
| 02/10/2022 | Engrossed by Senate as amended SB500E |
| 02/10/2022 | Printed as engrossed 22102089D-E |
| 02/11/2022 | Passed by for the day |
| 02/14/2022 | Read third time and passed Senate (38-Y 1-N) (see vote tally) |
| 02/18/2022 | Impact statement from SCC (SB500E) |
| 02/21/2022 | Placed on Calendar |
| 02/21/2022 | Read first time |
| 02/21/2022 | Referred to Committee on Commerce and Energy |
| 02/24/2022 | Reported from Commerce and Energy (22-Y 0-N) (see vote tally) |
| 02/28/2022 | Read second time |
| 03/01/2022 | Read third time |
| 03/01/2022 | Passed House (81-Y 19-N) |
| 03/01/2022 | VOTE: Passage (81-Y 19-N) (see vote tally) |
| 03/04/2022 | Enrolled |
| 03/04/2022 | Bill text as passed Senate and House (SB500ER) |
| 03/04/2022 | Signed by President |
| 03/04/2022 | Signed by Speaker |
| 03/08/2022 | Impact statement from SCC (SB500ER) |
| 03/11/2022 | Enrolled Bill Communicated to Governor on March 11, 2022 |
| 03/11/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
| 04/11/2022 | G Approved by Governor-Chapter 582 (effective 7/1/22) |
| 04/11/2022 | G Acts of Assembly Chapter text (CHAP0582) |
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