Virginia Electric Utility Regulation Act; regulation of rates, proceeding to review base rates. (SB1321)

Introduced By

Sen. Jennifer McClellan (D-Richmond) with support from co-patron Sen. Creigh Deeds (D-Charlottesville)

Progress

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

Description

Virginia Electric Utility Regulation Act; regulation of rates. Provides, that in any proceeding to establish base rates for Appalachian Electric Power or Dominion Energy Virginia conducted by the State Corporation Commission (the Commission), if the Commission determines in its sole discretion that the utility's existing base rates will, on a going-forward basis, either produce (i) revenues in excess of the utility's authorized rate of return or (ii) revenues below the utility's authorized rate of return, then the Commission is required to order any reductions or increases, as applicable and necessary, to such base rates that it deems appropriate to ensure the resulting base rates (a) are just and reasonable and (b) provide the utility an opportunity to recover its costs of providing services over the rate period and earn a fair rate of return. This bill is identical to HB 1604. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2023Prefiled and ordered printed; offered 01/11/23 23101676D
01/10/2023Referred to Committee on Commerce and Labor
01/16/2023Assigned C&L sub: Energy
01/24/2023Impact statement from SCC (SB1321)
01/30/2023Senate committee, floor amendments and substitutes offered
01/30/2023Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
01/30/2023Committee substitute printed 23105834D-S1
02/01/2023Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/02/2023Read second time
02/02/2023Reading of substitute waived
02/02/2023Committee substitute agreed to 23105834D-S1
02/02/2023Reading of amendment waived
02/02/2023Amendment by Senator McClellan agreed to
02/02/2023Engrossed by Senate - committee substitute with amendment SB1321ES1
02/02/2023Printed as engrossed 23105834D-ES1
02/02/2023Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/02/2023Passed Senate (40-Y 0-N) (see vote tally)
02/09/2023Placed on Calendar
02/09/2023Read first time
02/09/2023Referred to Committee on Commerce and Energy
02/10/2023Impact statement from SCC (SB1321ES1)
02/16/2023Reported from Commerce and Energy (22-Y 0-N) (see vote tally)
02/20/2023Read second time
02/21/2023Read third time
02/21/2023Passed House BLOCK VOTE (99-Y 0-N)
02/21/2023VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/24/2023Enrolled
02/24/2023Bill text as passed Senate and House (SB1321ER)
02/24/2023Signed by President
02/24/2023Signed by Speaker
02/27/2023Impact statement from SCC (SB1321ER)
03/02/2023Enrolled Bill Communicated to Governor on March 2, 2023
03/02/2023G Governor's Action Deadline 11:59 p.m., March 27, 2023
03/24/2023G Approved by Governor-Chapter 498 (effective 7/1/23)
03/24/2023G Acts of Assembly Chapter text (CHAP0498)