HB 1914

  • Virginia House Bill
  • 2021 Regular Session
  • Introduced in House Jan 10, 2021
  • Passed House Feb 05, 2021
  • Senate
  • Governor

Electric utilities; triennial review, period costs, rate reductions.

Abstract

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.

Electric utilities; period costs. Providesthat in a triennial review proceeding, certain utility generationand distribution costs that are not proposed for recovery under variouscost recovery mechanisms, at the State Corporation Commission's discretion,may be attributed to the test periods under review and deemed fullyrecovered or, if the utility has earned below a certain threshold,may be deferred for recovery over future periods. Under currentlaw, such attribution is required unless the utility has earned belowa certain threshold, in which case deferred recovery of the costsis required. The provisions of the bill apply to the first triennialreview of Dominion Energy Virginia conducted after January 1, 2021.

Bill Sponsors (14)

Votes


Actions


Feb 15, 2021

Senate

Passed by indefinitely in Commerce and Labor (8-Y 7-N)

Feb 12, 2021

Senate

Senate committee, floor amendments and substitutes offered

Feb 11, 2021

House

Impact statement from SCC (HB1914H1)

Feb 10, 2021

Senate

Assigned C&L sub: Energy

Feb 05, 2021

House

Read third time and passed House (60-Y 39-N)

House

VOTE: Passage (60-Y 39-N)

Senate

Continued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N)

Senate

Referred to Committee on Commerce and Labor

Senate

Constitutional reading dispensed

Feb 04, 2021

House

Committee substitute agreed to 21104073D-H1

House

Read second time

House

Engrossed by House - committee substitute HB1914H1

Feb 03, 2021

House

Read first time

Feb 02, 2021

House

Incorporates HB1835 (Subramanyam)

House

Committee substitute printed 21104073D-H1

House

Reported from Labor and Commerce with substitute (12-Y 9-N)

Feb 01, 2021

House

House subcommittee amendments and substitutes offered

House

Subcommittee recommends reporting with substitute (6-Y 4-N)

Jan 15, 2021

House

Impact statement from SCC (HB1914)

Jan 14, 2021

House

Assigned L & C sub: Subcommittee #3

Jan 10, 2021

House

Prefiled and ordered printed; offered 01/13/21 21101429D

House

Referred to Committee on Labor and Commerce

Bill Text

Bill Text Versions Format
Prefiled and ordered printed; offered 01/13/21 21101429D HTML
Committee substitute printed 21104073D-H1 HTML

Related Documents

Document Format
Fiscal Impact Statement: HB1914F171.PDF PDF

Sources

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