HB 1984

Abstract

Electric utilities; triennial review; ratesof return. Provides that the State Corporation Commission, in any triennial review proceeding, including the first triennial review proceeding conducted after January 1, 2021, for Dominion EnergyVirginia, may use any methodology it finds consistent with the publicinterest to determine fair rates of return on common equity for the utility's generation and distribution services. In any such triennialreview, regardless of whether the utility earned above or below itsauthorized rate of return during the test period under review, theCommission also may order any increases or decreases to the utility'srates for generation and distribution that it deems necessary andappropriate, as long as the resulting rates provide the utility with the opportunity to (i) fully recover its costs of providing its servicesand (ii) earn an authorized rate of return.