Virginia 2018 Regular Session Status: In Committee

SB 955 — Electric utility regulation; suspension of reviews of earnings, Transitional Rate Period.

Last action — Referred to Committee on Commerce and Labor

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House of Delegates
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Provides that the Transitional Rate Period for Virginia Electric and Power Company (Dominion) will conclude on December 31, 2018, and its next biennial review will be conducted in 2019. The Transitional Rate Period for Dominion currently is scheduled to expire on December 31, 2019, and its next biennial review is scheduled to occur in 2022. The measure does not change the date Appalachian Power's Transitional Rate Period is scheduled to conclude (December 31, 2017), but does advance the year of its next biennial review from 2020 to 2018. During the first biennial reviews after the conclusion of the Transitional Rate Period, the State Corporation Commission shall review the earnings of the utilities by utilizing the two successive 12-month test periods ending December 31 of the year preceding the biennial review. During the first biennial reviews after the conclusion of the Transitional Rate Period, the Commission shall review the earnings of the utility during the Transitional Rate Period and, if warranted, shall order credits to customers, order adjustments to rates, or both. The measure also authorizes the Commission to notify customers of such utilities that (i) the General Assembly has authorized the Commission to conduct biennial reviews of the rates, terms, and conditions for any service of the utility during 2018 or 2019, as applicable, and (ii) pursuant to a biennial review, the customer may be entitled to a credit on the customer's bill.

Bill Text

What changed in the latest version

124 added · 129 removed

Plain-language change summary

The amendments to Bill SB 955 update the timelines for reviews of earnings related to electric utility regulation in Virginia. Specifically, the bill pushes the start and end dates of the Transitional Rate Period for Phase I and Phase II utilities by one year, moving from 2014-2017 to 2015-2018 and from 2015-2019 to 2016-2018 respectively. This change is significant because it allows the State Corporation Commission to pause biennial reviews of utility rates longer, which could impact how utilities set their prices and how consumers are affected during that time period.

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SESSION history | hilite | pdf | print version 18104916D SENATE BILL NO.
SESSION history | hilite | pdf | print version 18105723D SENATE BILL NO.
955 Offered January 19, 2018 A BILL to amend and reenact § 56-585.1:1 of the Code of Virginia, relating to electric utility regulation;
955 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Commerce and Labor on February 5, 2018) (Patron Prior to Substitute--Senator Petersen) A BILL to amend and reenact § 56-585.1:1 of the Code of Virginia, relating to electric utility regulation;
---------- Patrons-- Petersen and Chase;
Be it enacted by the General Assembly of Virginia:
Delegate:
Roem ---------- Referred to Committee on Commerce and Labor ---------- Be it enacted by the General Assembly of Virginia:
No biennial reviews of the rates, terms, and conditions for any service of a Phase I Utility, as defined in § 56-585.1, shall be conducted at any time by the State Corporation Commission for during the four successive 12-month test periods beginning January 1, 2014 2015, and ending December 31, 2017.
No biennial reviews of the rates, terms, and conditions for any service of a Phase I Utility, as defined in § 56-585.1, shall be conducted at any time by the State Corporation Commission for during the four successive 12-month test periods beginning January 1, 2015, and ending December 31, 2017.
No biennial reviews of the rates, terms, and conditions for any service of a Phase II Utility, as defined in § 56-585.1, shall be conducted at any time by the State Corporation Commission for during the five successive 12-month test periods beginning January 1, 2015 2016, and ending December 31, 2019 2018.
No biennial reviews of the rates, terms, and conditions for any service of a Phase II Utility, as defined in § 56-585.1, shall be conducted at any time by the State Corporation Commission for during the five successive 12-month test periods beginning January 1, 2015 2016, and ending December 31, 2018.
During the Transitional Rate Period, an investor-owned incumbent electric utility shall recover the following costs, as recorded per books by the utility for financial reporting purposes and accrued against income, only through its existing tariff rates for generation or distribution services, except such costs as may be recovered pursuant to § 56-245, § or 56-249.6 or subdivisions subdivision A 4, A 5, or A of § 56-585.1:
During the Transitional Rate Period, an investor-owned incumbent electric utility shall recover the following costs, as recorded per books by the utility for financial reporting purposes and accrued against income, only through its existing tariff rates for generation or distribution services, except such costs as may be recovered pursuant to § 56-245, § or 56-249.6 or subdivisions subdivision A 4, A 5, or A 6 of § 56-585.1:
3.
That the State Corporation Commission shall (i) direct that any credits ordered to customers pursuant to subsection A of § 56-585.1:1 of the Code of Virginia as amended by this act be credited to customers' bills immediately and (ii) shall not divert any portion of the amount of such credits to any alternative use or program.
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Action History

  1. Referred to Committee on Commerce and Labor

  2. Presented and ordered printed 18104916D

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 145 not signed on

Sponsors (1)

Co-sponsors (2)

Not signed on (145)

145 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

public-safety finance energy
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Frequently asked questions

What does SB 955 do?
Provides that the Transitional Rate Period for Virginia Electric and Power Company (Dominion) will conclude on December 31, 2018, and its next biennial review will be conducted in 2019. The Transitional Rate Period for Dominion currently is scheduled to expire on December 31, 2019, and its next biennial review is scheduled to occur in 2022. The measure does not change the date Appalachian Power's Transitional Rate Period is scheduled to conclude (December 31, 2017), but does advance the year of its next biennial review from 2020 to 2018. During the first biennial reviews after the conclusion of the Transitional Rate Period, the State Corporation Commission shall review the earnings of the utilities by utilizing the two successive 12-month test periods ending December 31 of the year preceding the biennial review. During the first biennial reviews after the conclusion of the Transitional Rate Period, the Commission shall review the earnings of the utility during the Transitional Rate Period and, if warranted, shall order credits to customers, order adjustments to rates, or both. The measure also authorizes the Commission to notify customers of such utilities that (i) the General Assembly has authorized the Commission to conduct biennial reviews of the rates, terms, and conditions for any service of the utility during 2018 or 2019, as applicable, and (ii) pursuant to a biennial review, the customer may be entitled to a credit on the customer's bill.
Who sponsors SB 955?
SB 955 is sponsored by Danica A. Roem, Petersen, J. Chapman, and Chase, Amanda F..
What is the current status of SB 955?
This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 955?
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