VA HB2621 | 2025 | Regular Session
Status
Completed Legislative Action
Sponsorship: Strong Partisan Bill (Republican 12-1)
Status: Passed on March 24 2025 - 100% progression
Action: 2025-03-24 - Acts of Assembly Chapter text (CHAP0497)
Text: Latest bill text (Chaptered) [HTML]
Sponsorship: Strong Partisan Bill (Republican 12-1)
Status: Passed on March 24 2025 - 100% progression
Action: 2025-03-24 - Acts of Assembly Chapter text (CHAP0497)
Text: Latest bill text (Chaptered) [HTML]
Summary
Phase I Utilities; securitized asset costs. Authorizes Appalachian Power to petition the State Corporation Commission for a financing order for securitized asset costs, as defined in the bill. The bill creates the securitized asset cost charge and provides that the revenues generated by this charge, known as securitized asset cost property, are a property right that can be transferred and pledged as security for the securitized asset cost bonds. The bill establishes the procedures for creating, perfecting, and enforcing the security interest in securitized asset cost property. The bill also prohibits rate increases for Appalachian Power during the months of November through February and prohibits rate adjustment clauses from taking effect on customer bills between the months of November through February. The bill prohibits Appalachian Power from charing a residential customer any interest or late fees between July 1, 2025, and December 31, 2025, and from charging a residential customer any reconnection fees between July 1, 2025, and March 1, 2026. The bill also provides that in any rate proceeding for Appalachian Power, the State Corporation Commission shall include an invitation for public comment. This bill incorporates HB 1588.
Title
Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.
Sponsors
Roll Calls
2025-02-22 - Senate - Reconsideration of conference report (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2025-02-22 - Senate - Conference report agreed to by Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2025-02-22 - Senate - Conference report agreed to by Senate (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 2) [PASS]
2025-02-22 - House - Conference report agreed to by House (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2025-02-20 - House - Senate substitute rejected by House (0-Y 98-N) (Y: 0 N: 98 NV: 0 Abs: 2) [FAIL]
2025-02-20 - Senate - Senate insisted on substitute (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2025-02-19 - Senate - Passed Senate with substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-18 - Senate - Constitutional reading dispensed (on 2nd reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-17 - Senate - Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-04 - House - Read third time and passed House (81-Y 17-N) (Y: 81 N: 17 NV: 0 Abs: 2) [PASS]
2025-01-30 - House - Reported from Labor and Commerce with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2025-01-28 - House - Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 2) [PASS]
2025-02-22 - Senate - Conference report agreed to by Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2025-02-22 - Senate - Conference report agreed to by Senate (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 2) [PASS]
2025-02-22 - House - Conference report agreed to by House (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2025-02-20 - House - Senate substitute rejected by House (0-Y 98-N) (Y: 0 N: 98 NV: 0 Abs: 2) [FAIL]
2025-02-20 - Senate - Senate insisted on substitute (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2025-02-19 - Senate - Passed Senate with substitute (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-18 - Senate - Constitutional reading dispensed (on 2nd reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-17 - Senate - Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-04 - House - Read third time and passed House (81-Y 17-N) (Y: 81 N: 17 NV: 0 Abs: 2) [PASS]
2025-01-30 - House - Reported from Labor and Commerce with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2025-01-28 - House - Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 2) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2025-03-24 | Acts of Assembly Chapter text (CHAP0497) | |
| 2025-03-24 | Approved by Governor-Chapter 497 (Effective 07/01/25) | |
| 2025-03-24 | House | Fiscal Impact Statement from State Corporation Commission (HB2621) |
| 2025-03-11 | Governor's Action Deadline 11:59 p.m., March 24, 2025 | |
| 2025-03-11 | House | Enrolled Bill communicated to Governor on March 11, 2025 |
| 2025-03-10 | Senate | Signed by President |
| 2025-03-07 | House | Signed by Speaker |
| 2025-03-07 | House | Bill text as passed House and Senate (HB2621ER) |
| 2025-03-07 | House | Enrolled |
| 2025-02-22 | Senate | Conference report agreed to by Senate (39-Y 0-N) |
| 2025-02-22 | Senate | Reconsideration of conference report (39-Y 0-N) |
| 2025-02-22 | Senate | Conference report agreed to by Senate (38-Y 0-N) |
| 2025-02-22 | House | Conference report agreed to by House (98-Y 0-N) |
| 2025-02-22 | House | Conference substitute printed 25108052D-H3 |
| 2025-02-22 | Amended by conference committee | |
| 2025-02-20 | House | Delegates: Shin, Mundon King, Ballard |
| 2025-02-20 | House | Conferees appointed by House |
| 2025-02-20 | Senate | Senators: Deeds, McPike, Peake |
| 2025-02-20 | Senate | Conferees appointed by Senate |
| 2025-02-20 | House | House acceded to request |
| 2025-02-20 | Senate | Senate requested conference committee |
| 2025-02-20 | Senate | Senate insisted on substitute (39-Y 0-N) |
| 2025-02-20 | House | Senate substitute rejected by House (0-Y 98-N) |
| 2025-02-19 | Senate | Passed Senate with substitute (40-Y 0-N) |
| 2025-02-19 | Senate | Engrossed by Senate - committee substitute |
| 2025-02-19 | Senate | Commerce and Labor Substitute agreed to |
| 2025-02-19 | Senate | Reading of substitute waived |
| 2025-02-19 | Senate | Read third time |
| 2025-02-18 | Senate | Passed by for the day |
| 2025-02-18 | Senate | Constitutional reading dispensed (on 2nd reading) (40-Y 0-N) |
| 2025-02-18 | Senate | Rules suspended |
| 2025-02-18 | Senate | Committee substitute printed 25107584D-S1 |
| 2025-02-17 | Senate | Reported from Commerce and Labor with substitute (15-Y 0-N) |
| 2025-02-17 | House | Fiscal Impact Statement from State Corporation Commission (HB2621) |
| 2025-02-05 | Senate | Referred to Committee on Commerce and Labor |
| 2025-02-05 | Senate | Constitutional reading dispensed (on 1st reading) |
| 2025-02-04 | House | Read third time and passed House (81-Y 17-N) |
| 2025-02-03 | House | Printed as engrossed 25106694D-EH2 |
| 2025-02-03 | House | Engrossed by House - floor substitute as amended |
| 2025-02-03 | House | Delegate Shin Amendment agreed to |
| 2025-02-03 | House | Passed by temporarily |
| 2025-02-03 | House | Delegate Ballard Substitute agreed to |
| 2025-02-03 | House | Floor substitute printed 25106694D-H2 (Ballard) |
| 2025-02-03 | House | Labor and Commerce Substitute rejected |
| 2025-02-03 | House | Read second time |
| 2025-02-02 | House | Read first time |
| 2025-01-30 | House | Incorporates HB1588(Williams) |
| 2025-01-30 | House | Committee substitute printed 25106173D-H1 |
| 2025-01-30 | House | Reported from Labor and Commerce with substitute (21-Y 1-N) |
| 2025-01-28 | House | Subcommittee recommends reporting with substitute (9-Y 0-N) |
| 2025-01-24 | House | Assigned L & C sub: Subcommittee #3 |
| 2025-01-13 | House | Referred to Committee on Labor and Commerce |
| 2025-01-13 | House | Presented and ordered printed 25103840D |
