VA SB1477 | 2023 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on March 24 2023 - 100% progression
Action: 2023-03-24 - Governor: Acts of Assembly Chapter text (CHAP0510)
Text: Latest bill text (Chaptered) [HTML]

Summary

Electric utility; offshore wind affiliate. Authorizes Dominion Energy Virginia, in connection with certain offshore wind projects, to establish an offshore wind affiliate, defined in the bill, for the purpose of securing a noncontrolling equity financing partner for the project. Under the bill, such offshore wind affiliate is authorized to operate as a public utility in association with the utility. The bill requires the State Corporation Commission, in acting upon any request for associated cost recovery, to utilize the capital structure and cost of capital of the utility and to disregard the capital structure and cost of capital of any noncontrolling entity's interest in the offshore wind affiliate. If any ownership interest in the offshore wind affiliate is transferred to such a noncontrolling entity, the bill requires the Commission to ensure, in granting any approval for the transfer or for cost recovery, that any gain on the utility's basis is credited to the utility's customers through a rate adjustment clause credit mechanism. The bill provides that such an affiliate is considered an electric supplier for the purposes of tax provisions requiring certain electric suppliers to pay a minimum tax rather than the corporate income tax for any year their minimum tax liability is greater than their corporate income tax liability. Electric utility; offshore wind affiliate. Authorizes Dominion Energy Virginia, in connection with certain offshore wind projects, to establish an offshore wind affiliate, defined in the bill, for the purpose of securing a noncontrolling equity financing partner for the project. Under the bill, such offshore wind affiliate is authorized to operate as a public utility in association with the utility. The bill requires the State Corporation Commission, in acting upon any request for associated cost recovery, to utilize the capital structure and cost of capital of the utility and to disregard the capital structure and cost of capital of any noncontrolling entity's interest in the offshore wind affiliate. If any ownership interest in the offshore wind affiliate is transferred to such a noncontrolling entity, the bill requires the Commission to ensure, in granting any approval for the transfer or for cost recovery, that any gain on the utility's basis is credited to the utility's customers through a rate adjustment clause credit mechanism. The bill provides that such an affiliate is considered an electric supplier for the purposes of tax provisions requiring certain electric suppliers to pay a minimum tax rather than the corporate income tax for any year their minimum tax liability is greater than their corporate income tax liability.

Tracking Information

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Title

Electric utility; offshore wind affiliate.

Sponsors


Roll Calls

2023-02-22 - Senate - Senate: House amendments agreed to by Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2023-02-21 - House - House: VOTE: Passage (87-Y 12-N) (Y: 87 N: 12 NV: 0 Abs: 1) [PASS]
2023-02-16 - House - House: Reported from Commerce and Energy with amendment(s) (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2023-02-02 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2023-02-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2023-02-01 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2023-01-30 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2023-03-24 Governor: Acts of Assembly Chapter text (CHAP0510)
2023-03-24 Governor: Approved by Governor-Chapter 510 (effective 7/1/23)
2023-03-13 Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
2023-03-13SenateEnrolled Bill Communicated to Governor on March 13, 2023
2023-03-08HouseSigned by Speaker
2023-03-08SenateSigned by President
2023-03-07SenateBill text as passed Senate and House (SB1477ER)
2023-03-07SenateEnrolled
2023-02-22SenateHouse amendments agreed to by Senate (39-Y 1-N)
2023-02-21HouseVOTE: Passage (87-Y 12-N)
2023-02-21HousePassed House with amendments (87-Y 12-N)
2023-02-21HouseEngrossed by House as amended
2023-02-21HouseCommittee amendments agreed to
2023-02-21HouseRead third time
2023-02-20HouseRead second time
2023-02-16HouseReported from Commerce and Energy with amendment(s) (21-Y 0-N)
2023-02-09HouseReferred to Committee on Commerce and Energy
2023-02-09HouseRead first time
2023-02-09HousePlaced on Calendar
2023-02-02SenatePassed Senate (40-Y 0-N)
2023-02-02SenateConstitutional reading dispensed (40-Y 0-N)
2023-02-02SenatePrinted as engrossed 23104124D-E
2023-02-02SenateEngrossed by Senate as amended SB1477E
2023-02-02SenateCommittee amendments agreed to
2023-02-02SenateReading of amendments waived
2023-02-02SenateRead second time
2023-02-01SenateConstitutional reading dispensed (40-Y 0-N)
2023-01-30SenateReported from Commerce and Labor with amendments (15-Y 0-N)
2023-01-24SenateAssigned C&L sub: Energy
2023-01-18SenateReferred to Committee on Commerce and Labor
2023-01-18SenatePresented and ordered printed 23104124D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
581400.3(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+SB1477
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1477+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1477E+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1477ER+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+CHAP0510+hil
Amendmenthttps://committees.lis.virginia.gov/pdfs/drafts/23105479A.pdf
Amendmenthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+amd+SB1477AS
Amendmenthttps://committees.lis.virginia.gov/pdfs/drafts/23106982A.pdf
Amendmenthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+amd+SB1477AH
Amendmenthttps://lis.virginia.gov/cgi-bin/legp604.exe?231+amd+SB1477AHE
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1477F171+PDF
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1477FE171+PDF
Supplementhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1477FER171+PDF
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S02V0056+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+SV0193SB1477+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+SV0209SB1477+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+SV0210SB1477+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+H23V0173+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+HV2120+SB1477
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+SV0772SB1477+SB1477

Bill Comments

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