Bill Text: VA HB2503 | 2019 | Regular Session | Prefiled
Bill Title: Public utilities; transactions with affiliates, fuel procurement arrangements.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2019-02-05 - Left in Commerce and Labor [HB2503 Detail]
Download: Virginia-2019-HB2503-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §56-84 of the Code of Virginia is amended and reenacted as follows:
§56-84. Application or petition by public service company and affiliates; hearing; action of Commission; conditions imposed on foreign corporations.
In every case wherein the approval of the Commission is
required of any contract, arrangement, loan, extension or renewal thereof,
assumption of obligation or liability, renewal or extension thereof, or any
transaction or act, an application or petition, duly executed and verified by
any such public service company and by each and every corporation, partnership,
association or person constituting an affiliated interest, who are parties to
such transaction or act, shall be presented to and filed with the Commission which. The
Commission, upon formal
hearing, either formal or informal,
as may be determined by the Commission, after
notice and an opportunity to be heard, shall pass upon
the propriety of the proposed transaction or act, subject to
approval under this chapter and whether
such transaction or act is in the public interest, as proposed
by the applicant or as conditioned by the Commission, and
may, in addition to passing upon the propriety of the
proposed transaction or act subject to approval under this chapter,
pass upon all questions of jurisdiction of the Commission and upon whether any
party is, as a matter of fact and law, an affiliated interest. And in Any
changes to fuel procurement arrangements between affiliates of an electric
utility or its parent company that will impact rate payers are subject to
review, formal hearing, and approval under this
section before they take effect. In any such
proceeding under this section the
Commission may require, as a condition precedent to an approval or action upon
the proposed transaction or act, any other corporation, partnership,
association or person which it appears to the Commission, prima facie, is or
might be an affiliated interest, to join, or to be joined, as a party to the
proceeding. And the The
Commission may, in its discretion, impose any condition as to obtaining a
license to transact business in Virginia on the part of any foreign corporation
which it appears would contravene any provision of Article 17 (§13.1-757 et
seq.) of Chapter 9 of Title 13.1 by the performance of the proposed transaction
or act or may require any such foreign corporation to submit to the
jurisdiction of the Commission under §13.1-759 or otherwise for a
determination of such question, whenever the public interest and the due
enforcement of this chapter and of other laws under the jurisdiction of the
Commission appear to require such course. Any
contract or arrangement for fuel, materials, funding, or
services to be provided directly or indirectly to a utility by an affiliate
shall be filed with the Commission and made available to the public for review
without restrictions.