Bill Text: VA HB528 | 2020 | Regular Session | Comm Sub
Bill Title: Electric generation facilities; SCC shall determine retirement of facilities.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Passed) 2020-04-06 - Governor: Acts of Assembly Chapter text (CHAP0662) [HB528 Detail]
Download: Virginia-2020-HB528-Comm_Sub.html
Be it enacted by the General Assembly of Virginia:
1. §1. Notwithstanding any other provision of law, the State Corporation Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any coal-fired or natural gas-fired electric generation facilities owned or operated by any Phase I Utility or Phase II Utility, as such terms are defined in subdivision A 1 of §56-585.1 of the Code of Virginia. In making such determination, the State Corporation Commission shall (i) perform an independent analysis of the remaining undepreciated capital costs; (ii) establish a recovery period that best serves ratepayers; and (iii) allow for the recovery of any carrying costs that the Commission, in its sole discretion, deems appropriate.