Bill Text: VA HB588 | 2022 | Regular Session | Prefiled
Bill Title: Electric utilities; adjustment of rates.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-25 - Stricken from docket by Commerce and Energy (20-Y 0-N) [HB588 Detail]
Download: Virginia-2022-HB588-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §56-581 of the Code of Virginia is amended and reenacted as follows:
§56-581. Regulation of rates subject to Commission's jurisdiction; adjustment of rates.
A. After the
expiration or termination of capped rates except as provided in §56-585.1, the The Commission shall regulate
the rates of investor-owned incumbent electric utilities for the transmission
of electric energy, to the extent not prohibited by federal law, and for the
generation of electric energy and the distribution of electric energy to retail
customers pursuant to §56-585.1. However,
notwithstanding the provisions of §56-234.2 or
56-585.1 or any other provision of law,
if the Commission determines that
the regulation of rates under
the provisions of §56-585.1 results
in rates that are not just and reasonable in
accordance with the provisions of Chapter 10 (§56-232
et seq.), then
the Commission may, in any triennial review, adjust
such rates to ensure that such
rates (i) are just and
reasonable and (ii) provide the utility
the opportunity to recover its costs and earn its authorized rate of return.
The Commission may make such adjustments regardless of whether the Commission
has found, pursuant to subdivision A 8 of §56-585.1, that the utility earned
more than 70 basis points above the authorized rate of return during the test
period under review.
B. Beginning July 1, 1999, and thereafter, no cooperative that was a member of a power supply cooperative on January 1, 1999, shall be obligated to file any rate rider as a consequence of an increase or decrease in the rates, other than fuel costs, of its wholesale supplier, nor must any adjustment be made to such cooperative's rates as a consequence thereof.
C. Except for the provision of default services under §56-585 or emergency services in §56-586, nothing in this chapter shall authorize the Commission to regulate the rates or charges for electric service to the Commonwealth and its municipalities.
