West Virginia Senate Bill 584 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 14-0)
Status: Introduced on February 14 2012 - 25% progression, died in committee
Action: 2012-02-14 - To Judiciary
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [HTML]

The purpose of this bill is to authorize the Public Service Commission of West Virginia to consider and issue a financing order to certain regulated electric utilities to permit the recovery of expanded net energy costs through securitization. The securitization mechanism authorized in the bill would permit commission approved expanded net energy costs, which are generally recoverable in a utility's rates, to be recovered through the issuance of customer rate relief bonds financed at a lower cost to customers than traditional utility financing mechanisms. On the issuance of a financing order, the utility is authorized to issue consumer rate relief bonds to recover expanded net energy costs. The financing order also authorizes the utility to collect consumer rate relief charges from its customers that would be dedicated to repayment of customer rate relief bonds and related costs pursuant to the financing order. The financing order would be irrevocable, as it is the dedicated revenue stream from the consumer rate relief charges, not the financed expanded net energy costs or the credit of the utility, that is pledged to repay the consumer rate relief bonds. In the financing order process, the commission is required to consider, among other things, whether the issuance of consumer rate relief bonds is reasonably expected to achieve the lowest reasonably attainable cost in order to produce cost savings to customers and mitigate rate impacts to customers when compared to traditional financing mechanisms or traditional cost-recovery methods available to the electric utility.

Authorizing PSC issue consumer rate relief bonds for recovery of electric utilities' expanded net energy costs

Sen. Richard Browning [D]	Sen. Truman Chafin [D]	Sen. Larry Edgell [D]	Sen. Douglas Facemire [D]
Sen. Dan Foster [D]	Sen. Jeffrey Kessler [D]	Sen. Art Kirkendoll [D]	Sen. Orphy Klempa [D]
Sen. Robert Plymale [D]	Sen. Roman Prezioso [D]	Sen. Herb Snyder [D]	Sen. Ron Stollings [D]
Sen. John Unger [D]	Sen. Jack Yost [D]

Date	Chamber	Action
2012-02-14		To Judiciary
2012-02-14		Introduced in Senate
2012-02-14		To Judiciary
2012-02-14		Filed for introduction

HB4530 (Same As) 2012-04-19 - Chapter 156, Acts, 2012

Chapter	Article	Section	Citation Type	Statute Text
24	2	4f	New Code	See Bill Text

Type	Source
Summary	http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=584&year=2012&sessiontype=RS&btype=bill
Text	http://www.legis.state.wv.us/Bill_Status/bills_text.cfm?billdoc=sb584%20intr.htm&yr=2012&sesstype=RS&i=584