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2015 SESSION

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Senate Committee on Commerce and Labor Subcommittee Special to examine the EPA's Proposed Clean Power Plan

Wagner (Chairman), Saslaw, Chafin, Dance

Clerk: Maribeth Turner
Staff: Frank Munyan
Date of Meeting: January 29, 2015
Time and Place: 8:30 AM, Thursday 1/29/15, 3rd Floor East Conference Room

S.B. 1349 Electric utility regulation; suspension of reviews of earnings.

Patron: Wagner

Electric utility regulation; suspension of reviews of earnings. Bars the State Corporation Commission (SCC) from conducting a biennial review of the rates, terms, and conditions for any service of Dominion Virginia Power for the eight test periods beginning January 1, 2013, and ending December 31, 2020. The utility is directed not to make biennial review filings in 2016 through 2022. The SCC is directed to dismiss any biennial review initiated in 2015 without making findings or determinations and is barred from adjusting the utility's rates until the conclusion of the 2023 biennial review, with certain exceptions. The SCC is directed to conduct biennial proceedings from 2017 through 2021 to determine what constitutes the utility's fair rate of return on common equity for use in connection with rate adjustment clauses. The measure also requires each electric utility to file updated integrated resource plans annually starting in 2015; currently, such updates are required to be filed biennially.

A BILL to amend and reenact § 56-599 of the Code of Virginia, relating to electric utility regulation; suspension of regulatory reviews of utility earnings; integrated resource plan schedule.

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