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1998 SESSION

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SJ 91 Study; Joint Subcomm. Examining Electric Utility Restructuring.

Introduced by: Jackson E. Reasor, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Continuing the Joint Subcommittee Examining Electric Utility Restructuring in the Commonwealth. Continues the joint subcommittee examining the potential for electric utility restructuring within Virginia. The resolution directs this joint subcommittee to continue work begun in 1996 pursuant to Senate Joint Resolution No. 118, and continued in 1997 in response to Senate Joint Resolution No. 259. These studies examined one central issue: whether Virginia should restructure its electric utility industry to (i) eliminate the exclusive service territories through which franchised electric utilities and cooperatives furnish electric power, and (ii) permit electricity customers to purchase electric power from the seller of their choice.

This resolution directs the joint subcommittee to review, in detail, the restructuring legislative proposals it has received to date, as well as such other proposals as it may receive, and to obtain such technical assistance as it may require in reviewing the potential impact of such proposals or any of their components. Significantly, the resolution directs the joint subcommittee to develop a comprehensive restructuring proposal for Virginia's electricity market.

The resolution encourages the SCC to continue its investigation of electric utilities, and to (i) facilitate (to the extent of the SCC's authority) the development of independent system operators in conjunction with regional power exchanges and (ii) coordinate restructuring pilot programs and studies to be conducted by Virginia's electric and gas utilities and electric cooperatives.

Finally, the resolution expresses the sense of the General Assembly that Virginia's electric utilities should recover "legitimate stranded costs" (as such costs may be defined by the General Assembly) in the event of restructuring.


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