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2014 SESSION

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SB 643 Electric utility regulation; recovery of costs of offshore wind facilities, etc.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Electric utilities; costs of offshore wind facilities. Limits the portion of all costs incurred by an electric utility between July 1, 2007, and December 31, 2013, in developing an offshore wind facility that are recoverable through a rate adjustment clause to 30 percent of such amount. The remaining 70 percent of all such costs related to such a facility shall be recovered ratably through existing base rates as determined by the SCC in the test periods under review in the utility's next biennial review filed after July 1, 2014. All of the costs incurred after December 31, 2013, may be deferred for recovery through a rate adjustment clause as may be approved by the SCC. The measure also states that the planning and development activities for new generation facilities utilizing energy derived from offshore wind are in the public interest.


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