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2023 SESSION

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23102867D
HOUSE BILL NO. 1854 Offered January 11, 2023 Prefiled January 10, 2023 A BILL to require the State Corporation Commission to submit an annual report regarding offshore wind energy development. ---------- Patrons-- Subramanyam, Kory and Maldonado ---------- Referred to Committee on Commerce and Energy ----------

Be it enacted by the General Assembly of Virginia:

1. § 1. No later than December 31, 2023, and annually thereafter, the State Corporation Commission (the Commission) shall submit a report to the Chairmen of the House Committee on Commerce and Energy and the Senate Committee on Commerce and Labor, the Secretary of Natural and Historic Resources, and the Secretary of Commerce and Trade regarding the status of offshore wind energy projects approved by the Commission pursuant to §§ 56-585.1:4 and 56-585.1:11 of the Code of Virginia. Each report shall, at a minimum, describe the status and the anticipated environmental impacts and benefits of such projects and analyze the current and projected capital costs and consumer rate impacts associated with such projects.

The Commission's initial report shall include an analysis of the ownership structure chosen by an electric utility for previously approved wind energy projects and the costs, benefits, and risks for consumers associated with utility-owned and third-party-owned projects. The initial report shall include an analysis of the relevant costs, benefits, and risks for ratepayers of any alternative ownership structures for other offshore wind projects in the United States, including any utility-owned projects, third party power purchase agreements, joint venture projects, and any other ownership structures that the Commission deems relevant. The initial report shall also include an analysis of the costs, benefits, and risks of utility owners acting as their own engineering, procurement, and construction contractors. The initial report shall specify consumer protection measures available in each procurement option. The Commission shall consider stakeholder input and public comment prior to submitting each annual report.