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2023 SESSION
HB 1604 Virginia Electric Utility Regulation Act; regulation of rates, proceeding to review base rates.
Introduced by: R. Lee Ware | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Virginia Electric Utility Regulation Act; regulation of rates. Provides, that in any proceeding to establish base rates for Appalachian Electric Power or Dominion Energy Virginia conducted by the State Corporation Commission (the Commission), if the Commission determines in its sole discretion that the utility's existing base rates will, on a going-forward basis, either produce (i) revenues in excess of the utility's authorized rate of return or (ii) revenues below the utility's authorized rate of return, then the Commission is required to order any reductions or increases, as applicable and necessary, to such base rates that it deems appropriate to ensure the resulting base rates (a) are just and reasonable and (b) provide the utility an opportunity to recover its costs of providing services over the rate period and earn a fair rate of return. This bill is identical to SB 1321.
SUMMARY AS INTRODUCED:
Virginia Electric Utility Regulation Act; regulation of rates. Provides that if the State Corporation Commission in any triennial review proceeding for an investor-owned incumbent electric utility commencing after January 1, 2023, determines that the utility's base rates will produce unreasonable revenues in excess of the utility's rate of return, the Commission may order any reductions to such base rates that it deems appropriate to ensure the resulting base rates are just and reasonable and provide the utility an opportunity to recover its costs and earn a fair rate of return.