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2024 SESSION

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SB 565 Energy efficiency programs; definitions, incremental annual savings.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Energy efficiency programs; incremental annual savings. Provides that for the 2029 program year and all subsequent years, "in the public interest" for the purpose of assessing energy efficiency programs means that the State Corporation Commission determines that the program is cost-effective. The bill directs the Commission to promulgate regulations no later than September 30, 2025, establishing a single, consistent cost-effectiveness test for use in evaluating proposed energy efficiency programs. The bill requires Dominion Energy Virginia and Appalachian Power Company to track, quantify, and report to the Commission the incremental annual savings, as defined in the bill, achieved by such utility's energy efficiency programs. This bill is identical to HB 746.

SUMMARY AS PASSED SENATE:

Energy efficiency programs; incremental annual savings. Provides that for the 2029 program year and all subsequent years, "in the public interest" for the purpose of assessing energy efficiency programs means that the Commission determines that the program is cost-effective. The bill directs the Commission to promulgate regulations no later than September 30, 2025, establishing a single, consistent cost-effectiveness test for use in evaluating proposed energy efficiency programs. The bill requires Dominion Energy Virginia and Appalachian Power Company to track, quantify, and report to the Commission the incremental annual savings, as defined in the bill, achieved by such utility's energy efficiency programs.

SUMMARY AS INTRODUCED:

Energy efficiency programs; incremental annual savings. Provides that it is in the public interest and the policy of the Commonwealth to deploy demand-side management programs and energy efficiency measures throughout the Commonwealth to achieve the greatest possible reductions in energy consumption. The bill permits the State Corporation Commission to increase or decrease an investor-owned electric utility's combined rate of return based on the utility's success in complying with energy efficiency program targets in existing law. Additionally, the bill states that "in the public interest," for the purpose of assessing energy efficiency programs, means that the Commission determines that the program is cost-effective. The bill directs the Commission to promulgate regulations no later than December 31, 2024, establishing a single, consistent cost-effectiveness test for use in evaluating proposed energy efficiency programs. Finally, the bill requires the Commission to consider, as a factor in establishing performance based adjustments to the combined rate of return for an electric utility, the utility's compliance with energy efficiency standards and to update ongoing proceedings to consider this factor no later than December 31, 2024. The provisions of the bill apply to any Commission proceeding that commenced on or after January 1, 2024.