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1998 SESSION

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HB 1172 Electric utility industry; schedule.

Introduced by: Kenneth R. Plum | all patrons    ...    notes | add to my profiles

SUMMARY:

Electric Utilities; wholesale and retail competition. Establishes a schedule for Virginia's transition to retail competition in the sale of electricity, as follows: 1. The State Corporation Commission, and entities with interests in electric generation and transmission facilities and the sale of electricity in Virginia, will work to establish independent system operators and regional power exchanges by January 1, 2001. 2. The transition to retail competition and the deregulation of generation facilities (as will be defined and determined by the General Assembly and, thereafter, by regulation of the State Corporation Commission) will commence in Virginia on January 1, 2002. 3. Retail competition, as defined and determined by the General Assembly and, thereafter, by regulation of the State Corporation Commission, will commence in Virginia on January 1, 2004. 4. Just and reasonable net stranded costs will be recoverable, and appropriate consumer safeguards related to stranded costs and stranded benefits will be implemented, as defined and determined by the General Assembly and, thereafter, by regulation of the State Corporation Commission. 5. In implementing this bill, the General Assembly and the State Corporation Commission are required to ensure reliable electric service at reasonable and just rates to all classes of consumers with due regard to the protection of the environment. 6. The General Assembly, in implementing this bill, is also required to give due regard to the unique regulatory and taxation structures of all electric utilities and power supply cooperatives in Virginia. 7. The enactment is declared to have no effect on any pending litigation at the State Corporation Commission or in any court in the Commonwealth, or on any power or duty of the Commission granted by law or the Constitution of Virginia.


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