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2021 SESSION
HB 1914 Electric utilities; triennial review, period costs, rate reductions.
Introduced by: Dan I. Helmer | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Electric utilities; period costs. Provides that in a triennial review proceeding, certain utility generation and distribution costs that are not proposed for recovery under various cost recovery mechanisms, at the State Corporation Commission's discretion, may be attributed to the test periods under review and deemed fully recovered or, if the utility has earned below a certain threshold, may be deferred for recovery over future periods. Under current law, such attribution is required unless the utility has earned below a certain threshold, in which case deferred recovery of the costs is required. The bill also eliminates provisions that limit any rate reduction ordered by the State Corporation Commission in the first triennial review of Dominion Energy Virginia after January 1, 2021, to $50 million in annual revenues and provides that in any triennial review, regardless of whether the Commission has ordered bill credits, the utility earned above its authorized rate of return during the test period under review, or the utility has made a request regarding any customer credit reinvestment offsets, the Commission may order any rate reduction it deems necessary and appropriate unless it finds that the resulting rates will not provide the utility with the opportunity to (i) fully recover its costs of providing its services and (ii) earn not less than a fair combined rate of return on its generation and distribution services. The provisions of the bill apply to the first triennial review of Dominion Energy Virginia conducted after January 1, 2021. This bill incorporates HB 1835.
FULL TEXT
- 01/10/21 House: Prefiled and ordered printed; offered 01/13/21 21101429D pdf | impact statement
- 02/02/21 House: Committee substitute printed 21104073D-H1 pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
HISTORY
- 01/10/21 House: Prefiled and ordered printed; offered 01/13/21 21101429D
- 01/10/21 House: Referred to Committee on Labor and Commerce
- 01/14/21 House: Assigned L & C sub: Subcommittee #3
- 02/01/21 House: Subcommittee recommends reporting with substitute (6-Y 4-N)
- 02/02/21 House: Reported from Labor and Commerce with substitute (12-Y 9-N)
- 02/02/21 House: Committee substitute printed 21104073D-H1
- 02/02/21 House: Incorporates HB1835 (Subramanyam)
- 02/03/21 House: Read first time
- 02/04/21 House: Read second time
- 02/04/21 House: Committee substitute agreed to 21104073D-H1
- 02/04/21 House: Engrossed by House - committee substitute HB1914H1
- 02/05/21 House: Read third time and passed House (60-Y 39-N)
- 02/05/21 House: VOTE: Passage (60-Y 39-N)
- 02/05/21 Senate: Constitutional reading dispensed
- 02/05/21 Senate: Referred to Committee on Commerce and Labor
- 02/05/21 Senate: Continued to 2021 Sp. Sess. 1 in Commerce and Labor (15-Y 0-N)