VirginiaPhase I Utilities; securitized asset costs, rate increases in certain months prohibited, etc.
What it does
Phase I Utilities; securitized asset costs. Authorizes Appalachian Power to petition the State Corporation Commission for a financing order for securitized asset costs, as defined in the bill. The bill creates the securitized asset cost charge and provides that the revenues generated by this charge, known as securitized asset cost property, are a property right that can be transferred and pledged as security for the securitized asset cost bonds.
More detail
The bill establishes the procedures for creating, perfecting, and enforcing the security interest in securitized asset cost property. The bill also prohibits rate increases for Appalachian Power during the months of November through February and prohibits rate adjustment clauses from taking effect on customer bills between the months of November through February. The bill prohibits Appalachian Power from charing a residential customer any interest or late fees between July 1, 2025, and December 31, 2025, and from charging a residential customer any reconnection fees between July 1, 2025, and March 1, 2026. The bill also provides that in any rate proceeding for Appalachian Power, the State Corporation Commission shall include an invitation for public comment.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 24Acts of Assembly Chapter text (CHAP0597)Latest
- Mar 24Approved by Governor Glenn Youngkin-Chapter 597 (Effective 07/01/25)Became Law
- Mar 24Fiscal Impact Statement from State Corporation Commission (SB1076)
- Mar 11Governor's Action Deadline 11:59 p.m., March 24, 2025To Governor
- Mar 11Enrolled Bill Communicated to Governor on March 11, 2025Minor
- Mar 10Signed by PresidentMajor
- Mar 7Signed by SpeakerMajor
- Mar 7Bill text as passed Senate and House (SB1076ER)Major
- Mar 7EnrolledMinor
- Feb 22Conference report agreed to by Senate (39-Y 0-N)Minor
- Vote recorded Conference report agreed to by House (97-Y 0-N). Result: pass.Lower
- Vote recorded Conference report agreed to by Senate (39-Y 0-N). Result: pass.Upper
- Feb 22Passed by temporarily
- Feb 22Conference report agreed to by House (97-Y 0-N)Minor
- Feb 22Conference substitute printed 25108065D-S2
- Feb 22Amended by conference committee
- Feb 20Delegates: Shin, Mundon King, Ballard
- Vote recorded Senate acceded to request (38-Y 0-N). Result: pass.Upper
- Feb 20Conferees appointed by House
- Feb 20Senators: Peake, Deeds, McPike
- Feb 20Conferees appointed by Senate
- Feb 20Senate acceded to request (38-Y 0-N)
- Feb 20House requested conference committeeMinor
- Feb 20House insisted on substituteMajor
- Feb 19House substitute rejected by Senate (0-Y 40-N)
- Vote recorded House substitute rejected by Senate (0-Y 40-N). Result: fail.Upper
- Feb 18Passed House with substitute (81-Y 15-N)Passed House
- Vote recorded Passed House with substitute (81-Y 15-N). Result: pass.Lower
- Feb 18Engrossed by House - committee substituteMajor
- Feb 18Labor and Commerce Substitute agreed to
- Feb 18Read third timeMinor
- Feb 17Read second timeMinor
- Feb 13Committee substitute printed 25107225D-H1Major
- Vote recorded Reported from Labor and Commerce with substitute (20-Y 1-N). Result: pass.Lower
- Feb 13Reported from Labor and Commerce with substitute (20-Y 1-N)Minor
- Feb 13Fiscal Impact Statement from State Corporation Commission (SB1076)
- Feb 7Referred to Committee on Labor and CommerceMinor
- Feb 7Read first timeMinor
- Feb 7Placed on Calendar
- Feb 4Passed Senate (39-Y 1-N)Passed Senate
- Vote recorded Constitutional reading dispensed (on 1st reading) (40-Y 0-N). Result: pass.Upper
- Vote recorded Constitutional reading dispensed (on 3rd reading) (40-Y 0-N). Result: pass.Upper
- Vote recorded Passed Senate (39-Y 1-N). Result: pass.Upper
- Feb 4Constitutional reading dispensed (on 3rd reading) (40-Y 0-N)
- Feb 4Rules suspended
- Feb 4Engrossed by Senate - floor substitute
- Feb 4Senator Deeds, R. Creigh Substitute agreed to
- Feb 4Reading of substitute waived
- Feb 4Read second timeMinor
- Feb 4Constitutional reading dispensed (on 1st reading) (40-Y 0-N)
- Feb 4Rules suspended
- Feb 4Floor substitute printed 25106773D-S1 (Deeds)
- Feb 3Reported from Commerce and Labor (11-Y 0-N 4-A)Minor
- Vote recorded Reported from Commerce and Labor (11-Y 0-N 4-A). Result: pass.Upper
- Jan 27Fiscal Impact Statement from State Corporation Commission (SB1076)
- Jan 7Referred to Committee on Commerce and LaborMinor
- Jan 7Prefiled and ordered printed; Offered 01-08-2025 25102964DIntroduced