VirginiaPhase I Utilities; financing for certain securitized asset costs, biennial rate reviews.
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. This bill incorporates HB 1588.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 24Acts of Assembly Chapter text (CHAP0497)Latest
- Mar 24Approved by Governor Glenn Youngkin-Chapter 497 (Effective 07/01/25)Became Law
- Mar 24Fiscal Impact Statement from State Corporation Commission (HB2621)
- 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 House and Senate (HB2621ER)Major
- Mar 7EnrolledMinor
- Feb 22Conference report agreed to by Senate (39-Y 0-N)Minor
- Vote recorded Reconsideration of conference report agreed to (39-Y 0-N). Result: pass.Upper
- Vote recorded Conference report agreed to by Senate (38-Y 0-N). Result: pass.Upper
- Vote recorded Conference report agreed to by Senate (39-Y 0-N). Result: pass.Upper
- Vote recorded Conference report agreed to by House (98-Y 0-N). Result: pass.Lower
- Feb 22Reconsideration of conference report agreed to (39-Y 0-N)Minor
- Feb 22Conference report agreed to by Senate (38-Y 0-N)Minor
- Feb 22Conference report agreed to by House (98-Y 0-N)Minor
- Feb 22Conference substitute printed 25108052D-H3
- Feb 22Amended by conference committee
- Feb 20Delegates: Shin, Mundon King, Ballard
- Vote recorded Senate insisted on amendment (39-Y 0-N). Result: pass.Upper
- Vote recorded Senate substitute rejected by House (0-Y 98-N). Result: fail.Lower
- Feb 20Conferees appointed by House
- Feb 20Senators: Deeds, McPike, Peake
- Feb 20Conferees appointed by Senate
- Feb 20House acceded to request
- Feb 20Senate requested conference committeeMinor
- Feb 20Senate insisted on substitute (39-Y 0-N)Major
- Feb 20Senate substitute rejected by House (0-Y 98-N)
- Feb 19Passed Senate with substitute (40-Y 0-N)Passed Senate
- Vote recorded Passed Senate (40-Y 0-N). Result: pass.Upper
- Feb 19Engrossed by Senate - committee substituteMajor
- Feb 19Commerce and Labor Substitute agreed to
- Feb 19Reading of substitute waived
- Feb 19Read third timeMinor
- Feb 18Passed by for the day
- Vote recorded Constitutional reading dispensed (on 2nd reading) (40-Y 0-N). Result: pass.Upper
- Feb 18Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- Feb 18Rules suspended
- Feb 18Committee substitute printed 25107584D-S1Major
- Feb 17Reported from Commerce and Labor with substitute (15-Y 0-N)Minor
- Vote recorded Reported from Commerce and Labor with substitute (15-Y 0-N). Result: pass.Upper
- Feb 17Fiscal Impact Statement from State Corporation Commission (HB2621)
- Feb 5Referred to Committee on Commerce and LaborMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Read third time and passed House (81-Y 17-N)Passed House
- Vote recorded Read third time and passed House (81-Y 17-N). Result: pass.Lower
- Feb 3Printed as engrossed 25106694D-EH2
- Feb 3Engrossed by House - floor substitute as amended
- Feb 3Delegate Shin Amendment agreed toMajor
- Feb 3Passed by temporarily
- Feb 3Delegate Ballard Substitute agreed to
- Feb 3Floor substitute printed 25106694D-H2 (Ballard)
- Feb 3Labor and Commerce Substitute rejected
- Feb 3Read second timeMinor
- Feb 2Read first timeMinor
- Jan 30Incorporates HB1588(Williams)
- Vote recorded Reported from Labor and Commerce with substitute (21-Y 1-N). Result: pass.Lower
- Jan 30Committee substitute printed 25106173D-H1Major
- Jan 30Reported from Labor and Commerce with substitute (21-Y 1-N)Minor
- Jan 28Subcommittee recommends reporting with substitute (9-Y 0-N)Major
- Vote recorded Subcommittee recommends reporting with substitute (9-Y 0-N). Result: pass.Lower
- Jan 24Assigned L & C sub: Subcommittee #3Minor
- Jan 13Referred to Committee on Labor and CommerceMinor
- Jan 13Presented and ordered printed 25103840DIntroduced