HB1770
Virginia Electric Utility Regulation Act; retail competitiveness, review proceedings, etc.
Summary
As Passed Both Chambers. Virginia Electric Utility Regulation Act.
Authorizes Dominion Energy Virginia, on or before July 1, 2024, to petition the State Corporation Commission (the Commission) for a financing order for deferred fuel costs. The bill sets forth specific transaction terms and other provisions related to the financing order. Before granting a financing order, the Commission is required ... (More) to find that (i) the proposed issuance of deferred fuel cost bonds is in the public interest and the associated deferred fuel cost charges are just and reasonable and (ii) the structuring and pricing of the deferred fuel cost bonds are reasonably expected to result in reasonable deferred fuel cost charges consistent with market conditions at the time the deferred fuel cost bonds are priced and the terms set forth in such financing order. The bill requires the financing order to include, among other things: (a) the amount of deferred fuel costs to be financed using deferred fuel cost bonds; (b) a requirement that deferred fuel cost charges authorized under a financing order are non-bypassable and paid by all retail customers of the electric utility, irrespective of the generation supplier of such customer, except for certain exempt customers; (c) a formula-based true-up mechanism for making annual adjustments to the deferred fuel cost charges; and (d) a method of tracing funds collected as deferred fuel cost charges. The bill requires the utility to permit certain retail customers to opt out of financing the customer's pro rata obligation for the deferred fuel cost charges through deferred fuel cost bonds. Under the bill, the financing order is irrevocable. (Less)-
Bill History
- 01/10/2023 - House: Prefiled and ordered printed; offered 01/11/23 23104233D
- 01/10/2023 - House: Referred to Committee on Commerce and Energy
- 01/25/2023 - House: Impact statement from SCC (HB1770)
- 02/02/2023 - House: House committee, floor amendments and substitutes offered
- 02/02/2023 - House: Reported from Commerce and Energy with substitute (12-Y 10-N)
- 02/02/2023 - House: Committee substitute printed 23106225D-H1
- 02/05/2023 - House: Read first time
- 02/06/2023 - House: Read second time
- 02/06/2023 - House: Committee substitute agreed to 23106225D-H1
- 02/06/2023 - House: Engrossed by House - committee substitute HB1770H1
- 02/07/2023 - House: Read third time and passed House (52-Y 47-N)
- 02/07/2023 - House: VOTE: Passage (52-Y 47-N) Close Floor Vote
- 02/08/2023 - Senate: Constitutional reading dispensed
- 02/08/2023 - Senate: Referred to Committee on Commerce and Labor
- 02/13/2023 - House: Impact statement from SCC (HB1770H1)
- 02/20/2023 - Senate: Reported from Commerce and Labor with substitute (10-Y 3-N)
- 02/20/2023 - Senate: Committee substitute printed 23106618D-S1
- 02/21/2023 - Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/22/2023 - Senate: Read third time
- 02/22/2023 - Senate: Reading of substitute waived
- 02/22/2023 - Senate: Committee substitute agreed to 23106618D-S1
- 02/22/2023 - Senate: Engrossed by Senate - committee substitute HB1770S1
- 02/22/2023 - Senate: Passed Senate with substitute (25-Y 14-N) Close Floor Vote
- 02/23/2023 - House: Senate substitute rejected by House 23106618D-S1 (0-Y 94-N)
- 02/23/2023 - House: VOTE: REJECTED (0-Y 94-N)
- 02/23/2023 - Senate: Senate insisted on substitute (40-Y 0-N)
- 02/23/2023 - Senate: Senate requested conference committee
- 02/23/2023 - House: House acceded to request
- 02/23/2023 - House: Conferees appointed by House
- 02/23/2023 - House: Delegates: Kilgore, Byron, Murphy
- 02/23/2023 - Senate: Conferees appointed by Senate
- 02/23/2023 - Senate: Senators: Saslaw, Spruill, Norment
- 02/25/2023 - House: Impact statement from SCC (HB1770S1)
- 02/25/2023 - Conference: Amended by conference committee
- 02/25/2023 - House: Conference substitute printed 23107588D-H2
- 02/25/2023 - Senate: Conference report agreed to by Senate (40-Y 0-N)
- 02/25/2023 - House: Conference report agreed to by House (94-Y 1-N)
- 02/25/2023 - House: VOTE: Adoption (94-Y 1-N)
- 03/07/2023 - House: Enrolled
- 03/07/2023 - House: Bill text as passed House and Senate (HB1770ER)
- 03/08/2023 - House: Signed by Speaker
- 03/08/2023 - Senate: Signed by President
- 03/13/2023 - House: Enrolled Bill communicated to Governor on March 13, 2023
- 03/13/2023 - Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
- 03/16/2023 - House: Impact statement from SCC (HB1770ER)
- 03/27/2023 - House: Governor's recommendation received by House
- 04/12/2023 - House: Placed on Calendar
- 04/12/2023 - House: House concurred in Governor's recommendation (94-Y 1-N)
- 04/12/2023 - House: VOTE: Adoption (94-Y 1-N)
- 04/12/2023 - Senate: Senate concurred in Governor's recommendation (40-Y 0-N)
- 04/12/2023 - Governor: Governor's recommendation adopted
- 04/12/2023 - House: Reenrolled
- 04/12/2023 - House: Reenrolled bill text (HB1770ER2)
- 04/12/2023 - House: Signed by Speaker as reenrolled
- 04/12/2023 - Senate: Signed by President as reenrolled
- 04/12/2023 - House: Enacted, Chapter 775 (effective 7/1/23)
- 04/12/2023 - Governor: Acts of Assembly Chapter text (CHAP0775)
