SB1265
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 - Senate: Prefiled and ordered printed; offered 01/11/23 23103900D
- 01/10/2023 - Senate: Referred to Committee on Commerce and Labor
- 01/16/2023 - Senate: Assigned C&L sub: Energy
- 01/18/2023 - Senate: Senate subcommittee amendments and substitutes offered
- 01/26/2023 - Senate: Impact statement from SCC (SB1265)
- 01/30/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 01/30/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 01/30/2023 - Senate: Reported from Commerce and Labor with substitute (12-Y 3-N)
- 01/30/2023 - Senate: Committee substitute printed 23105739D-S1
- 02/01/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2023 - Senate: Passed by for the day
- 02/03/2023 - Senate: Passed by for the day
- 02/06/2023 - Senate: Read second time
- 02/06/2023 - Senate: Reading of substitute waived
- 02/06/2023 - Senate: Committee substitute agreed to 23105739D-S1
- 02/06/2023 - Senate: Amendments #1,#2, #3 by Senator Norment withdrawn
- 02/06/2023 - Senate: Reading of amendment waived
- 02/06/2023 - Senate: Amendment #4 by Senator Norment agreed to
- 02/06/2023 - Senate: Reading of amendment waived
- 02/06/2023 - Senate: Amendment #5 by Senator Norment agreed to (25-Y 14-N) Close Floor Vote
- 02/06/2023 - Senate: Reading of amendment waived
- 02/06/2023 - Senate: Amendment #6 by Senator Norment agreed to
- 02/06/2023 - Senate: Amendments #1-5 by Senator Petersen withdrawn
- 02/06/2023 - Senate: Reading of amendment waived
- 02/06/2023 - Senate: Amendment #6 by Senator Petersen rejected
- 02/06/2023 - Senate: Amendment by Senator Saslaw withdrawn
- 02/06/2023 - Senate: Printed as engrossed 23105739D-ES1
- 02/06/2023 - Senate: Engrossed by Senate - committee substitute with amendments SB1265ES1
- 02/07/2023 - Senate: Read third time and passed Senate (27-Y 13-N)
- 02/09/2023 - House: Placed on Calendar
- 02/09/2023 - House: Read first time
- 02/09/2023 - House: Referred to Committee on Commerce and Energy
- 02/10/2023 - Senate: Impact statement from SCC (SB1265ES1)
- 02/16/2023 - House: Reported from Commerce and Energy with substitute (12-Y 10-N)
- 02/16/2023 - House: Committee substitute printed 23107071D-H1
- 02/20/2023 - House: Read second time
- 02/21/2023 - House: Read third time
- 02/21/2023 - House: Committee substitute agreed to 23107071D-H1
- 02/21/2023 - House: Engrossed by House - committee substitute SB1265H1
- 02/21/2023 - House: Passed House with substitute (57-Y 42-N)
- 02/21/2023 - House: VOTE: Passage (57-Y 42-N) Close Floor Vote
- 02/21/2023 - House: Reconsideration of House passage agreed to by House
- 02/21/2023 - House: Passed House with substitute (51-Y 46-N)
- 02/21/2023 - House: VOTE: Passage #2 (51-Y 46-N) Close Floor Vote
- 02/22/2023 - Senate: House substitute rejected by Senate (0-Y 40-N)
- 02/23/2023 - House: House insisted on substitute
- 02/23/2023 - House: House requested conference committee
- 02/23/2023 - Senate: Senate acceded to request (40-Y 0-N)
- 02/23/2023 - Senate: Conferees appointed by Senate
- 02/23/2023 - Senate: Senators: Saslaw, Spruill, Norment
- 02/23/2023 - House: Conferees appointed by House
- 02/23/2023 - House: Delegates: Kilgore, Byron, Murphy
- 02/25/2023 - Conference: Amended by conference committee
- 02/25/2023 - Senate: Conference substitute printed 23107613D-S2
- 02/25/2023 - Senate: Passed by temporarily
- 02/25/2023 - Senate: Conference report agreed to by Senate (40-Y 0-N)
- 02/25/2023 - House: Conference report agreed to by House (91-Y 1-N)
- 02/25/2023 - House: VOTE: Adoption (91-Y 1-N)
- 02/27/2023 - Senate: Impact statement from SCC (SB1265H1)
- 03/07/2023 - Senate: Enrolled
- 03/07/2023 - Senate: Bill text as passed Senate and House (SB1265ER)
- 03/08/2023 - Senate: Signed by President
- 03/08/2023 - House: Signed by Speaker
- 03/13/2023 - Senate: 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 - Senate: Impact statement from SCC (SB1265ER)
- 03/27/2023 - Senate: Governor's recommendation received by Senate
- 04/12/2023 - Senate: Senate concurred in Governor's recommendation (40-Y 0-N)
- 04/12/2023 - House: House concurred in Governor's recommendation (91-Y 0-N)
- 04/12/2023 - House: VOTE: Adoption (91-Y 0-N)
- 04/12/2023 - Governor: Governor's recommendation adopted
- 04/12/2023 - Senate: Reenrolled
- 04/12/2023 - Senate: Reenrolled bill text (SB1265ER2)
- 04/12/2023 - Senate: Signed by President as reenrolled
- 04/12/2023 - House: Signed by Speaker as reenrolled
- 04/12/2023 - House: Enacted, Chapter 757 (effective 7/1/23)
- 04/12/2023 - Governor: Acts of Assembly Chapter text (CHAP0757)
