SB1477
Electric utility; offshore wind affiliate.
Summary
As Passed Both Chambers. Electric utility; offshore wind affiliate.
Authorizes Dominion Energy Virginia, in connection with certain offshore wind projects, to establish an offshore wind affiliate, defined in the bill, for the purpose of securing a noncontrolling equity financing partner for the project. Under the bill, such offshore wind affiliate is authorized to operate as a public utility in ... (More) association with the utility. The bill requires the State Corporation Commission, in acting upon any request for associated cost recovery, to utilize the capital structure and cost of capital of the utility and to disregard the capital structure and cost of capital of any noncontrolling entity's interest in the offshore wind affiliate. If any ownership interest in the offshore wind affiliate is transferred to such a noncontrolling entity, the bill requires the Commission to ensure, in granting any approval for the transfer or for cost recovery, that any gain on the utility's basis is credited to the utility's customers through a rate adjustment clause credit mechanism. The bill provides that such an affiliate is considered an electric supplier for the purposes of tax provisions requiring certain electric suppliers to pay a minimum tax rather than the corporate income tax for any year their minimum tax liability is greater than their corporate income tax liability. (Less)-
Bill History
- 01/18/2023 - Senate: Presented and ordered printed 23104124D
- 01/18/2023 - Senate: Referred to Committee on Commerce and Labor
- 01/24/2023 - Senate: Assigned C&L sub: Energy
- 01/25/2023 - Senate: Senate subcommittee amendments and substitutes offered
- 01/25/2023 - Senate: Impact statement from SCC (SB1477)
- 01/30/2023 - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N)
- 02/01/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2023 - Senate: Read second time
- 02/02/2023 - Senate: Reading of amendments waived
- 02/02/2023 - Senate: Committee amendments agreed to
- 02/02/2023 - Senate: Engrossed by Senate as amended SB1477E
- 02/02/2023 - Senate: Printed as engrossed 23104124D-E
- 02/02/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2023 - Senate: Passed Senate (40-Y 0-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 (SB1477E)
- 02/16/2023 - House: House committee, floor amendments and substitutes offered
- 02/16/2023 - House: Reported from Commerce and Energy with amendment(s) (21-Y 0-N)
- 02/20/2023 - House: Read second time
- 02/21/2023 - House: Read third time
- 02/21/2023 - House: Committee amendments agreed to
- 02/21/2023 - House: Engrossed by House as amended
- 02/21/2023 - House: Passed House with amendments (87-Y 12-N)
- 02/21/2023 - House: VOTE: Passage (87-Y 12-N)
- 02/22/2023 - Senate: House amendments agreed to by Senate (39-Y 1-N)
- 03/07/2023 - Senate: Enrolled
- 03/07/2023 - Senate: Bill text as passed Senate and House (SB1477ER)
- 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
- 03/20/2023 - Senate: Impact statement from SCC (SB1477ER)
- 03/24/2023 - Governor: Approved by Governor-Chapter 510 (effective 7/1/23)
- 03/24/2023 - Governor: Acts of Assembly Chapter text (CHAP0510)
