Virginia House Bill 1132 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on February 10 2020 - 50% progression, died in chamber
Action: 2020-03-02 - Passed by indefinitely in Commerce and Labor (8-Y 7-N)
Text: Latest bill text (Comm Sub) [HTML]

Electric utility regulation; initial triennial review. Establishes requirements for the first scheduled triennial review proceeding for Virginia Electric and Power Company that is scheduled to be conducted in 2021. The measure directs that such initial triennial review shall consist of a generation and distribution rate case conducted solely pursuant to Chapter 10 (§ 56-232 et seq.) of Title 56 of the Code of Virginia, rules of the State Corporation Commission, and this measure. As part of the initial triennial review, the Commission is directed to review the earnings during the utility's test period and to order credits to customers in amounts equal to any earnings during the combined test periods that are above the utility's authorized rate of return in effect on July 1, 2020, as determined in the initial triennial review. The measure authorizes the Commission to order rate adjustments and to use any methodology to determine the fair rate of return on common equity that it finds consistent with the public interest, provided that such return shall be set at a level that is sufficient to assure confidence in the utility's financial integrity, adequate to maintain and support the utility's credit and its ability to attract capital, and comparable to returns that investors in securities would expect to earn on investments of similar risk. The measure provides that any capital investments made during the combined test periods reviewed during an initial triennial review in solar or wind generation facilities or electric distribution grid transformation projects will not be applied as customer credit reinvestment offsets during such utility's initial triennial review, but any portion of such capital investments that remain undepreciated as of the utility's subsequent triennial reviews may be applied as customer credit reinvestment offsets in subsequent proceedings. The measure directs the utility to make its initial triennial review filing by March 31, 2021. Subsequent triennial reviews shall be conducted pursuant to the Virginia Electric Utility Regulation Act.

Electric utility regulation; initial triennial review, requirements.

Del. Jerrauld Jones [D]	Del. Lee Ware [R]	Del. Betsy Carr [D]	Del. Mark Keam [D]
Del. Dave LaRock [R]	Del. Michael Webert [R]

2020-03-02 - Senate - Senate: Passed by indefinitely in Commerce and Labor (8-Y 7-N) (Y: 8 N: 7 NV: 0 Abs: 0) [PASS]
2020-02-11 - House - House: VOTE: Passage (77-Y 23-N) (Y: 77 N: 23 NV: 0 Abs: 0) [PASS]
2020-02-06 - House - House: Reported from Labor and Commerce with substitute (17-Y 5-N) (Y: 17 N: 5 NV: 0 Abs: 0) [PASS]
2020-02-04 - House - House: Subcommittee recommends reporting with substitute (6-Y 4-N) (Y: 6 N: 4 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-03-02	Senate	Passed by indefinitely in Commerce and Labor (8-Y 7-N)
2020-02-12	Senate	Referred to Committee on Commerce and Labor
2020-02-12	Senate	Constitutional reading dispensed
2020-02-11	House	VOTE: Passage (77-Y 23-N)
2020-02-11	House	Read third time and passed House (77-Y 23-N)
2020-02-10	House	Engrossed by House - committee substitute HB1132H1
2020-02-10	House	Committee substitute agreed to 20107779D-H1
2020-02-10	House	Read second time
2020-02-09	House	Read first time
2020-02-06	House	Reported from Labor and Commerce with substitute (17-Y 5-N)
2020-02-06	House	Incorporates HB969 (Ware)
2020-02-06	House	Committee substitute printed 20107779D-H1
2020-02-04	House	Subcommittee recommends reporting with substitute (6-Y 4-N)
2020-01-16	House	Assigned L & C sub: Subcommittee #3
2020-01-07	House	Referred to Committee on Labor and Commerce
2020-01-07	House	Prefiled and ordered printed; offered 01/08/20 20104968D

HB969 (Similar To) 2020-02-06 - Incorporated by Labor and Commerce

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1132
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1132+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1132H1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H1403V0042+HB1132
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0204+HB1132
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV0835+HB1132
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0224+HB1132