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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. 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.
Introduced
Jan 13, 2025
Last Action
Mar 24, 2025
Session
VA 2025
Sponsors
1 primary · 12 co
Acts of Assembly Chapter text (CHAP0497)
Approved by Governor-Chapter 497 (Effective 07/01/25)
Fiscal Impact Statement from State Corporation Commission (HB2621)
Governor's Action Deadline 11:59 p.m., March 24, 2025
Enrolled Bill communicated to Governor on March 11, 2025
Signed by President
Bill text as passed House and Senate (HB2621ER)
Signed by Speaker
Enrolled
Conference substitute printed 25108052D-H3
Conference report agreed to by Senate (39-Y 0-N)
Reconsideration of conference report agreed to (39-Y 0-N)
Conference report agreed to by Senate (38-Y 0-N)
Conference report agreed to by House (98-Y 0-N)
Amended by conference committee
Senate insisted on substitute (39-Y 0-N)
Delegates: Shin, Mundon King, Ballard
Conferees appointed by House
Senators: Deeds, McPike, Peake
Conferees appointed by Senate
House acceded to request
Senate requested conference committee
Senate substitute rejected by House (0-Y 98-N)
Reading of substitute waived
Read third time
Commerce and Labor Substitute agreed to
Engrossed by Senate - committee substitute
Passed Senate with substitute (40-Y 0-N)
Passed by for the day
Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
Rules suspended
Committee substitute printed 25107584D-S1
Fiscal Impact Statement from State Corporation Commission (HB2621)
Reported from Commerce and Labor with substitute (15-Y 0-N)
Constitutional reading dispensed (on 1st reading)
Referred to Committee on Commerce and Labor
Read third time and passed House (81-Y 17-N)
Printed as engrossed 25106694D-EH2
Delegate Ballard Substitute agreed to
Floor substitute printed 25106694D-H2 (Ballard)
Labor and Commerce Substitute rejected
Read second time
Engrossed by House - floor substitute as amended
Delegate Shin Amendment agreed to
Passed by temporarily
Read first time
Reported from Labor and Commerce with substitute (21-Y 1-N)
Committee substitute printed 25106173D-H1
Incorporates HB1588(Williams)
Subcommittee recommends reporting with substitute (9-Y 0-N)
Assigned L & C sub: Subcommittee #3
Referred to Committee on Labor and Commerce
Presented and ordered printed 25103840D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Acts of Assembly Chapter text (CHAP0497)
Jason S. Ballard
Terry G. Kilgore
Israel D. O'Quinn
Wren M. Williams
Jonathan "Jed" Arnold
Terry L. Austin
Timothy P. Griffin
James W. Morefield
Todd E. Pillion