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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.
Introduced
Jan 7, 2025
Last Action
Mar 24, 2025
Session
VA 2025
Sponsors
1 primary · 3 co
Fiscal Impact Statement from State Corporation Commission (SB1076)
Acts of Assembly Chapter text (CHAP0597)
Approved by Governor-Chapter 597 (Effective 07/01/25)
Governor's Action Deadline 11:59 p.m., March 24, 2025
Enrolled Bill Communicated to Governor on March 11, 2025
Signed by President
Enrolled
Signed by Speaker
Bill text as passed Senate and House (SB1076ER)
Conference substitute printed 25108065D-S2
Conference report agreed to by Senate (39-Y 0-N)
Passed by temporarily
Conference report agreed to by House (97-Y 0-N)
Amended by conference committee
House insisted on substitute
Delegates: Shin, Mundon King, Ballard
Conferees appointed by House
Senators: Peake, Deeds, McPike
Conferees appointed by Senate
Senate acceded to request (38-Y 0-N)
House requested conference committee
House substitute rejected by Senate (0-Y 40-N)
Passed House with substitute (81-Y 15-N)
Read third time
Labor and Commerce Substitute agreed to
Engrossed by House - committee substitute
Read second time
Reported from Labor and Commerce with substitute (20-Y 1-N)
Fiscal Impact Statement from State Corporation Commission (SB1076)
Committee substitute printed 25107225D-H1
Referred to Committee on Labor and Commerce
Read first time
Placed on Calendar
Constitutional reading dispensed (on 1st reading) (40-Y 0-N)
Floor substitute printed 25106773D-S1 (Deeds)
Rules suspended
Passed Senate (39-Y 1-N)
Constitutional reading dispensed (on 3rd reading) (40-Y 0-N)
Engrossed by Senate - floor substitute
Senator Deeds, R. Creigh Substitute agreed to
Reading of substitute waived
Read second time
Reported from Commerce and Labor (11-Y 0-N 4-A)
Fiscal Impact Statement from State Corporation Commission (SB1076)
Referred to Committee on Commerce and Labor
Prefiled and ordered printed; Offered 01-08-2025 25102964D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Acts of Assembly Chapter text (CHAP0597)
Mark J. Peake
Todd E. Pillion
T. Travis Hackworth
William M. Stanley, Jr.