VA SB1076 | 2025 | Regular Session
Status
Spectrum: Partisan Bill (Republican 4-0)
Status: Engrossed on February 4 2025 - 50% progression
Action: 2025-02-07 - Referred to Committee on Labor and Commerce
Pending: House Labor and Commerce Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 4 2025 - 50% progression
Action: 2025-02-07 - Referred to Committee on Labor and Commerce
Pending: House Labor and Commerce Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
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 during the months of December, January, and February (i) any increase of Appalachian Power's rates for electric generation and distribution services, (ii) the application of any new rate adjustment clause to such utility's customer's bills, and (iii) any increase of an existing rate adjustment clause applicable to such customers' bills. The bill prohibits Appalachian Power from disconnecting from service any residential customer between July 1, 2025, and December 31, 2026, for nonpayment of bills or fees.
Title
Appalachian Power; authorized to petition SCC for a financing order for securitized asset costs.
Sponsors
Roll Calls
2025-02-04 - Senate - Passed Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2025-02-04 - Senate - Constitutional reading dispensed (on 3rd reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-04 - Senate - Constitutional reading dispensed (on 1st reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-03 - Senate - Reported from Commerce and Labor (11-Y 0-N 4-A) (Y: 11 N: 0 NV: 4 Abs: 0) [PASS]
2025-02-04 - Senate - Constitutional reading dispensed (on 3rd reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-04 - Senate - Constitutional reading dispensed (on 1st reading) (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2025-02-03 - Senate - Reported from Commerce and Labor (11-Y 0-N 4-A) (Y: 11 N: 0 NV: 4 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2025-02-07 | House | Referred to Committee on Labor and Commerce |
| 2025-02-07 | House | Read first time |
| 2025-02-07 | House | Placed on Calendar |
| 2025-02-04 | Senate | Passed Senate (39-Y 1-N) |
| 2025-02-04 | Senate | Constitutional reading dispensed (on 3rd reading) (40-Y 0-N) |
| 2025-02-04 | Senate | Rules suspended |
| 2025-02-04 | Senate | Engrossed by Senate - floor substitute |
| 2025-02-04 | Senate | Senator Deeds, R. Creigh Substitute agreed to |
| 2025-02-04 | Senate | Reading of substitute waived |
| 2025-02-04 | Senate | Read second time |
| 2025-02-04 | Senate | Constitutional reading dispensed (on 1st reading) (40-Y 0-N) |
| 2025-02-04 | Senate | Rules suspended |
| 2025-02-04 | Senate | Floor substitute printed 25106773D-S1 (Deeds) |
| 2025-02-03 | Senate | Reported from Commerce and Labor (11-Y 0-N 4-A) |
| 2025-01-27 | Senate | Fiscal Impact Statement from State Corporation Commission (SB1076) |
| 2025-01-07 | Senate | Referred to Committee on Commerce and Labor |
| 2025-01-07 | Senate | Prefiled and ordered printed; Offered 01-08-2025 25102964D |
