Phase I and Phase II Utilities; SCC to study feasibility of an energy upgrade program.

Energy upgrade programs; implementation plans; capital investment requirements; cost recovery. Requires Dominion Energy Virginia (Phase II Utility) and American Electric Power (Phase I Utility) to implement an energy upgrade program by January 1, 2025. The bill states that such program shall allow a program operator, as defined in the bill, to implement an energy upgrade project at a customer's location and recover the costs of such project by imposing a special rate charge that is payable directly through the customer's utility bill. The bill contains provisions related to setting a special rate charge, notifying eligible customers, and marketing such program. The bill directs the State Corporation Commission to establish program guidelines and set the required amount of capital investment with incremental increases required by each utility. The bill also outlines the duties of program operators and requires each utility to hire a program operator by January 1, 2025, and to file an implementation plan once the Commission has promulgated rules establishing such program. The bill requires the Commission to convene a stakeholder process for interested parties to evaluate issues related to energy projects within 180 days of the effective date of the bill. The bill states a number of factors for the Commission to consider and include in its rules to implement such program. In promulgating the rules, the Commission shall determine how best to include access to such program for customers who need emergency upgrades. Additionally, the Commission shall consider in promulgating rules how best to serve residents of environmental justice communities through the implementation of such program.