Electric utilities; fair rate of return; customer bill credits. Provides that the State Corporation Commission may, in any triennial review, establish a range above or below the authorized rate of return such that if the combined rate of return on common equity earned by the generation and distribution services is within that range, such combined return is not to be considered either excessive or insufficient, respectively. The bill provides that during a triennial review period, if a utility's earned return on its generation and distribution services falls below that range due to certain costs, the Commission is required to authorize deferred recovery for such costs. Additionally, if during a triennial review period, if a utility's earned return on its generation and distribution services falls below that range due to revenue reductions related to energy efficiency measures or other programs, the Commission is required to order an increase to the utility's rates. The bill requires that the Commission direct 100 percent of the amount that a utility earns over its fair rate of return to customers' bills. Under current law, the Commission is required to direct 70 percent of any earnings that were more than a certain percentage above the utility's fair rate of return to customers' bills. The bill provides that if, during a triennial review period, a utility has earned above its fair combined rate of return, the Commission is required to order reductions to the utility's rates it finds appropriate. Under current law, the Commission is only required to order reductions to the utility's rates if the utility earned more than a certain percentage above its fair combined rate of return. The provisions of the bill apply to all triennial reviews, including the first triennial review of Dominion Energy Virginia conducted after January 1, 2021.
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Health insurance; cost-sharing payments for prescription asthma inhalers. Prohibits health insurance companies and other carriers from setting an amount exceeding $50 per 30-day supply of a tier one or tier two prescription asthma inhaler that a covered person is required to pay at the point of sale in order to receive a covered prescription asthma inhaler unless the carrier is prohibited from providing the additional benefits under state or federal law. The measure also prohibits a provider contract between a carrier or its pharmacy benefits manager and a pharmacy from containing a provision (i) authorizing the carrier's pharmacy benefits manager or the pharmacy to charge, (ii) requiring the pharmacy to collect, or (iii) requiring a covered person to make a cost-sharing payment for a covered prescription asthma inhaler in an amount that exceeds such limitation. The provisions apply with respect to health plans and provider contracts entered into, amended, extended, or renewed on or after January 1, 2022.
Electric utilities; customer credit reinvestmentoffsets. Eliminates customer credit reinvestment offsets underwhich a utility is allowed, upon request, to reduce or eliminateamounts of overearnings that otherwise would be required to be creditedto customers by applying a customer credit reinvestment offset forexpenses on new solar and wind generation facilities and electricdistribution grid transformation projects.
Legislative Staff Development Fund. Establishes the Legislative Staff Development Fund (Fund) to encourage and support the professional development of legislative staff. The bill defines "legislative staff" as salaried staff of a member of the House of Delegates, Senate of Virginia, or the Division of Legislative Services. The bill increases the annual lobbyist registration fee for for-profit entities from $100 to $400 and directs the $300 increase to be deposited into the Fund for the purposes described in the bill. Under the bill, any moneys remaining in the Fund at the end of each fiscal year that have not been expended for the purposes described in the bill shall revert to the general fund and be used exclusively to fund the Virginia Conflict of Interest and Ethics Advisory Council. The bill has a delayed effective date of May 1, 2022.
Economic development authorities; Fairfax County. Allows Fairfax County to appoint nine, rather than seven, commissionersto the economic development authority.
Local financing of clean energy and other programs; when owner costs are incurred. Changes the parameters for local ordinances authorizing loan contracts for the installation by property owners of clean energy, resiliency, or stormwater management improvements. The bill provides that if the property owner incurred the costs of improvements to be refinanced or reimbursed within two years of the locality's issuance of a certificate of occupancy or other evidence that the clean energy, resiliency, or stormwater management improvements comply substantially with the plans and specifications previously approved by the locality, the loan amount may include the total costs of such improvements. The bill removes the requirement that the applicable local ordinance include the proposed interest rate for the loan program and the maximum aggregate dollar amount that may be financed with respect to a property, and it provides that no loan offered under the program shall be used to improve a residential dwelling with fewer than five dwelling units or a residential condominium. The bill alters the fee options available to the locality and provides that the placement of a voluntary special assessment lien does not require a new assessment on the value of the real property. The bill contains technical amendments.
Celebrating the life of Katherine BridgforthHooker.
Commending Bobby Hill.
Commending Adrienne Warren.
Commending John R. Broderick.