VirginiaHB26212025 Regular SessionHouse

Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.

Sponsored By: Jason S. Ballard (Republican)

Failed

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 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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Jason S. Ballard

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 459 • No: 116

House vote • 2/22/2025

Conference report agreed to by House

Yes: 98 • No: 0

Senate vote • 2/22/2025

Conference report agreed to by Senate

Yes: 38 • No: 0

Senate vote • 2/22/2025

Conference report agreed to by Senate

Yes: 39 • No: 0

Senate vote • 2/22/2025

Reconsideration of conference report agreed to

Yes: 39 • No: 0

Senate vote • 2/20/2025

Senate insisted on substitute Block Vote

Yes: 39 • No: 0

House vote • 2/20/2025

Senate substitute rejected by House

Yes: 0 • No: 98

Senate vote • 2/19/2025

Passed Senate with substitute Block Vote

Yes: 40 • No: 0

Senate vote • 2/18/2025

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote • 2/17/2025

Reported from Commerce and Labor with substitute

Yes: 15 • No: 0

House vote • 2/4/2025

Read third time and passed House

Yes: 81 • No: 17

House vote • 1/30/2025

Reported from Labor and Commerce with substitute

Yes: 21 • No: 1

House vote • 1/28/2025

Subcommittee recommends reporting with substitute

Yes: 9 • No: 0 • Other: 1

Actions Timeline

  1. Fiscal Impact Statement from State Corporation Commission (HB2621)

    3/24/2025House
  2. Acts of Assembly Chapter text (CHAP0497)

    3/24/2025Governor
  3. Approved by Governor-Chapter 497 (Effective 07/01/25)

    3/24/2025Governor
  4. Governor's Action Deadline 11:59 p.m., March 24, 2025

    3/11/2025Governor
  5. Enrolled Bill communicated to Governor on March 11, 2025

    3/11/2025House
  6. Signed by President

    3/10/2025Senate
  7. Bill text as passed House and Senate (HB2621ER)

    3/7/2025House
  8. Enrolled

    3/7/2025House
  9. Signed by Speaker

    3/7/2025House
  10. Conference report agreed to by Senate (39-Y 0-N)

    2/22/2025Senate
  11. Reconsideration of conference report agreed to (39-Y 0-N)

    2/22/2025Senate
  12. Conference report agreed to by Senate (38-Y 0-N)

    2/22/2025Senate
  13. Conference substitute printed 25108052D-H3

    2/22/2025House
  14. Amended by conference committee

    2/22/2025
  15. Conference report agreed to by House (98-Y 0-N)

    2/22/2025House
  16. Senate insisted on substitute Block Vote (39-Y 0-N)

    2/20/2025Senate
  17. Senators: Deeds, McPike, Peake

    2/20/2025Senate
  18. Conferees appointed by Senate

    2/20/2025Senate
  19. Delegates: Shin, Mundon King, Ballard

    2/20/2025House
  20. Conferees appointed by House

    2/20/2025House
  21. House acceded to request

    2/20/2025House
  22. Senate requested conference committee

    2/20/2025Senate
  23. Senate substitute rejected by House (0-Y 98-N)

    2/20/2025House
  24. Passed Senate with substitute Block Vote (40-Y 0-N)

    2/19/2025Senate
  25. Engrossed by Senate - committee substitute

    2/19/2025Senate

Bill Text

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