# Virginia HB2621: Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.

Virginia HB2621, Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews., is a 2025 Regular Session House bill sponsored by Jason S. Ballard (Republican); status failed, last action 2025-03-24 (Fiscal Impact Statement from State Corporation Commission (HB2621)) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/VA-HB2621-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia HB2621
- State: Virginia
- Session: 2025 Regular Session
- Title: Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.
- Status: failed
- Chamber: House
- Introduced: 2025-01-13
- Last action: 2025-03-24, Fiscal Impact Statement from State Corporation Commission (HB2621)
- Sponsor: Jason S. Ballard (Republican)
- Cosponsors: 0
- Touches household money: no
- Roll calls: 12 (459 yes, 116 no in all)
- Economic provisions PRIA read: 0

## 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Jason S. Ballard (Republican), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-02-22 | House | Conference report agreed to by House | pass | 98 | 0 |   |
| 2025-02-22 | Senate | Conference report agreed to by Senate | pass | 38 | 0 |   |
| 2025-02-22 | Senate | Conference report agreed to by Senate | pass | 39 | 0 |   |
| 2025-02-22 | Senate | Reconsideration of conference report agreed to | pass | 39 | 0 |   |
| 2025-02-20 | Senate | Senate insisted on substitute Block Vote | pass | 39 | 0 |   |
| 2025-02-20 | House | Senate substitute rejected by House | fail | 0 | 98 |   |
| 2025-02-19 | Senate | Passed Senate with substitute Block Vote | pass | 40 | 0 |   |
| 2025-02-18 | Senate | Constitutional reading dispensed Block Vote (on 2nd reading) | pass | 40 | 0 |   |
| 2025-02-17 | Senate | Reported from Commerce and Labor with substitute | pass | 15 | 0 |   |
| 2025-02-04 | House | Read third time and passed House | pass | 81 | 17 |   |
| 2025-01-30 | House | Reported from Labor and Commerce with substitute | pass | 21 | 1 |   |
| 2025-01-28 | House | Subcommittee recommends reporting with substitute | pass | 9 | 0 | 1 |

## Actions (53)

- 2025-03-24: Fiscal Impact Statement from State Corporation Commission (HB2621) (House)
- 2025-03-24: Acts of Assembly Chapter text (CHAP0497) (Governor)
- 2025-03-24: Approved by Governor-Chapter 497 (Effective 07/01/25) (Governor)
- 2025-03-11: Governor's Action Deadline 11:59 p.m., March 24, 2025 (Governor)
- 2025-03-11: Enrolled Bill communicated to Governor on March 11, 2025 (House)
- 2025-03-10: Signed by President (Senate)
- 2025-03-07: Bill text as passed House and Senate (HB2621ER) (House)
- 2025-03-07: Enrolled (House)
- 2025-03-07: Signed by Speaker (House)
- 2025-02-22: Conference report agreed to by Senate (39-Y 0-N) (Senate)
- 2025-02-22: Reconsideration of conference report agreed to (39-Y 0-N) (Senate)
- 2025-02-22: Conference report agreed to by Senate (38-Y 0-N) (Senate)
- 2025-02-22: Conference substitute printed 25108052D-H3 (House)
- 2025-02-22: Amended by conference committee
- 2025-02-22: Conference report agreed to by House (98-Y 0-N) (House)
- 2025-02-20: Senate insisted on substitute Block Vote (39-Y 0-N) (Senate)
- 2025-02-20: Senators: Deeds, McPike, Peake (Senate)
- 2025-02-20: Conferees appointed by Senate (Senate)
- 2025-02-20: Delegates: Shin, Mundon King, Ballard (House)
- 2025-02-20: Conferees appointed by House (House)
- 2025-02-20: House acceded to request (House)
- 2025-02-20: Senate requested conference committee (Senate)
- 2025-02-20: Senate substitute rejected by House (0-Y 98-N) (House)
- 2025-02-19: Passed Senate with substitute Block Vote (40-Y 0-N) (Senate)
- 2025-02-19: Engrossed by Senate - committee substitute (Senate)
- 2025-02-19: Commerce and Labor Substitute agreed to (Senate)
- 2025-02-19: Read third time (Senate)
- 2025-02-19: Reading of substitute waived (Senate)
- 2025-02-18: Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N) (Senate)
- 2025-02-18: Passed by for the day (Senate)
- 2025-02-18: Rules suspended (Senate)
- 2025-02-18: Committee substitute printed 25107584D-S1 (Senate)
- 2025-02-17: Reported from Commerce and Labor with substitute (15-Y 0-N) (Senate)
- 2025-02-17: Fiscal Impact Statement from State Corporation Commission (HB2621) (House)
- 2025-02-05: Referred to Committee on Commerce and Labor (Senate)
- 2025-02-05: Constitutional reading dispensed (on 1st reading) (Senate)
- 2025-02-04: Read third time and passed House (81-Y 17-N) (House)
- 2025-02-03: Floor substitute printed 25106694D-H2 (Ballard) (House)
- 2025-02-03: Printed as engrossed 25106694D-EH2 (House)
- 2025-02-03: Engrossed by House - floor substitute as amended (House)
- 2025-02-03: Delegate Shin Amendment agreed to (House)
- 2025-02-03: Passed by temporarily (House)
- 2025-02-03: Delegate Ballard Substitute agreed to (House)
- 2025-02-03: Labor and Commerce Substitute rejected (House)
- 2025-02-03: Read second time (House)
- 2025-02-02: Read first time (House)
- 2025-01-30: Incorporates HB1588(Williams) (House)
- 2025-01-30: Reported from Labor and Commerce with substitute (21-Y 1-N) (House)
- 2025-01-30: Committee substitute printed 25106173D-H1 (House)
- 2025-01-28: Subcommittee recommends reporting with substitute (9-Y 0-N) (House)
- 2025-01-24: Assigned L & C sub: Subcommittee #3 (House)
- 2025-01-13: Referred to Committee on Labor and Commerce (House)
- 2025-01-13: Presented and ordered printed 25103840D (House)

## Bill text

- Chaptered, 2025-03-24: [HTML](https://lis.blob.core.windows.net/files/1076820.HTML), [PDF](https://lis.blob.core.windows.net/files/1076819.PDF)
- Enrolled, 2025-03-07: [HTML](https://lis.blob.core.windows.net/files/1069148.HTML), [PDF](https://lis.blob.core.windows.net/files/1069147.PDF)
- Conference Report, 2025-02-22: [HTML](https://lis.blob.core.windows.net/files/1067788.HTML)
- Substitute, 2025-02-22: [HTML](https://lis.blob.core.windows.net/files/1067794.HTML), [PDF](https://lis.blob.core.windows.net/files/1067793.PDF)
- Substitute, 2025-02-18: [HTML](https://lis.blob.core.windows.net/files/1057132.HTML), [PDF](https://lis.blob.core.windows.net/files/1057131.PDF)
- Substitute, 2025-02-17: [HTML](https://lis.blob.core.windows.net/files/1055854.HTML), [PDF](https://lis.blob.core.windows.net/files/1055853.PDF)
- Amendment, 2025-02-03: [HTML](https://lis.blob.core.windows.net/files/1038828.HTML), [HTML](https://lis.blob.core.windows.net/files/1038831.HTML)
- Engrossed, 2025-02-03: [HTML](https://lis.blob.core.windows.net/files/1039519.HTML), [PDF](https://lis.blob.core.windows.net/files/1039518.PDF)
- Substitute, 2025-02-03: [HTML](https://lis.blob.core.windows.net/files/1038564.HTML), [PDF](https://lis.blob.core.windows.net/files/1038563.PDF)
- Substitute, 2025-01-31: [HTML](https://lis.blob.core.windows.net/files/1036770.HTML), [PDF](https://lis.blob.core.windows.net/files/1036769.PDF)
- Substitute, 2025-01-29: [HTML](https://lis.blob.core.windows.net/files/1032621.HTML), [PDF](https://lis.blob.core.windows.net/files/1032620.PDF)
- Introduced, 2025-01-13: [HTML](https://lis.blob.core.windows.net/files/1019494.HTML), [PDF](https://lis.blob.core.windows.net/files/1019493.PDF)

## Related bills

- HR671: Commending JR's Auto Care. (adopted)
- SB941: Robbery; use of air or gas operated weapon, etc., penalty. (failed)
- HB1746: Public safety officer; definition. (failed)
- HB1600: Budget Bill. (failed)
- SB1449: Data centers; site assessment for high energy use facility. (failed)
- HB1609: Essential health benefits benchmark plan; Commission to consider coverage for infertility treatment. (to governor)

## Sources
- [Chaptered (HTML)](https://lis.blob.core.windows.net/files/1076820.HTML)
- [Chaptered (PDF)](https://lis.blob.core.windows.net/files/1076819.PDF)
- [Enrolled (HTML)](https://lis.blob.core.windows.net/files/1069148.HTML)
- [Enrolled (PDF)](https://lis.blob.core.windows.net/files/1069147.PDF)
- [Conference Report (HTML)](https://lis.blob.core.windows.net/files/1067788.HTML)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1067794.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1067793.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1057132.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1057131.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1055854.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1055853.PDF)
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1038828.HTML)
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1038831.HTML)
- [Engrossed (HTML)](https://lis.blob.core.windows.net/files/1039519.HTML)
- [Engrossed (PDF)](https://lis.blob.core.windows.net/files/1039518.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1038564.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1038563.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1036770.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1036769.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1032621.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1032620.PDF)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1019494.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1019493.PDF)

## Related
- [HR671: Commending JR's Auto Care.](https://policyrisk.com/state-bill/VA-HR671-2025)
- [SB941: Robbery; use of air or gas operated weapon, etc., penalty.](https://policyrisk.com/state-bill/VA-SB941-2025)
- [HB1746: Public safety officer; definition.](https://policyrisk.com/state-bill/VA-HB1746-2025)
- [HB1600: Budget Bill.](https://policyrisk.com/state-bill/VA-HB1600-2025)
- [SB1449: Data centers; site assessment for high energy use facility.](https://policyrisk.com/state-bill/VA-SB1449-2025)
- [HB1609: Essential health benefits benchmark plan; Commission to consider coverage for i…](https://policyrisk.com/state-bill/VA-HB1609-2025)
- [Virginia bills](https://policyrisk.com/states/virginia/bills)
- [Virginia state hub](https://policyrisk.com/states/virginia)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/VA-HB2621-2025 (as of 2026-10-17).