VirginiaSB10762025 Regular SessionSenate

Phase I Utilities; securitized asset costs, rate increases in certain months prohibited, etc.

Sponsored By: Mark J. Peake (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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Mark J. Peake

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 405 • No: 57

House vote • 2/22/2025

Conference report agreed to by House

Yes: 97 • No: 0

Senate vote • 2/22/2025

Conference report agreed to by Senate

Yes: 39 • No: 0

Senate vote • 2/20/2025

Senate acceded to request Block Vote

Yes: 38 • No: 0

Senate vote • 2/19/2025

House substitute rejected by Senate

Yes: 0 • No: 40

House vote • 2/18/2025

Passed House with substitute

Yes: 81 • No: 15

House vote • 2/13/2025

Reported from Labor and Commerce with substitute

Yes: 20 • No: 1

Senate vote • 2/4/2025

Passed Senate

Yes: 39 • No: 1

Senate vote • 2/4/2025

Constitutional reading dispensed Block Vote (on 3rd reading)

Yes: 40 • No: 0

Senate vote • 2/4/2025

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote • 2/3/2025

Reported from Commerce and Labor

Yes: 11 • No: 0 • Other: 4

Actions Timeline

  1. Fiscal Impact Statement from State Corporation Commission (SB1076)

    3/24/2025Senate
  2. Acts of Assembly Chapter text (CHAP0597)

    3/24/2025Governor
  3. Approved by Governor-Chapter 597 (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

    3/11/2025Senate
  6. Signed by President

    3/10/2025Senate
  7. Bill text as passed Senate and House (SB1076ER)

    3/7/2025Senate
  8. Enrolled

    3/7/2025Senate
  9. Signed by Speaker

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

    2/22/2025Senate
  11. Conference substitute printed 25108065D-S2

    2/22/2025Senate
  12. Amended by conference committee

    2/22/2025
  13. Passed by temporarily

    2/22/2025Senate
  14. Conference report agreed to by House (97-Y 0-N)

    2/22/2025House
  15. Senate acceded to request Block Vote (38-Y 0-N)

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

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

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

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

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

    2/20/2025House
  21. House insisted on substitute

    2/20/2025House
  22. House substitute rejected by Senate (0-Y 40-N)

    2/19/2025Senate
  23. Passed House with substitute (81-Y 15-N)

    2/18/2025House
  24. Engrossed by House - committee substitute

    2/18/2025House
  25. Labor and Commerce Substitute agreed to

    2/18/2025House

Bill Text

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