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H Sub to Sub SB 1416 - Regulation of Electric Utilities - Virginia Key Vote

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NOTE: THIS IS A VOTE TO APPROVE THE GOVERNOR'S RECOMMENDATION(S) TO THE LEGISLATION. IF THE LEGISLATURE ACCEPTS THE ENTIRETY OF THE GOVERNOR'S RECOMMENDATION(S), THE LEGISLATION BECOMES LAW WITHOUT FURTHER GOVERNOR ACTION. IF THE LEGISLATURE REJECTS THE RECOMMENDATION (IN WHOLE OR IN PART), THE GOVERNOR CAN SUBSEQUENTLY ELECT TO SIGN OR VETO THE LEGISLATION.

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Title: Regulation of Electric Utilities

Vote Smart's Synopsis:

Vote to pass a bill that regulates electric utility rates.

Highlights:

-Requires utilities to charge "just and reasonable rates" [sec. 1(54-235.2)(A)]. -Caps rate increases at four percent in 2008 and 2009 [sec. 1(56-249.6)(C)]. -Removes rate cap in 2010, allowing utilities to make up loses due to the rate cap [sec. 1(56-249.6)(C)]. -Requires the State Corporation Commission (SCC) to determine acceptable rates in biennial reviews, the first of which will be held in 2011 [sec. 1(56-585.1) (A)]. -Repeals requirements placed on the SCC to facilitated competition (sec. 2).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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