Virginia Electric Utility Regulation Act; regulation of rates. Provides, that in any proceeding to establish base rates for Appalachian Electric Power or Dominion Energy Virginia conducted by the State Corporation Commission (the Commission), if the Commission determines in its sole discretion that the utility's existing base rates will, on a going-forward basis, either produce (i) revenues in excess of the utility's authorized rate of return or (ii) revenues below the utility's authorized rate of return, then the Commission is required to order any reductions or increases, as applicable and necessary, to such base rates that it deems appropriate to ensure the resulting base rates (a) are just and reasonable and (b) provide the utility an opportunity to recover its costs of providing services over the rate period and earn a fair rate of return. This bill is identical to HB 1604.

Statutes affected:
Senate: Prefiled and ordered printed; offered 01/11/23 23101676D: 56-581
Senate: Committee substitute printed 23105834D-S1: 56-581
Senate: Printed as engrossed 23105834D-ES1: 56-581
Senate: Bill text as passed Senate and House (SB1321ER): 56-581
Governor: Acts of Assembly Chapter text (CHAP0498): 56-581