HB2621
Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.
Status:
Enacted
Latest Action:
March 24, 2025
Acts of Assembly Chapter text (CHAP0497)
Session:
2025 Regular Session
Summary
As Passed House of Origin. 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 ... (More) 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 provides that, for Appalachian Power, certain rate adjustments shall not occur during the months of November through February and any such adjustments issued between September and December shall become applicable beginning on March 1 of the following year. The bill makes changes to certain provisions governing biennial rate reviews for Appalachian Power, including permitting the utility to recover storm recovery costs incurred after January 1, 2024 that are not currently included in rates or otherwise recovered through a securitization order, considering the implementation of residential seasonal rates, and considering alternatives to budget billing. The bill excludes certain costs from being recovered through a rate adjustment clause. The bill requires the State Corporation Commission to invite the public to comment on any biennial rate case for Appalachian Power. Finally, the bill permits certain large retail customers to opt out of financing its pro rata obligation for securitized asset cost charges by electing to fully satisfy its obligation. This bill incorporates HB 1588. (Less)-
Bill History
- 01/13/2025 - House: Presented and ordered printed 25103840D
- 01/13/2025 - House: Referred to Committee on Labor and Commerce
- 01/24/2025 - House: Assigned L & C sub: Subcommittee #3
- 01/24/2025 - House: Placed on Labor and Commerce Agenda
- 01/28/2025 - House: Subcommittee recommends reporting with substitute (9-Y 0-N)
- 01/29/2025 - House: Placed on Labor and Commerce Agenda
- 01/30/2025 - House: Reported from Labor and Commerce with substitute (21-Y 1-N)
- 01/30/2025 - House: Committee substitute printed 25106173D-H1
- 01/30/2025 - House: Incorporates HB1588(Williams)
- 02/02/2025 - House: Read first time
- 02/03/2025 - House: Read second time
- 02/03/2025 - House: Labor and Commerce Substitute rejected
- 02/03/2025 - House: Floor substitute printed 25106694D-H2 (Ballard)
- 02/03/2025 - House: Delegate Ballard Substitute agreed to
- 02/03/2025 - House: Passed by temporarily
- 02/03/2025 - House: Delegate Shin Amendment agreed to
- 02/03/2025 - House: Engrossed by House - floor substitute as amended
- 02/03/2025 - House: Printed as engrossed 25106694D-EH2
- 02/04/2025 - House: Read third time and passed House (81-Y 17-N)
- 02/05/2025 - Senate: Constitutional reading dispensed (on 1st reading)
- 02/05/2025 - Senate: Referred to Committee on Commerce and Labor
- 02/17/2025 - House: Fiscal Impact Statement from State Corporation Commission (HB2621)
- 02/17/2025 - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/18/2025 - Senate: Committee substitute printed 25107584D-S1
- 02/18/2025 - Senate: Rules suspended
- 02/18/2025 - Senate: Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- 02/18/2025 - Senate: Passed by for the day
- 02/19/2025 - Senate: Read third time
- 02/19/2025 - Senate: Reading of substitute waived
- 02/19/2025 - Senate: Commerce and Labor Substitute agreed to
- 02/19/2025 - Senate: Engrossed by Senate - committee substitute
- 02/19/2025 - Senate: Passed Senate with substitute (40-Y 0-N)
- 02/20/2025 - House: Senate substitute rejected by House (0-Y 98-N)
- 02/20/2025 - Senate: Senate insisted on substitute (39-Y 0-N)
- 02/20/2025 - Senate: Senate requested conference committee
- 02/20/2025 - House: House acceded to request
- 02/20/2025 - Senate: Conferees appointed by Senate
- 02/20/2025 - Senate: Senators: Deeds, McPike, Peake
- 02/20/2025 - House: Conferees appointed by House
- 02/20/2025 - House: Delegates: Shin, Mundon King, Ballard
- 02/22/2025 - Amended by conference committee
- 02/22/2025 - House: Conference substitute printed 25108052D-H3
- 02/22/2025 - House: Conference report agreed to by House (98-Y 0-N)
- 02/22/2025 - Senate: Conference report agreed to by Senate (38-Y 0-N)
- 02/22/2025 - Senate: Reconsideration of conference report (39-Y 0-N)
- 02/22/2025 - Senate: Conference report agreed to by Senate (39-Y 0-N)
- 03/07/2025 - House: Enrolled
- 03/07/2025 - House: Bill text as passed House and Senate (HB2621ER)
- 03/07/2025 - House: Signed by Speaker
- 03/10/2025 - Senate: Signed by President
- 03/11/2025 - House: Enrolled Bill communicated to Governor on March 11, 2025
- 03/11/2025 - Governor's Action Deadline 11:59 p.m., March 24, 2025
- 03/24/2025 - House: Fiscal Impact Statement from State Corporation Commission (HB2621)
- 03/24/2025 - Approved by Governor-Chapter 497 (Effective 07/01/25)
- 03/24/2025 - Acts of Assembly Chapter text (CHAP0497)
