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SB 966 - Amends Various Utilities Regulations - Virginia Key Vote

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Title: Amends Various Utilities Regulations

Vote Smart's Synopsis:

Vote to pass a bill that amends various utilities regulations.

Highlights:

  • Repeals the 2015 rate freeze and restores full regulatory oversight of electric utilities (Sec. 1).

  • Requires electric utility companies to issue rate credits to consumers who were overcharged during the rate freeze period (Sec. 1).

  • Requires electric utility companies to reduce power rates to reflect annual reductions in corporate income taxes (Sec. 2).

  • Authorizes a utility line undergrounding pilot project and specifies a process for the review of additional undergrounding projects (Sec. 1).

  • Requires the State Corporation Commission (SCC) to evaluate rates to determine possible refunds and rate reductions annually until 2020 and every 3 years thereafter (Sec. 1).

  • Requires an additional review of state regulations that hinder clean energy development (Sec. 1).

  • Requires utility companies to make investments in energy efficiency projects and low-income energy assistance over the next 10 years (Sec. 1).

  • Requires efforts to improve energy technology, including battery storage and pumped storage (Sec. 1).

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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