Bill > HB420

This bill allows the State Corporation Commission (SCC), which regulates public utilities, to reopen a previous rate increase proceeding if an application is filed for the acquisition or sale of control of a public utility within 24 months of the final order in that rate case. This reopening can happen either on the SCC's own initiative or if any interested party requests it. The reopened proceeding would focus specifically on how the proposed transaction might affect the utility's costs, its financial structure, any expected savings or costs related to the deal, or any other significant changes that make the existing rates unfair. The SCC can combine this reopened rate case with the review of the acquisition or sale, or handle them separately, and can issue temporary orders to protect the public interest. The utility would need to provide updated financial studies and information, and the SCC must issue a final decision within nine months, unless an extension is granted.

Business and Industry

https://lis.virginia.gov/bill-details/20261/HB420