Bill > HB903

This bill directs the State Corporation Commission, an independent state agency that oversees utilities, to study and propose a new system for regulating electric companies called a "performance-based regulatory framework." This framework would aim to improve how electric utilities perform and control costs by setting specific goals and offering incentives for meeting them, rather than solely relying on traditional methods of setting prices. The Commission is tasked with evaluating various aspects, such as consolidating existing cost recovery mechanisms, exploring shared risk policies for fuel costs, enhancing incentives for energy efficiency and renewable energy, and considering competitive procurement processes. The bill also mandates that the Commission consult with various stakeholders, including consumer advocates and experts, and report its findings and legislative recommendations to the General Assembly by July 1, 2027.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB903