Bill > HB1275

This bill allows investor-owned electric utilities to ask the State Corporation Commission (SCC), which is the state agency that regulates utilities, to approve a "rate adjustment clause" to recover costs spent developing up to five new electric generation facilities, regardless of what they are powered by. "Project development costs" are defined broadly to include everything from initial studies and design to getting permits and buying equipment. Importantly, these approved facilities will be exempt from existing laws that require certain power plants to be retired or shut down, particularly those that emit carbon. The SCC must approve these cost recovery requests only if the facility is needed for grid reliability, is the most reasonable and cost-effective option, and will maintain fair rates for customers. The bill also caps the potential increase to a typical residential customer's monthly bill at $1.40. This provision has a sunset clause, meaning it will expire one year after the State Air Pollution Control Board issues regulations for carbon dioxide emissions allowances.

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https://lis.virginia.gov/bill-details/20261/HB1275