Bill > SB691

This bill directs the State Corporation Commission (SCC), which is the state agency responsible for regulating utilities, to follow specific requirements and consider certain factors when reviewing the electricity rates and services of Appalachian Power in 2026. A key provision is that the SCC cannot approve a higher rate of return on common equity, which is the profit a company makes on its shareholders' investments, than what was previously approved unless Appalachian Power proves that this increase is the most cost-effective way to ensure the company can access necessary capital and ultimately results in the lowest costs for customers. The bill also mandates that the SCC review Appalachian Power's terms of service and rates for transmitting electricity, as well as the company's efforts to manage the increasing costs associated with severe weather events. Furthermore, the Office of the Attorney General is tasked with studying how the cost of equity capital for investor-owned utilities is determined, with the goal of recommending improvements to protect customers and ensure legal compliance, and must submit a report on its findings by November 1, 2026.

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https://lis.virginia.gov/bill-details/20261/SB691