HB588:

Electric utilities; adjustment of rates.

Bill Summary:

Electric utilities; adjustment of rates.
Provides that if the State Corporation Commission (the Commission)
determines that the regulation of rates of investor-owned incumbent
electric utilities under certain procedures of the Virginia Electric
Utility Regulation Act results in rates that are not just and reasonable,
then the Commission may, in any triennial review, adjust such rates
to ensure that such rates (i) are just and reasonable and (ii) provide
the utility the opportunity to recover its costs and earn its authorized
rate of return.