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Virginia · 2025 Regular Session · Bill

HB 2621: Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.

Enacted Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

HB 2621 is a bill introduced in the Virginia House on January 13, 2025. According to its official title, it concerns: Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews. Primary sponsor: Jason Ballard (Republican). It lists 12 additional sponsors. Most recent recorded action (March 24, 2025): Acts of Assembly Chapter text (CHAP0497).

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Phase I Utilities; securitized asset costs. Authorizes Appalachian Power to petition the State Corporation Commission for a financing order for securitized asset costs, as defined in the bill. The bill creates the securitized asset cost charge and provides that the revenues generated by this charge, known as securitized asset cost property, are a property right that can be transferred and pledged as security for the securitized asset cost bonds. The bill establishes the procedures for creating, perfecting, and enforcing the security interest in securitized asset cost property. The bill also prohibits rate increases for Appalachian Power during the months of November through February and prohibits rate adjustment clauses from taking effect on customer bills between the months of November through February. The bill prohibits Appalachian Power from charing a residential customer any interest or late fees between July 1, 2025, and December 31, 2025, and from charging a residential customer any reconnection fees between July 1, 2025, and March 1, 2026. The bill also provides that in any rate proceeding for Appalachian Power, the State Corporation Commission shall include an invitation for public comment. This bill incorporates HB 1588.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · Republican 10

NameRolePartyChamberDistrict
Jason BallardPrimary sponsorRepublicanHouse42
Jonathan "Jed" ArnoldCo-sponsorNot applicable (committee)——
Terry AustinCo-sponsorRepublicanHouse37
Will DavisCo-sponsorRepublicanHouse39
Tim GriffinCo-sponsorRepublicanHouse53
Terry KilgoreCo-sponsorRepublicanHouse45
Will MorefieldCo-sponsorRepublicanHouse43
Israel O'QuinnCo-sponsorRepublicanHouse44
Chris ObenshainCo-sponsorNot applicable (committee)——
Eric PhillipsCo-sponsorRepublicanHouse48
Todd PillionCo-sponsorRepublicanSenate6
Irene ShinCo-sponsorDemocraticHouse8
Wren WilliamsCo-sponsorRepublicanHouse47

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. Acts of Assembly Chapter text (CHAP0497)
  2. Approved by Governor-Chapter 497 (Effective 07/01/25)
  3. Fiscal Impact Statement from State Corporation Commission (HB2621)
  4. Governor's Action Deadline 11:59 p.m., March 24, 2025
  5. Enrolled Bill communicated to Governor on March 11, 2025
  6. Signed by President
  7. Signed by Speaker
  8. Bill text as passed House and Senate (HB2621ER)
  9. Enrolled
  10. Conference report agreed to by Senate (39-Y 0-N)
  11. Reconsideration of conference report agreed to (39-Y 0-N)
  12. Conference report agreed to by Senate (38-Y 0-N)

Showing 12 most recent of 40 actions. Full history

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source