Fabio
144 lines
10 KiB
Markdown
144 lines
10 KiB
Markdown
---
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type: "Bill"
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title: "Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews."
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description: "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."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2025"
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identifier: "HB 2621"
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citation: "Virginia HB 2621 (2025)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Jason S. Ballard"]
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version_count: 12
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action_count: 53
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vote_count: 12
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first_action: "2025-01-13"
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last_action: "2025-03-24"
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source: "openstates"
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source_identifier: "ocd-bill/c2ce0e51-b731-4f80-b859-c4e64d4dfd57"
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source_url: "https://lis.virginia.gov/bill-details/20251/HB2621"
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source_hash: "aedf49d088e472d1257927f2307d0872296e4f8b483444380ebeb4afc5a06920"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 2621 (2025) — Phase I Utilities; financing for certain securitized asset costs, biennial rate reviews.
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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.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](https://lis.blob.core.windows.net/files/1019493.PDF)
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2. **Chaptered** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1076819.PDF)
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3. **Commerce and Labor Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1057131.PDF)
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4. **Conference Report** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1067788.HTML)
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5. **Conference Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1067793.PDF)
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6. **Delegate Ballard Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1038563.PDF)
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7. **Delegate Shin Amendment** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1038828.HTML)
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8. **Delegate Shin Amendment** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1038831.HTML)
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9. **Engrossed** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1039518.PDF)
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10. **Labor and Commerce Subcommittee Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1032620.PDF)
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11. **Labor and Commerce Substitute** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1036769.PDF)
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12. **Enrolled** (enrolled) — [source](https://lis.blob.core.windows.net/files/1069147.PDF)
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## Votes
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- Reconsideration of conference report agreed to (39-Y 0-N) — **39–0** (pass) · upper
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- Subcommittee recommends reporting with substitute (9-Y 0-N) — **9–0** (pass) · lower
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- Conference report agreed to by House (98-Y 0-N) — **98–0** (pass) · lower
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- Reported from Labor and Commerce with substitute (21-Y 1-N) — **21–1** (pass) · lower
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- Reported from Commerce and Labor with substitute (15-Y 0-N) — **15–0** (pass) · upper
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- Senate insisted on amendment (39-Y 0-N) — **39–0** (pass) · upper
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- Conference report agreed to by Senate (39-Y 0-N) — **39–0** (pass) · upper
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- Passed Senate (40-Y 0-N) — **40–0** (pass) · upper
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- Read third time and passed House (81-Y 17-N) — **81–17** (pass) · lower
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- Senate substitute rejected by House (0-Y 98-N) — **0–98** (fail) · lower
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- Conference report agreed to by Senate (38-Y 0-N) — **38–0** (pass) · upper
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- Constitutional reading dispensed (on 2nd reading) (40-Y 0-N) — **40–0** (pass) · upper
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## Sponsors
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- Jason S. Ballard — primary (person)
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- Chris Obenshain — cosponsor (person)
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- Eric Phillips — cosponsor (person)
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- Irene Shin — cosponsor (person)
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- Israel D. O'Quinn — cosponsor (person)
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- James W. Morefield — cosponsor (person)
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- Jonathan "Jed" Arnold — cosponsor (person)
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- Terry G. Kilgore — cosponsor (person)
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- Terry L. Austin — cosponsor (person)
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- Timothy P. Griffin — cosponsor (person)
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- Todd E. Pillion — cosponsor (person)
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- Will Davis — cosponsor (person)
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- Wren M. Williams — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2025-01-13** Presented and ordered printed 25103840D `introduction`
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- **2025-01-13** Referred to Committee on Labor and Commerce `referral-committee`
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- **2025-01-24** Assigned L & C sub: Subcommittee #3 `referral-committee`
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- **2025-01-28** Subcommittee recommends reporting with substitute (9-Y 0-N) `substitution`
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- **2025-01-30** Reported from Labor and Commerce with substitute (21-Y 1-N) `committee-passage`
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- **2025-01-30** Committee substitute printed 25106173D-H1 `substitution`
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- **2025-01-30** Incorporates HB1588(Williams)
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- **2025-02-02** Read first time `reading-1`
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- **2025-02-03** Read second time `reading-2`
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- **2025-02-03** Labor and Commerce Substitute rejected
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- **2025-02-03** Floor substitute printed 25106694D-H2 (Ballard)
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- **2025-02-03** Delegate Ballard Substitute agreed to
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- **2025-02-03** Passed by temporarily
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- **2025-02-03** Delegate Shin Amendment agreed to `amendment-passage`
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- **2025-02-03** Engrossed by House - floor substitute as amended
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- **2025-02-03** Printed as engrossed 25106694D-EH2
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- **2025-02-04** Read third time and passed House (81-Y 17-N) `passage, reading-3`
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- **2025-02-05** Constitutional reading dispensed (on 1st reading)
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- **2025-02-05** Referred to Committee on Commerce and Labor `referral-committee`
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- **2025-02-17** Fiscal Impact Statement from State Corporation Commission (HB2621)
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- **2025-02-17** Reported from Commerce and Labor with substitute (15-Y 0-N) `committee-passage`
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- **2025-02-18** Committee substitute printed 25107584D-S1 `substitution`
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- **2025-02-18** Rules suspended
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- **2025-02-18** Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
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- **2025-02-18** Passed by for the day
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- **2025-02-19** Read third time `reading-3`
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- **2025-02-19** Reading of substitute waived
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- **2025-02-19** Commerce and Labor Substitute agreed to
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- **2025-02-19** Engrossed by Senate - committee substitute `substitution`
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- **2025-02-19** Passed Senate with substitute (40-Y 0-N) `passage`
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- **2025-02-20** Senate substitute rejected by House (0-Y 98-N)
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- **2025-02-20** Senate insisted on substitute (39-Y 0-N) `substitution`
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- **2025-02-20** Senate requested conference committee `referral-committee`
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- **2025-02-20** House acceded to request
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- **2025-02-20** Conferees appointed by Senate
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- **2025-02-20** Senators: Deeds, McPike, Peake
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- **2025-02-20** Conferees appointed by House
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- **2025-02-20** Delegates: Shin, Mundon King, Ballard
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- **2025-02-22** Amended by conference committee
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- **2025-02-22** Conference substitute printed 25108052D-H3
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- **2025-02-22** Conference report agreed to by House (98-Y 0-N) `committee-passage-favorable`
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- **2025-02-22** Conference report agreed to by Senate (38-Y 0-N) `committee-passage-favorable`
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- **2025-02-22** Reconsideration of conference report agreed to (39-Y 0-N) `committee-passage-favorable`
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- **2025-02-22** Conference report agreed to by Senate (39-Y 0-N) `committee-passage-favorable`
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- **2025-03-07** Enrolled `enrolled`
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- **2025-03-07** Bill text as passed House and Senate (HB2621ER) `passage`
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- **2025-03-07** Signed by Speaker `passage`
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- **2025-03-10** Signed by President `passage`
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- **2025-03-11** Enrolled Bill communicated to Governor on March 11, 2025 `enrolled, executive-receipt`
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- **2025-03-11** Governor's Action Deadline 11:59 p.m., March 24, 2025 `executive-receipt`
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- **2025-03-24** Fiscal Impact Statement from State Corporation Commission (HB2621)
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- **2025-03-24** Approved by Governor-Chapter 497 (Effective 07/01/25) `executive-signature`
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- **2025-03-24** Acts of Assembly Chapter text (CHAP0497)
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/c2ce0e51-b731-4f80-b859-c4e64d4dfd57`. Confidence: reported (aggregated from official Virginia legislature records).
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