Plain English Breakdown
The bill does not specify an exact start date for the review process.
Electric Utilities Risk Management Review
This act requires the State Corporation Commission to review how Dominion Energy and Appalachian Power manage risks related to fuel and purchased power costs in their annual applications.
What This Bill Does
- Requires the State Corporation Commission to examine the effectiveness of risk management practices for fuel and purchased power costs by Dominion Energy and Appalachian Power in their annual filings starting July 1, 2026.
- Includes a review of national best practices for managing these costs, such as sharing costs and using hedging strategies.
- Examines how renewable energy owned or contracted by the utilities affects cost management.
- Considers whether the Commission has sufficient authority to regulate fuel and power procurement methods.
Who It Names or Affects
- Dominion Energy
- Appalachian Power
Terms To Know
- Phase I and Phase II Utility
- Electric utilities that are reviewed by the State Corporation Commission in different phases based on their size or complexity.
- State Corporation Commission (SCC)
- The agency responsible for regulating public utilities, including electric companies, to ensure fair rates and services.
Limits and Unknowns
- Does not specify the exact date when the review must start.
- Only applies to Dominion Energy and Appalachian Power as named in the bill.