Virginia · House Bill 2621 · 2025 Regular Session

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

HB 2621 Sponsored by Jason S. Ballard Became law

  1. Introduced Jan 13, 2025
  2. In committee Jan 13, 2025
  3. Passed the House of Delegates Feb 4, 2025
  4. Passed the Senate Feb 19, 2025
  5. To the governor Mar 11, 2025
  6. Became law Mar 24, 2025

What it does

The legislature's own summary of the bill, or its official long title.

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…

Read the full title (246 words)

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 provides that, for Appalachian Power, certain rate adjustments shall not occur during the months of November through February and any such adjustments issued between September and December shall become applicable beginning on March 1 of the following year. The bill makes changes to certain provisions governing biennial rate reviews for Appalachian Power, including permitting the utility to recover storm recovery costs incurred after January 1, 2024 that are not currently included in rates or otherwise recovered through a securitization order, considering the implementation of residential seasonal rates, and considering alternatives to budget billing. The bill excludes certain costs from being recovered through a rate adjustment clause. The bill requires the State Corporation Commission to invite the public to comment on any biennial rate case for Appalachian Power. Finally, the bill permits certain large retail customers to opt out of financing its pro rata obligation for securitized asset cost charges by electing to fully satisfy its obligation.

Every action

54 steps, oldest first, as the legislature records them.

Show the 46 earlier steps
  1. House of DelegatesPresented and ordered printed 25103840D
  2. CommitteeReferred to Committee on Labor and Commerce · House of Delegates Labor and Commerce
  3. CommitteeAssigned L & C sub: Subcommittee #3 · House of Delegates Labor and Commerce: Subcommittee 3
  4. CommitteePlaced on Labor and Commerce Agenda · House of Delegates Labor and Commerce
  5. CommitteeSubcommittee recommends reporting with substitute (9-Y 0-N) · House of Delegates Labor and Commerce: Subcommittee 39–0 vote
  6. CommitteePlaced on Labor and Commerce Agenda · House of Delegates Labor and Commerce
  7. CommitteeReported from Labor and Commerce with substitute (21-Y 1-N) · House of Delegates Labor and Commerce21–1 vote
  8. House of DelegatesCommittee substitute printed 25106173D-H1
  9. House of DelegatesIncorporates HB1588(Williams)
  10. House of DelegatesRead first time
  11. House of DelegatesRead second time
  12. House of DelegatesLabor and Commerce Substitute rejected
  13. House of DelegatesFloor substitute printed 25106694D-H2 (Ballard)
  14. House of DelegatesDelegate Ballard Substitute agreed to
  15. House of DelegatesPassed by temporarily
  16. House of DelegatesDelegate Shin Amendment agreed to
  17. House of DelegatesEngrossed by House - floor substitute as amended
  18. House of DelegatesRead third time and passed House (81-Y 17-N)81–17 vote
  19. SenateConstitutional reading dispensed (on 1st reading)
  20. CommitteeReferred to Committee on Commerce and Labor · Senate Commerce and Labor
  21. House of DelegatesFiscal Impact Statement from State Corporation Commission (HB2621)
  22. CommitteeReported from Commerce and Labor with substitute (15-Y 0-N) · Senate Commerce and Labor15–0 vote
  23. SenateCommittee substitute printed 25107584D-S1
  24. SenateRules suspended
  25. SenateConstitutional reading dispensed (on 2nd reading) (40-Y 0-N)40–0 vote
  26. SenatePassed by for the day
  27. SenateRead third time
  28. SenateReading of substitute waived
  29. SenateCommerce and Labor Substitute agreed to
  30. SenateEngrossed by Senate - committee substitute
  31. SenatePassed Senate with substitute (40-Y 0-N)40–0 vote
  32. House of DelegatesSenate substitute rejected by House (0-Y 98-N)0–98 vote
  33. SenateSenate insisted on substitute (39-Y 0-N)39–0 vote
  34. SenateSenate requested conference committee
  35. House of DelegatesHouse acceded to request
  36. SenateConferees appointed by Senate
  37. SenateSenators: Deeds, McPike, Peake
  38. House of DelegatesConferees appointed by House
  39. House of DelegatesDelegates: Shin, Mundon King, Ballard
  40. Conference committeeAmended by conference committee
  41. House of DelegatesConference substitute printed 25108052D-H3
  42. House of DelegatesConference report agreed to by House (98-Y 0-N)98–0 vote
  43. SenateConference report agreed to by Senate (38-Y 0-N)38–0 vote
  44. SenateReconsideration of conference report agreed to (39-Y 0-N)39–0 vote
  45. SenateConference report agreed to by Senate (39-Y 0-N)39–0 vote
  46. House of DelegatesEnrolled
  1. House of DelegatesBill text as passed House and Senate (HB2621ER)
  2. House of DelegatesSigned by Speaker
  3. SenateSigned by President
  4. House of DelegatesEnrolled Bill communicated to Governor on March 11, 2025
  5. GovernorGovernor's Action Deadline 11:59 p.m., March 24, 2025
  6. House of DelegatesFiscal Impact Statement from State Corporation Commission (HB2621)
  7. GovernorApproved by Governor-Chapter 497 (Effective 07/01/25)
  8. Acts of Assembly Chapter text (CHAP0497)

Roll calls

12 recorded votes: 9 on the floor, 3 in committee. Each shows how every member voted.

Senate substitute rejected by House (0-Y 98-N) · Full House of Delegates

Failed 0–98
Feb 20, 2025 · journal entry
Yes 0 No 98 Not voting 2
Party not listed: 0 yes, 22 no Democrats: 0 yes, 45 no Republicans: 0 yes, 31 no
How each member voted

No · 98

Not voting · 2

Senate insisted on substitute (39-Y 0-N) · Full Senate

39–0
Feb 20, 2025 · journal entry
Yes 39 No 0 Not voting 1
Party not listed: 2 yes, 0 no Democrats: 18 yes, 0 no Republicans: 19 yes, 0 no
How each member voted

Yes · 39

Not voting · 1

Conference report agreed to by House (98-Y 0-N) · Full House of Delegates

Passed 98–0
Feb 22, 2025 · journal entry
Yes 98 No 0 Not voting 2
Party not listed: 22 yes, 0 no Democrats: 45 yes, 0 no Republicans: 31 yes, 0 no
How each member voted

Yes · 98

Not voting · 2

Conference report agreed to by Senate (38-Y 0-N) · Full Senate

Passed 38–0
Feb 22, 2025 · journal entry
Yes 38 No 0 Not voting 2
Party not listed: 2 yes, 0 no Democrats: 18 yes, 0 no Republicans: 18 yes, 0 no
How each member voted

Yes · 38

Not voting · 2

Reconsideration of conference report agreed to (39-Y 0-N) · Full Senate

Passed 39–0
Feb 22, 2025 · journal entry
Yes 39 No 0 Not voting 1
Party not listed: 2 yes, 0 no Democrats: 19 yes, 0 no Republicans: 18 yes, 0 no
How each member voted

Yes · 39

Not voting · 1

Conference report agreed to by Senate (39-Y 0-N) · Full Senate

Passed 39–0
Feb 22, 2025 · journal entry
Yes 39 No 0 Not voting 1
Party not listed: 2 yes, 0 no Democrats: 19 yes, 0 no Republicans: 18 yes, 0 no
How each member voted

Yes · 39

Not voting · 1

Committee and other votes

DateWhereQuestionResult
Jan 28, 2025 House of Delegates Labor and Commerce: Subcommittee 3 Subcommittee recommends reporting with substitute (9-Y 0-N)
Members

Yes · 9

Not voting · 2

 9–0
Jan 30, 2025 House of Delegates Labor and Commerce Reported from Labor and Commerce with substitute (21-Y 1-N)
Members

Yes · 21

No · 1

 Passed 21–1
Feb 4, 2025 Full House of Delegates Read third time and passed House (81-Y 17-N)
Members

Yes · 81

No · 17

Not voting · 2

 Passed 81–17
Feb 17, 2025 Senate Commerce and Labor Reported from Commerce and Labor with substitute (15-Y 0-N)
Members

Yes · 15

 Passed 15–0
Feb 18, 2025 Full Senate Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
Members

Yes · 40

 40–0
Feb 19, 2025 Full Senate Passed Senate with substitute (40-Y 0-N)
Members

Yes · 40

 Passed 40–0

Sponsors

The member who introduced it, joined by 11 cosponsors: 7 Republicans, 2 party unknown, 2 Democrats.

All 11 cosponsors

From Virginia's official records (lis.blob.core.windows.net), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.