VA SB 700

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Description

Large-Scale Electricity Consumer Infrastructure Impact Fund. Establishes the Large-Scale Electricity Consumer Infrastructure Impact Fund (the Fund) for the purposes of offsetting infrastructure replacement and enhancement costs incurred by utilities that are directly attributable to the electricity demand of large-scale electricity consumers and providing bill credits to residential customers to offset rate increases due to the electricity demand of large-scale electricity consumers. The bill requires each large-scale electricity consumer operating in the Commonwealth to remit an annual infrastructure impact fee in an amount determined and assessed by the State Corporation Commission (the Commission) based on energy usage and demand in megawatts and square footage of the large-scale electricity consumer. Additionally, the bill requires each locality that gives final approval for the construction or operation of a large-scale electricity consumer on or after January 1, 2028, to remit an annual infrastructure impact fee to the Commission in an amount equal to five percent of the total annual tax revenue received by the locality that is directly or indirectly attributable to the construction or operation of each such large-scale electricity consumer. All fees collected from such assessments shall be deposited into the Fund.