78956356-582Virginia Decodedhttps://vacode.org2016Public Service CompaniesVirginia Electric Utility Regulation ActRate caps1999, c. 411; 2000, cc. 942, 991; 2001, c. 748; 2004, c. 827; 2007, cc. 888, 933; 2008, c. 883.Potomac Edison Co. v. STATE CORP. COM'N080727667 S.E.2d 7722008-10-31https://www.courtlistener.com/opinion/1058424/potomac-edison-co-v-state-corp-comn/ . . . recovering certain purchased power costs under Code § 56-582(B)(i). We focus our inquiry on the . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Delmarva Power & Light Co. v. MorrisonCivil Action No. 3:07cv392496 F. Supp. 2d 6782007-07-23https://www.courtlistener.com/opinion/2350405/delmarva-power-light-co-v-morrison/ . . . expiring on July 1, 2007. . . ." Va.Code § 56-582(A) (1999). The Act also provided that the SCC . . . District Court, E.D. VirginiaAppalachian Power co. v. State Corp. Comm'n1203942012-11-01https://www.courtlistener.com/opinion/1057822/appalachian-power-co-v-state-corp-commn/ . . . environmental . . . <abbr title="Supreme Court of Virginia">SCV</abbr>http://law.lis.virginia.gov/vacode/56-582/56-231.33Adequate service; rates/56-231.33/56-232Public utility and schedules defined/56-232/56-249.6Recovery of fuel and purchased power costs/56-249.6/56-583Repealed/56-583/56-590Divestiture, functional separation and other corporate relationships/56-590//56-582/56/23/56-58256-58056-58456-58558.1-400.3The Commission shall establish capped rates, effective January 1, 2001, for each service territory of every incumbent utility as follows:sectionAA1 Capped rates shall be established for customers purchasing bundled electric transmission, distribution and generation services from an incumbent electric utility.sectionA1A12 Capped rates for electric generation services, only, shall also be established for the purpose of effecting customer choice for those retail customers authorized under this chapter to purchase generation services from a supplier other than the incumbent utility during this period.sectionA2A22A utility may petition the Commission to terminate the capped rates to all customers any time after January 1, 2004, and such capped rates may be terminated upon the Commission finding of an effectively competitive market for generation services within the service territory of that utility. If its capped rates, as established and adjusted from time to time pursuant to subsections A and B, are continued after January 1, 2004, an incumbent electric utility that is not, as of the effective date of this chapter, bound by a rate case settlement adopted by the Commission that extends in its application beyond January 1, 2002, may petition the Commission, during the period January 1, 2004, through June 30, 2007, for approval of a one-time change in its rates, and if the capped rates are continued after July 1, 2007, such incumbent electric utility may at any time after July 1, 2007, petition the Commission for approval of a one-time change in its rates. Any change in rates pursuant to this subsection by an incumbent electric utility that divested its generation assets with approval of the Commission pursuant to § 56-590 prior to January 1, 2002, shall be in accordance with the terms of any Commission order approving such divestiture. Any petition for changes to capped rates filed pursuant to this subsection shall be governed by the provisions of Chapter 10 (§ 56-232 et seq.) of this title.sectionCC1During the period when capped rates are in effect for an incumbent electric utility, such utility may file with the Commission a plan describing the method used by such utility to assure full funding of its nuclear decommissioning obligation and specifying the amount of the revenues collected under either the capped rates, as provided in this section, or the wires charges, as provided in former § 56-583, that are dedicated to funding such nuclear decommissioning obligation under the plan. The Commission shall approve the plan upon a finding that the plan is not contrary to the public interest.sectionEE1The capped rates established pursuant to this section shall expire on December 31, 2008, unless sooner terminated by the Commission pursuant to the provisions of subsection C; however, rates after the expiration or termination of capped rates shall equal capped rates until such rates are changed pursuant to other provisions of this title.sectionFF1