VA SB251

Directs the State Corporation Commission to evaluate whether performance-based regulatory frameworks for electric utilities would benefit Virginia ratepayers and improve utility cost control incentives

Requires assessment of consolidating existing rate adjustment clauses and potentially transitioning costs currently recovered through these clauses into base rates

Mandates evaluation of shared risk policies for fuel cost management and compliance with energy efficiency targets and renewable energy portfolio standards

Requires the Commission to identify performance-incentive mechanisms with measurable outcomes and assess the feasibility of an all-source competitive procurement framework for peak demand reduction and cost efficiency

Report with findings and legislative recommendations due by March 1, 2027, to be submitted to relevant legislative committees and made publicly available on the Commission's website