SB 454

This bill allows Dominion Energy Virginia (referred to as a Phase II Utility) to petition the State Corporation Commission for approval to recover costs associated with developing small modular nuclear reactors (SMRs) through customer rate adjustments, even before the reactors are operational. The legislation permits the utility to recover 80% of SMR development costs incurred after July 1, 2024 (including expenses for evaluation, design, engineering, federal licensing, and environmental permitting) through accelerated rate recovery, while limiting any rate increase to no more than $1.40 per month for a typical residential customer using 1,000 kilowatt-hours. The utility must demonstrate it has evaluated federal funding opportunities from the U.S. Department of Energy, and the Commission retains discretion to approve or deny cost recovery based on whether the costs are reasonable and prudent, with the authority to set deadlines for project completion or site sale.