HB 1491

This bill authorizes Phase I Utilities (specific investor-owned electric utilities in Virginia) to recover development costs for small modular nuclear facilities (nuclear reactors with capacity up to 500 megawatts) from ratepayers before the facilities are built. Starting July 1, 2024, these utilities can request Virginia State Corporation Commission approval to recover project development costs through customer rate adjustments, including expenses for site evaluation, design, engineering, environmental analysis, and land acquisition—but not construction or licensing costs. The recovery is capped at $25 million annually and $125 million total (excluding land acquisition costs), can begin no earlier than January 1, 2026, and the provision expires on July 1, 2034. The Commission may set deadlines requiring the utility to either complete the facility or sell the permitted site and return proceeds to customers.