Report to the General Assembly (Published)

Document Title

Portability of Retirement Benefits Between the Commonwealth and Its Political Subdivisions

Author

Virginia Retirement System

Enabling Authority

HJR 104 (Regular Session, 1994)

Executive Summary

It has been over four years since the Virginia General passed the Virginia Electric Utility Restructuring Act ("the Act"); less than four years remain until the mid-2007 end of the transition period set forth in the Act. Section 56-596 of the Act requires the Virginia State Corporation Commission ("SCC") to report to the Commission on Electric Utility Restructuring ("CEUR") and the Governor by September 1 of each year on the status of competition in the Commonwealth, the status of the development of regional competitive markets and the SCC's recommendations to facilitate effective competition in the Commonwealth as soon as practicable. This section of the statute also requires the SCC to report any recommendations of actions to be taken by the General Assembly, electric utilities, suppliers, generators, distributors, and regional transmission entities that the SCC considers to be in the public interest.

This SCC offers this Report pursuant to the requirements of the Act. We also note that on December 30, 2002, the SCC submitted an Addendum to its status re port issued September 1, 2002, that addressed the Federal Energy Regulatory Commission's ("FERC") Notice of Proposed Rulemaking ("NOPR") on Standard Market Design ("SMD"). That Addendum, entitled "Review of FERC's Proposed Standard Market Design and Potential Risks to Electric Service in Virginia" raised several concerns we had regarding electric industry restructuring and its likely impact on Virginians.