Virginia SB 691

State Corporation Commission; Phase I Utility; biennial rate review; reports. Directs the State Corporation Commission to adhere to certain requirements and consider certain enumerated factors in its 2026 review of the rates, terms, and conditions for the provision of generation and distribution services by Appalachian Power. The bill prohibits the Commission from approving a rate of return on common equity that is greater than the rate of return approved by the Commission as part of Appalachian Power's preceding biennial rate review unless Appalachian Power demonstrates that such increase is the approach to maintaining reasonable access to capital that results in the lowest cost to customers. The bill directs the Commission to conduct reviews of Appalachian Power's terms of service and rates for electric transmission and efforts to address rising costs of severe weather events. The bill also directs the Office of the Attorney General to conduct a study of the methods used to determine the cost of equity capital for investor-owned utilities.