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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>60319</law_id><section_number>56-584</section_number><catch_line>Stranded costs</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="56">Public Service Companies</unit><unit label="chapter" level="2" order_by="1" identifier="23">Virginia Electric Utility Regulation Act</unit></structure><text>
						<section><p>Just and reasonable net stranded costs, to the extent that they exceed zero value in total for the <span class="dictionary">incumbent electric utility</span>, shall be recoverable by each <span class="dictionary">incumbent electric utility</span> provided each <span class="dictionary">incumbent electric utility</span> shall only recover its just and reasonable net stranded costs through either capped <span class="dictionary">rates</span> as provided in &#xA7;&#xA0;<a class="law" title="Rate caps" href="/56-582/">56-582</a>. To the extent not preempted by federal <span class="dictionary">law</span>, the establishment by the <span class="dictionary">Commission</span> of wires charges for any distribution <span class="dictionary">cooperative</span> shall be conditioned upon such <span class="dictionary">cooperative</span> entering into binding commitments by which it will pay to any power <span class="dictionary">supply</span> <span class="dictionary">cooperative</span> of which such distribution <span class="dictionary">cooperative</span> is or was a member, as compensation for such power <span class="dictionary">supply</span> <span class="dictionary">cooperative</span>&#x2019;s stranded costs, all or part of the proceeds of such wires charges, as determined by the <span class="dictionary">Commission</span>.</p></section></text><history>1999, c. 411; 2007, cc. 888, 933.</history><metadata></metadata></law>
