Underground transmission lines; qualifying projects.

Pilot program for underground  transmission lines; qualifying projects. Authorizes the State Corporation Commission to, in reviewing any application submitted by a public utility for a certificate of public convenience and necessity for the construction of an electrical transmission line of 500 kilovolts filed between January 2025 and July 2032, approve up to two applications for qualifying projects to be constructed in whole or in part underground as part of the pilot program for underground transmission lines and to provide an expedited review of any such application. The bill removes certain provisions related to the existing pilot program. Under the bill, a project shall be qualified if an engineering analysis demonstrates that it is technically feasible, if the applicant provides an overall cost of the project and its impact on electric service rates, and if the governing body of each locality in which a portion of the proposed line will be placed underground indicates support for the transmission line to be placed underground. The bill permits the Commission to deny an application for a project that otherwise meets the criteria to qualify, provided that the Commission shares its rationale for doing so. Additionally, rather than assigning certain costs to be recovered by Virginia jurisdictional customers, the bill requires that such costs be allocated by the Commission in a manner that is just and reasonable for customers.