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schedule. Any such election shall be on a one-time basis and shall not be revocable at any time prior to
December 31, 2033, after which time an electing customer may continue to remain on its existing
default rate schedule or take service under any other rate schedule for which such customer qualifies.
5. That notwithstanding any provision of 搂聽 56-249.6:2 of the Code of Virginia, a Phase II Utility, as
defined in subdivision A 1 of 搂聽 56-585.1 of the Code of Virginia, may file a petition for a financing
order regarding deferred fuel costs as provided in 搂聽 56-249.6:2 of the Code of Virginia on or before
July 15, 2026, and that the provisions of the fourth enactment of Chapter 757 and the fourth enactment
of Chapter 775 of the Acts of Assembly of 2023 shall be applicable to any such petition,
notwithstanding any time limitations established in such enactment. If a Phase II Utility petitions the
State Corporation Commission (the Commission) for a financing order pursuant to this enactment, the
Commission, following notice and an opportunity for hearing, shall, in its sole discretion, determine
whether such financing order is in the public interest and shall issue either (i) a financing order or (ii)
an order rejecting such petition. The Commission shall issue its final order upon any such petition filed
between May 1, 2026, and July 15, 2026, within four months after the date of such filing.
6. That this act shall be referred to as the Fair and Affordable Electric Rates and Reliability Act.
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