Energy

Electric utilities; RPS requirements; Air Pollution Control Board; regulations. Delays for 20 years the timeline by which Appalachian Power and Dominion Energy Virginia are required to produce 100 percent of their electric energy from 100 percent renewable resources. Under the bill, the annual percentage requirements are paused after the 2023 compliance year and do not resume until 2044. The bill provides that Appalachian Power and Dominion Energy Virginia are required to meet the 100 percent requirement by 2070 and 2065, respectively. Additionally, the bill provides that the Air Pollution Control Board is required to adopt regulations for the period of 2051 to 2070 to reduce carbon emissions from electric power generating facilities. Under current law, the Board is required to adopt regulations to reduce emissions for the period of 2031 through 2050.

Extreme Weather Taxpayer Protection Program and Fund established. Establishes the Extreme Weather Taxpayer Protection Program and Fund, administered by the Department of Conservation and Recreation, for the purpose of holding parties responsible for covered greenhouse gas emissions between the covered period of January 1, 1995, and December 31, 2025, for the parties' share of the Commonwealth's costs due to climate change. The bill defines responsible parties as fossil fuel extractors or crude oil refiners causing emissions of one billion metric tons or more of covered greenhouse gases during the covered period. Under the bill, responsible parties are strictly liable for cost recovery payments to the Commonwealth. The bill requires the State Treasurer to conduct an assessment of the costs to the Commonwealth and its residents of the emissions of covered greenhouse gases during the covered period. The bill establishes the Extreme Weather Relief Fund into which the cost recovery payments from responsible entities are deposited and used to pay for extreme weather relief projects, as defined in the bill.

Electric utilities; construction and development of renewable energy facilities; powers of State Air Pollution Control Board; powers of State Corporation Commission. Repeals provisions (i) requiring the State Air Pollution Control Board to adopt regulations to reduce carbon dioxide emissions from any electricity generating unit in the Commonwealth and authorizing the Board to establish an auction program for energy allowances; (ii) prohibiting the State Corporation Commission from approving any new utility-owned generation facilities that emit carbon dioxide as a by-product of energy generation under certain circumstances; (iii) declaring that statutory allowances for energy derived from sunlight, onshore wind, offshore wind, and storage facilities are in the public interest; and (iv) relating to the development of solar and wind generation and energy storage capacity, development of offshore wind capacity, and generation of electricity from renewable and zero-carbon sources. The bill provides that planning and development activities for new nuclear generation facilities are in the public interest.