Among the accomplishments of our General Assembly, the Clean Economy Act and Clean Energy and Community Flood Preparedness Act have set a framework to increase momentum in renewable energy development. A lot of the details are in this article from our friends at the Virginia Mercury.
A number of beneficial effects will follow on from these acts and other legislation:
In the solar arena, the two major investor-owned utilities are tasked with constructing significant amounts of new solar generation capacity. As well, the retail PPA pilot cap of 50 MW in Dominion’s territory has been adjusted. Utilities will be under new and significant mandates with respect to energy storage and Virginia is adopting energy efficiency resource standards for these utilities. Off-shore wind projects get a big boost. Plus, there are schedules established for the closure of certain coal and biomass facilities in Virginia.
Importantly, it looks like Virginia is poised to join the Regional Greenhouse Gas Initiative (RGGI), which will facilitate carbon cap and trade. We are closely examining the other effects of energy and business legislation passed in the session and signed into law by the governor. If you have any questions about new or existing laws on energy regulation, development or any business and energy industry issue, please reach out to one of our energy and business lawyers.