Renewable portfolio standard program; establish goal for investor-owned incumbent electric utility. (HB1994)
Introduced By
Del. David Bulova (D-Fairfax) with support from co-patrons Del. Jennifer McClellan (D-Richmond), Del. Ken Plum (D-Reston), and Sen. Adam Ebbin (D-Alexandria)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Renewable portfolio standard program. Establishes a goal for investor-owned incumbent electric utilities to have 15 percent of their total electric energy sales in the base year be from renewable energy sources in calendar year 2025. Currently, such a utility may participate in the voluntary renewable energy portfolio standard program if it demonstrates that it has a reasonable expectation of achieving 12 percent of its base year electric energy sales from certain renewable energy sources during calendar year 2022. A participating utility that meets the specified percentage goals is eligible for performance incentives that increase the fair combined rate of return on common equity and provide an enhanced rate of return on costs associated with the construction of renewable energy generation facilities. Amends § 56-585.2 (“Sale of electricity from renewable sources through a renewable energy portfolio standard program.”), of the Code of Virginia. View Full Text »
Comments
Thank you, Del. Bulova! I know this kind of legislation has been tried before, but I commend you for trying again, bc this is the direction that we must turn if we are to build a 21st Century economy.
NoVA LUUP will advocate for its passage, you can count on us.
Best --
Laura Dely
Nova LUUP Insitgator