Electric utilities; mandatory renewable portfolio standard. (SB761)

Introduced By

Sen. Don McEachin (D-Richmond)

Description

Electric utilities; mandatory renewable portfolio standard. Converts the existing voluntary renewable portfolio standard (RPS) program to a mandatory program. Under the new program, investor-owned electric utilities are required to make investments in solar energy generation, onshore wind generation, offshore wind generation, and cumulative energy efficiency savings that by calendar year 2030 meet RPS Standards. The standards incrementally increase until, in calendar year 2025 and thereafter, such sources account for 25 percent of the amount of total electric energy that the utility sold in 2007. At least one half of the electric energy counted toward the RPS Standards is required to be generated from sources located within the Commonwealth. An investor-owned electric utility that fails to comply with the RPS Standards established for the applicable year is required to pay a compliance fee of 10 cents for each kilowatt-hour of shortfall from required renewable sources. Read the Bill »

Outcome

History