Bill > SB470

This bill modifies Virginia's Renewable Portfolio Standard (RPS) program, which requires electric utilities to source a certain percentage of their electricity from renewable and zero-carbon sources. Key provisions include classifying zero-carbon electricity generating facilities that begin operation in Virginia after July 1, 2030, as eligible for the RPS program, and allowing "accelerated renewable energy buyers" – large commercial or industrial customers – to contract for bundled energy, capacity, and renewable energy certificates from older solar, wind, or zero-carbon facilities within the PJM region if those facilities have undergone significant upgrades or secured financial agreements after January 1, 2015, to prevent their early closure due to financial difficulties. The bill also makes specific changes to the definition of "total electric energy" to exclude certain zero-carbon sources placed into service after July 1, 2030, and clarifies that accelerated renewable energy buyers can obtain zero-carbon electricity generation resources under specific conditions to avoid early retirement of qualifying facilities.

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https://lis.virginia.gov/bill-details/20261/SB470