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2014 SESSION

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SB 498 Electric utility regulation; renewable energy portfolio standard program.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Renewable energy portfolio standard program. Limits the ability of an electric utility participating in the renewable energy portfolio standard (RPS) program to bank renewable energy sales or renewable energy certificates (RECs) that are in excess of the yearly sales requirement for that RPS Goal. The measure provides that the utility may use such excess sales or RECs to achieve the RPS Goals only in the subsequent five calendar years after the renewable energy was generated or the certificates were created. An electric utility may continue to apply RECs that it acquired prior to January 1, 2014. This bill is identical to HB 822.

SUMMARY AS PASSED SENATE:

Renewable energy portfolio standard program. Limits the ability of an electric utility participating in the renewable energy portfolio standard (RPS) program to bank renewable energy sales or renewable energy certificates (RECs) that are in excess of the yearly sales requirement for that RPS Goal. The measure provides that the utility may use such excess sales or RECs to achieve the RPS Goals only in the subsequent five calendar years after the renewable energy was generated or the certificates were created. An electric utility may continue to apply RECs that it acquired prior to January 1, 2014.

SUMMARY AS INTRODUCED:

Renewable energy portfolio standard program. Amends the existing renewable energy portfolio standard program to require that for calendar years 2016 through 2025 a utility shall apply (i) renewable energy generated from renewable energy generation facilities owned by the utility, (ii) renewable thermal energy, (iii) certificates issued by the State Corporation Commission and held or acquired by a participating utility that validate a qualified investment made by the participating utility, (iv) renewable energy sales achieved or renewable energy certificates acquired prior to January 1, 2014, or (v) renewable energy sales or renewable energy certificates from electric energy derived from any combination of sunlight, onshore wind, offshore wind, wave motion, tides, or geothermal power generated or purchased in the interconnection region of the regional transmission entity of which the participating utility is a member. A utility shall be able to apply renewable energy from run-of-river generation obtained via power purchase agreements entered into prior to January 1, 2014. A utility shall receive double credit toward meeting the renewable energy portfolio standard for energy derived from onshore wind obtained via power purchase agreements entered into prior to January 1, 2014.