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2020 SESSION
House Bills on Second Reading
Regular Calendar
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H.B. 981.
A BILL to amend and reenact §§ 10.1-603.24 and 10.1-603.25 of
the Code of Virginia and to amend the Code of Virginia by adding in Chapter 13
of Title 10.1 an article numbered 4, consisting of sections numbered 10.1-1329 and 10.1-1330, relating to Clean Energy and Community
Flood Preparedness Act; fund. 20106683D
- 02/04/20 House: Committee substitute printed 20106683D-H1
- 01/07/20 House: Prefiled and ordered printed; offered 01/08/20 20105070D
Patrons--Herring, Bagby, Lindsey, Lopez, Adams, D.M., Jenkins and Keam
Reported from Committee on Labor and Commerce with substitute (13-Y 9-N)
YEAS--Ward, Sullivan, Kory, Keam, Lopez, Lindsey, Bagby, Heretick, Mullin, Bourne, Guzman, Ayala, Gooditis--13.
NAYS--Kilgore, Byron, Ware, Marshall, Wilt, Webert, Ransone, O'Quinn, Head--9.
ABSTENTIONS--0.
NOT VOTING--0.
Reported from Committee on Appropriations (13-Y 9-N)
YEAS--Torian, Sickles, Plum, Tyler, Bulova, McQuinn, Carr, Krizek, Aird, Hayes, Hurst, Jones, Reid--13.
NAYS--Cox, Knight, Morefield, Fariss, Rush, Davis, Austin, Bloxom, Brewer--9.
ABSTENTIONS--0.
NOT VOTING--0.
AMENDMENT(S) PROPOSED BY THE HOUSE
DEL. WYATT [Withdrawn]
- 1. After line 94, Substitute
- insert
- "Pre-existing contractual agreement" means a power
purchase agreement or similar commercial arrangement, including options
contracts, entered into in connection with a power generation facility subject
to the RGGI that was entered into on or before May 16, 2017, and continuing in
force and effect until July 1, 2020. "Pre-existing contractual arrangement"
does not include any life-of-the-unit contractual relationship.
DEL. WYATT [Withdrawn]
- 2. After line 134, Substitute
- insert
- E. The Director shall establish and administer a pre-existing
contractual arrangement reserve account (Reserve Account). At least once per
year, an entity may obtain allowances at a cost not exceeding 25 percent of the
previous auction price from the Reserve Account to satisfy the total allowance
obligation attributable to the pre-existing contractual arrangement. Allowances
placed into the Reserve Account shall not exceed (i) 2,000,000 allowances per
year in 2021 and 2022; (ii) 1,250,000 allowances per year in to 2023 and 2024,
(iii) 600,000 allowances in 2025, and (iv) zero allowances per year from 2026
and every subsequent year. If the number of available allowances does not
satisfy the requirements of every eligible entity, the Director shall make
allowances available from the Reserve Account to the eligible entries pro rata
according to the allowances attributable to their pre-existing contractual
arrangements that they have not yet obtain from the Reserve Account.
- F. An entity with a pre-existing contractual arrangement may
purchase allowances from the Reserve Account if:
- 1. A pre-existing contractual arrangement exist and the
entity is unable to pass-through or recover its RGGI costs from the counter
party or other mechanism;
- 2. The number of allowances purchased from the Reserve
Account by the entity does not exceed the equivalent tons of carbon dioxide
that the entity emitted in the prior calendar year;
- 3. Such entity exercises any option that exists in the
pre-existing contractual arrangement to re-negotiate the contract to include the
cost of purchasing carbon dioxide allowances when the first opportunity to
exercise any such option occurs; and
- 4. Each calendar year, the carbon dioxide authorized
account representative for the compliance account makes all requests for
purchases of allowances from the Reserve Account to the Department, and the
requests include (i) copy of the contractual arrangement if it has not been
provided to the Department previously, or if it has, an arrangement if it has
not been provided to the Department previously, or if it has, a letter
certifying that the contract has not changed and (ii) a letter certifying that
the entity is unable to recover the cost of allowances through electricity
pricing or another mechanism.
- G. Any allowance purchased from the Reserve Account in a year
that are in excess of the entity's equivalent of carbon dioxide emissions in
that year shall be forfeited by the entity and returned to the Department.
- H. The Director shall require that an entity purchasing
allowances from the Reserve Account certify at least once a year that it has
made purchases of equipment or services in Virginia during the year or has a
plan to age purchases of equipment or services in Virginia, including by any
affiliated entities, equal to the value of the discount in price of allowances
purchased from the Reserve Account as determined by the most recent auction
price.