SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2023 SESSION
23103587DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 17 of Title 45.2 an article numbered 9, consisting of a section numbered 45.2-1734, as follows:
§ 45.2-1734. Virginia Power Innovation Fund and Program.
A. There is hereby created in the state treasury a special
nonreverting fund to be known as the Virginia Power Innovation Fund, referred
to in this section as "the Fund," that shall be administered by the
Department. The Fund shall be established on the books of the Comptroller. All
amounts appropriated and such other funds as may be made available to the fund
from any other source, public or private, shall be paid into the state treasury
and credited to the Fund. Interest earned on moneys in the Fund shall remain in
the Fund and be credited to it. Any moneys remaining in the Fund, including
interest thereon, at the end of each fiscal year shall not revert to the
general fund but shall remain in the Fund. Moneys in the Fund shall be used
solely for the purposes of research and development of innovative energy
technologies, including nuclear, hydrogen, [ geothermal, pumped storage
hydropower, battery storage and manufacturing, and ] carbon capture and
utilization [ , and energy storage ] . Expenditures
and disbursements from the Fund shall be made by the State Treasurer on
warrants issued by the Comptroller upon written request signed by the Director.
B. The Virginia Power Innovation Program is hereby
established for the purpose of (i) establishing a Virginia nuclear innovation
hub from such funds as may be available from the Fund and (ii) awarding grants
on a competitive basis from such funds as may be available from the Fund to
support energy innovation. The Program shall be administered by the Department.
In administering the Program, the Department shall, in collaboration with the
Virginia Nuclear Energy Consortium, establish and publish guidelines and
criteria for disbursement [ deployment ] of funds pursuant
to clause (i), including providing grants to support higher education research
on advanced nuclear technologies and advanced reactor technologies, to fund
nuclear energy workforce development programming, and to assist with site selection
for future small modular reactor projects in Virginia. In administering the
Program, the Department shall, in collaboration with the Secretary of Commerce
and Trade, establish and publish guidelines and criteria for disbursement of
funds pursuant to clause (ii). The Department shall oversee each grant awarded
through the Program and ensure thorough reporting on each such grant.