Renewable energy portfolio standard program; geothermal heating and cooling systems, report.

Header information changed from 'Senate Substitute' to 'Labor and Commerce Subcommittee Substitute' with updated date (2/11/2025) and committee attribution.

Patron attribution changed from 'Senator Surovell' to 'Senator Surovell' with House Committee on Labor and Commerce designation.

Original Senate Committee on Commerce and Labor proposal language removed.

Draft formatting markers and page headers added to document structure.

Document header changed from 'ENROLLED' to 'OFFERED FOR CONSIDERATION' with date 2/03/2025, indicating the bill is in a different legislative stage.

Added multiple blank lines and spacing adjustments throughout the document, likely for formatting purposes in the substitute version.

Inserted committee attribution information ('Proposed by the Senate Committee on Commerce and Labor') and patron information ('Senator Surovell') in the substitute header.

Removed the 'ENROLLED' status and 'VIRGINIA ACTS OF ASSEMBLY -- CHAPTER' header lines, reverting the bill to a pre-enactment state.

All substantive policy provisions regarding renewable energy portfolio standards, geothermal heating and cooling systems, utility obligations, and compliance requirements remain identical between versions.

Mandates retirement of all coal-fired electric generating units by December 31, 2024, and all other carbon-emitting generating units by December 31, 2045, with exceptions for biomass co-firing and certain coalfield facilities.

Requires utilities to procure and retire RECs from geothermal heating and cooling systems starting at 0.5% in 2026, increasing to 1% by 2028.

Mandates utilities to construct or acquire 600 megawatts of solar and onshore wind capacity by 2035, with 35% procured from third-party sources.

Requires Phase II utilities to construct or acquire 2,700 megawatts of energy storage capacity by 2035.

Establishes deficiency payment penalties of $45-$100 per megawatt-hour for utilities failing to meet renewable energy requirements, with proceeds directed to job training, energy efficiency, and renewable energy programs in disadvantaged communities.

Requires utilities to conduct annual competitive procurement processes for new solar and wind resources with specific evaluation criteria including environmental impacts and economic development benefits.

Mandates that 75% of RECs used by Phase II utilities must come from resources located within Virginia starting in 2025.

Requires utilities to submit annual plans for new solar and wind generation capacity development from 2020 to 2035, with Commission approval required within six months.

Increases renewable energy portfolio standard requirements from 6% in 2021 to 100% by 2045, with Phase I utilities reaching 100% by 2050 and Phase II utilities by 2045.

Adds new definitions for geothermal heating and cooling systems, electrification, and previously developed project sites to clarify eligibility for renewable energy credits.

Creates exemptions for accelerated renewable energy buyers (large commercial customers over 25 megawatts) from certain renewable energy compliance costs and RPS requirements.