Electric utilities; amends renewable energy portfolio standard program requirements, etc.
What changed between versions
Establishes a mandatory schedule requiring Phase I and Phase II utilities to increase their renewable energy procurement from 6% in 2021 to 100% by 2045.
Restricts eligible Renewable Energy Certificates (RECs) to sources located in Virginia or the PJM region, specifically banning the use of RECs from out-of-state thermal energy, thermal equivalents, and biomass facilities.
Requires Phase II utilities to meet a specific percentage of their renewable goals using small-scale solar, wind, or anaerobic digestion resources, with a priority of 25% for low-income projects or those on public schools.
Mandates that starting in the 2027 compliance year, at least 75% of all RECs used by Phase II utilities must come from resources physically located within Virginia.