Energy (Oil & Gas)

Electric utilities; retirement of certain electric generating units. Provides that, for the required retirement by December 31, 2045, of electric generating units that emit carbon as a by-product of combusting fuel to generate electricity, exceptions to such requirement include natural gas electric generating units with carbon capture capability and emissions-positive electric generating units. Under the bill, "emissions-positive generating unit" means an electric generating unit that produces a net reduction in greenhouse gas emissions by either preventing, capturing, or collecting such emissions from fuel combustion.

Extreme Weather Taxpayer Protection Program and Fund established. Establishes the Extreme Weather Taxpayer Protection Program and Fund, administered by the Department of Conservation and Recreation, for the purpose of holding parties responsible for covered greenhouse gas emissions between the covered period of January 1, 1995, and December 31, 2025, for the parties' share of the Commonwealth's costs due to climate change. The bill defines responsible parties as fossil fuel extractors or crude oil refiners causing emissions of one billion metric tons or more of covered greenhouse gases during the covered period. Under the bill, responsible parties are strictly liable for cost recovery payments to the Commonwealth. The bill requires the State Treasurer to conduct an assessment of the costs to the Commonwealth and its residents of the emissions of covered greenhouse gases during the covered period. The bill establishes the Extreme Weather Relief Fund into which the cost recovery payments from responsible entities are deposited and used to pay for extreme weather relief projects, as defined in the bill.

Extreme Weather Taxpayer Protection Program and Fund established. Establishes the Extreme Weather Taxpayer Protection Program and Fund, administered by the Department of Conservation and Recreation, for the purpose of holding parties responsible for covered greenhouse gas emissions between the covered period of January 1, 1995, and December 31, 2025, for the parties' share of the Commonwealth's costs due to climate change. The bill defines responsible parties as fossil fuel extractors or crude oil refiners causing emissions of one billion metric tons or more of covered greenhouse gases during the covered period. Under the bill, responsible parties are strictly liable for cost recovery payments to the Commonwealth. The bill requires the State Treasurer to conduct an assessment of the costs to the Commonwealth and its residents of the emissions of covered greenhouse gases during the covered period. The bill establishes the Extreme Weather Relief Fund into which the cost recovery payments from responsible entities are deposited and used to pay for extreme weather relief projects, as defined in the bill.

State Corporation Commission to determine maximum fees for disconnection of utility service for nonpayment. Directs the State Corporation Commission (the Commission) to determine, in the next relevant cost recovery proceeding for certain utilities, the maximum allowable amount of fees for disconnection and reconnection such utilities may charge to residential customers disconnected from service due to nonpayment of bills or fees. The bill defines "utility" as an electric company, natural gas supplier, or water supplier or wastewater service provider subject to the Commission's regulation.

High energy use facilities; natural gas fuel cell generating resources. Permits a high energy use facility, as defined in the bill, that owns or operates a natural gas fuel cell generating resource to enter a contract to generate electric energy on such terms and conditions negotiated with the Dominion Energy or Appalachian Power Company, including provisions related to (i) issuing utility bill credits equivalent to the value of such energy generation and (ii) the utility's purchase of excess power generated by the high energy use facility. The bill requires such natural gas fuel cell generating resource to be located on the same real property as the high energy use facility.