Electric utilities; renewable energy portfolio standard; zero-carbon electricity; zero emission credits; power purchase agreements. Amends the definition of "zero-carbon electricity" for purposes of the renewable energy portfolio standard (RPS) for Dominion Energy and Appalachian Power Company, and includes zero-carbon electricity in the measure of total electric energy for the purposes of determining percentage obligations for the RPS. The bill adds compliance with RPS obligations through the procurement of Zero Emission Credits (ZECs) as well as Renewable Energy Certificates (RECs) for compliance year 2035 and all years thereafter. Under the bill, all zero-carbon electricity generation resources located in the regional transmission area shall be RPS eligible sources, provided that their ZECs are verified. The bill raises the percentages for certain types of generation capacity to be procured through power purchase agreements from 35 percent to at least 50 percent. The bill also (i) increases the amount of generating capacity to be procured by Dominion Energy from resources using sunlight or onshore wind from 3,000 to 6,000 megawatts by December 31, 2027; (ii) decreases the amount of such capacity to be procured by December 31, 2035, from 6,100 to 3,100 megawatts; and (iii) adds requirements for the procurement of zero-carbon electricity for Dominion Energy and Appalachian Power company to achieve between January 1, 2035, and December 31, 2045, with at least 50 percent of such electricity to be procured from a party other than the utility. The bill directs the State Corporation Commission to adopt regulations to achieve the deployment of zero-carbon electricity pursuant to the provisions of the bill by January 1, 2028. The bill also directs the Commission to initiate a proceeding to determine if the zero-carbon electricity targets under the bill are appropriate in light of changes to anticipated energy load growth by July 1, 2030.

Statutes affected:
Introduced: 56-585.5