Virginia Clean Energy and Community Flood Preparedness Act; repeal; electric utility customer credit. Directs the Department of Environmental Quality to suspend the Commonwealth's participation in the Regional Greenhouse Gas Initiative (RGGI). The bill requires the Commonwealth to remit all revenue collected pursuant to a market-based trading program consistent with RGGI to each electric utility that has a rate adjustment clause approved or pending approval for recovery of the costs of emissions allowances or that has otherwise increased customer bills to recover such costs. The bill directs each such utility to subsequently distribute such funds as a credit to its customers in the Commonwealth.