Virginia HB 110: Regional Greenhouse Gas Initiative; trading allowance reserve account, etc.

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2020 SESSION

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20101945D

HOUSE BILL NO. 110 

Offered January 8, 2020 

Prefiled December 13, 2019 

A BILL to amend the Code of Virginia by adding 
in Article 1 of Chapter 13 of Title 10.1 a section numbered 10.1-1322.5, 
relating to Regional Greenhouse Gas Initiative; long-term contracts. 

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Patrons-- Ware and Gooditis 

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Referred to Committee on Agriculture, Chesapeake and Natural Resources 

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Be it enacted by the General Assembly of Virginia: 

1. That the Code of Virginia is amended by adding in Article 
 1 of Chapter 13 of Title 10.1 a section numbered � 10.1-1322.5 as follows:

� 10.1-1322.5. Regional 
 Greenhouse Gas Initiative; long-term contracts.

A. As used in this section:

"Allowance" 
 means an authorization to emit a fixed amount of carbon dioxide.

"Long-term 
 contract" means a power purchase, energy conversion, or tolling agreement 
 executed before May 16, 2017.

"Regional 
 Greenhouse Gas Initiative" or "RGGI" means the program to 
 implement the memorandum of understanding between signatory states dated 
 December 20, 2005, as it may be amended, and the corresponding model rule that 
 established a regional carbon dioxide electric power sector cap and trade 
 program.

B. If (i) 
 the Governor seeks to 
 include the Commonwealth as a full participant in RGGI or another 
 carbon trading program with an open auction of allowances or 
 (ii) the Department implements the final carbon trading 
 regulation as approved by the Board on April 19, 2019, in order to establish a 
 carbon dioxide cap and trade program that limits and reduces the total carbon 
 dioxide emissions released by certain electric generation facilities and that 
 complies with the RGGI model rule, the Department shall establish an allowance 
 reserve account for any electric generation facility subject to such 
 cap and trade program that operates according to a long-term contract that 
 prohibits the recovery of allowance costs. Such facility 
 shall be allocated free allowances from the reserve account sufficient to cover 
 its annual compliance 
 obligation for the duration of the long-term contract.