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Reminder – Virginia Renewable Law Now Effective
As reported previously, among other things, HB369 bill replaces the term “accelerated renewable energy buyer” with “accelerated clean energy buyer” and allow such buyers to satisfy RPS requirements with RECs generated in the PJM region.
Specifically, it would, as of the effective date, the new law allows accelerated clean energy buyers to contract with APCo, Dominion, or others to obtain zero-carbon electricity from PJM generation resources with initial commercial operation dates: (1) after 1/1/25; and (2) before 1/1/25 if one of the following applies: (i) investments to increase the maximum thermal power output of such facility resulted in the generation of new electricity after 7/1/26; and (ii) a financial agreement for procurement of energy and capacity was entered into with such facility after 7/1/26, to prevent the previously announced early retirement or decommissioning of such facility due to financial constraints.
