2026 SESSION
ENROLLED
VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend and reenact §§ 10.1-1330 and 10.1-1331 of the Code of Virginia, relating to clean energy and community flood preparedness; market-based trading program.
[S 802]
Approved
Be it enacted by the General Assembly of Virginia:
1. That §§ 10.1-1330 and 10.1-1331 of the Code of Virginia are amended and reenacted as follows:
§ 10.1-1330 . Clean Energy and Community Flood Preparedness; report.
A. The provisions of this article shall be incorporated by the Department, without further action by the Board, into the final regulation adopted by the Board on April 19, 2019, and published in the Virginia Register on May 27, 2019. Such incorporation by the Department shall be exempt from the provisions of the Virginia Administrative Process Act (§ 2.2-4000 et seq.) The Board shall establish and maintain a market-based trading regulation, consistent with the RGGI program, to reduce carbon dioxide emissions from electricity generating units in the Commonwealth that shall be implemented and administered by the Department .
B. The Director is hereby authorized to shall establish, implement, and manage an auction program to sell allowances into a market-based trading program consistent with the RGGI program and this article. The Director shall seek to sell 100 percent of all allowances issued each year through the allowance auction, unless the Department finds that doing so will have a negative impact on the value of allowances and result in a net loss of consumer benefit or is otherwise inconsistent with the RGGI program.