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Senators debate removing deficiency payments tied to renewable portfolio shortfalls; bill earns mixed response
Summary
SB 902 would eliminate statutory deficiency payments utilities must make when they miss renewable portfolio standard obligations under specified conditions; proponents argued timing and PJM queue constraints justify removing the penalty, opponents said the penalty is the core enforcement mechanism of the Virginia Clean Economy Act.
Senate Bill 902, sponsored by Senator Stanley, would remove provisions requiring certain electric utilities to make deficiency payments for missing Renewable Portfolio Standard (RPS) compliance obligations when the utilities cannot procure sufficient renewable energy certificates (RECs) or where REC pricing is unusually high. The bill prompted vigorous debate between trade groups, utilities, environmental advocates and the administration’s energy officials.
Sponsor testimony framed the change as a recognition of practical constraints: Secretary of the Department of Energy staff told the committee that while utilities…
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