RD458 - Background and Conclusions of a Study of Senate Bill 580, 2014 Regular Session, Virginia General Assembly

  • Published: 2014
  • Author: State Corporation Commission
  • Enabling Authority: Letter Request from the Clerk of the Senate

Executive Summary:
On March 13, 2014, the Clerk of the Senate sent a letter to the State Corporation Commission ("Commission") at the request of the Senate Committee on Commerce and Labor ("Commerce & Labor") to study the subject matter contained in Senator Edwards' proposed SB 580 (Attachment 1). As introduced, SB 580 required the Commission to establish and maintain a market-based renewable energy registration and tracking system to facilitate the creation and transfer of renewable energy certificates ("RECs") consistent with and to operate in conjunction with the trading system developed by PJM Interconnection, LLC ("PJM") referred to as PJM Generation Attribute Tracking System. SB 580 further required the Commission to establish requirements for documentation and verification of RECs by licensed electric suppliers and other renewable energy generators that create and receive certificates for compliance with renewable energy portfolio goals.