RD358 - Energy in the New Virginia Economy: Update to the 2014 Virginia Energy Plan

Executive Summary:
Governor McAuliffe released the Virginia Energy Plan in 2014.

In it, he laid out his vision for the Virginia energy industry and the vital role it must play building the new Virginia economy. He pointed out that Virginia has had low-cost, reliable energy that businesses and residents have relied on to drive economic growth. However, he also noted that the energy landscape in Virginia and the country is undergoing unprecedented change, and Virginia must be decisive in driving innovation in energy generation and utilization to ensure that Virginia’s economy benefits from the deployment of new technologies.

The changing energy economy presents both opportunities and challenges that the Governor has worked diligently to address. He has done this in the context of the four themes laid out in the 2014 Energy Plan: Strategic Growth in the Energy Sector, Best-in-Class Infrastructure, Alternative Fuels and Advanced Vehicle Technology, and Talent Development in the Energy Sector.

Since the release of the Plan, the Governor has remained committed to an “all of the above” approach to energy. The Commonwealth has seen significant activity in the areas of focus laid out in the 2014 Plan, and the Governor is driving results within the energy sector that create jobs and helps grow the Virginia economy. Since coming into office, he has attracted $500 million in capital investment in the clean energy industry.(*2)

He has also supported projects that could generate thousands of direct jobs and billions more in capital investment.

This report provides a summary of the momentum built and results achieved since 2014.
(*2) Virginia Economic Development Partnership.