Plan calls for U-turn away from cleaner, cheaper energy future in Virginia, says business group

RICHMOND, VA, October 3, 2022 – Today, business association Virginia Advanced Energy Economy reviewed the new Energy Plan proposed by the Governor Youngkin Administration, and Kim Jemaine, Director at Virginia AEE, released the following statement:

“The Virginia Clean Economy Act (VCEA) puts Virginia on a path towards a future that is clean, affordable, and reliable, utilizing Virginia’s resources and advancing energy independence. Unfortunately, much of the Energy Plan released today would have the Commonwealth do a U-turn. Youngkin’s plan relies on fossil fuels whose costs are going through the roof and discourages new economic investment and innovation.

“Governor Youngkin’s objectives of reliability, affordability, innovation, competition, and environmental stewardship are all achievable within the framework of the VCEA. It’s unfortunate that the 2022 Energy Plan spends so much time disparaging the VCEA when that law offers a clear path to achieving the Administration’s purported goals.

“The VCEA invests in proven, cost-effective technologies, like wind, solar, storage and efficiency. It is designed to be flexible, welcoming new clean technologies, like small-scale nuclear and hydrogen, when they are proven and cost effective. Until then, the VCEA keeps Virginia on a steady, predictable path to decarbonize Virginia’s electricity over the coming decades while keeping the lights on and power affordable, reducing our reliance on expensive, imported fossil fuels. That steady, predictable path is paying off for Virginia by attracting investment and Fortune 500 companies with clean energy commitments.

“In addition to undermining the VCEA, this Plan also continues the Governor’s misplaced opposition to Virginia’s participation in the Regional Greenhouse Gas Initiative (RGGI) and Advanced Clean Cars standards. RGGI is helping Virginia transition towards a clean grid while strengthening our flood resilience and cutting Virginians’ electric bills with energy efficiency. The Clean Cars standards help ensure Virginia is a leading state in transportation electrification, encouraging innovation, cutting tailpipe emissions, and reducing our reliance on costly, imported oil.”

A recent cost analysis commissioned by Virginia AEE found that the VCEA would cut the electric bill of the average Virginia family by over $30 a year in 2030.