Action | Repeal CO 2 Budget Trading Program as required by Executive Order 9 (Revision A22) |
Stage | Proposed |
Comment Period | Ended on 3/31/2023 |
RGGI imposes a carbon tax which has cost Virginia electricity generators more than $500 million in just two years, costs which are passed along to consumers. Another $300 million will likely be collected in 2023. Almost 70% of the total is paid by customers of Dominion Energy Virginia.
· Virginia generators and other industrial energy users were already moving away from coal and natural gas and RGGI has not accelerated that trend, which will continue without RGGI. Other laws and market forces are driving the changes.
· Despite lower emissions in Virginia, RGGI has not and will not lower CO2 in the atmosphere. Virginia uses electricity from the entire PJM interconnection region, including several states which are not a part of any such compact, and CO2 levels are going up worldwide.