| Action | Repeal CO 2 Budget Trading Program as required by Executive Order 9 (Revision A22) |
| Stage | Proposed |
| Comment Period | Ended on 3/31/2023 |
 |
I conducted a multi-state study, updated for Virginia, which came to the same conclusion as a Congressional Research Center study1. The dozen year old RGGI program has resulted in no significant additional emission reduction compared to comparison states, but did shift generation and jobs to other states. Virginia electric generation fell 12% in 2022 compared to 2020. Power imports from the regional grid grew from 12% of demand to 30%, and that grid expects power shortages by 2030. In state CO2 emissions fell by 6.6 million metric tons from 2020 to 2022, but increased electricity imports increased emissions 10.3 million tons elsewhere for a net 3.7 million ton increase. Meanwhile the $523 million in RGGI revenue will be added to electric bills while in state generators lost $840 million in electric generation revenue. Over a decade the RGGI could cost Virginia $25 billion. Virginia needs to leave RGGI behind.
|
Fuel Source |
2022 MWh |
2020 MWh |
Difference |
% Change |
|
Coal |
3,346,000 |
3,763,000 |
(417,000) |
-11% |
|
Natural Gas |
50,318,000 |
62,623,000 |
(12,305,000) |
-20% |
|
Petroleum |
581,000 |
231,000 |
350,000 |
152% |
|
Other Gases |
523,000 |
557,000 |
(34,000) |
-6% |
|
Total Fossil Fuel |
54,768,000 |
67,174,000 |
(12,406,000) |
-15% |
|
Nuclear |
28,197,000 |
30,140,000 |
(1,943,000) |
-6% |
|
Net Hydro |
1,145,000 |
950,000 |
195,000 |
21% |
|
Biomass |
3,541,000 |
1,069,000 |
2,472,000 |
231% |
|
Solar |
5,079,000 |
1,371,000 |
3,708,000 |
270% |
|
Wind |
51,000 |
0 |
51,000 |
|
|
Total Zero CO2 |
37,962,000 |
33,530,000 |
4,432,000 |
13% |
|
Total |
90,890,000 |
103,056,000 |
(12,166,000) |
-12% |
|
Electric Demand |
130,108,000 |
117,254,000 |
12,854,000 |
11% |
|
Imports |
39,218,000 |
14,198,000 |
|
|
Source: Year to date totals from US EIA Electric Power Monthly2
Virginia natural gas fired power plant generation fell 20%, losing against regional electric grid bids from non-carbon tax states with 10% lower cost as shown in the following chart.
CommentID: 211294