Amid Highest Inflation In Four Decades, Governor Glenn Youngkin Takes Action To Reduce Energy Costs In Virginia

During his first State of the Union Address on March 1, President Joe Biden proclaimed a goal to “cut energy costs for families an average of $500 a year by combatting climate change.” Across the Potomac River in Virginia, meanwhile, Governor Glenn Youngkin (R) is pressing forward with a goal that, if achieved, would reduce utility bills throughout the commonwealth. That objective, outlined in a January 15 executive order, is Virginia’s removal from the Regional Greenhouse Gas Initiative (RGGI). RGGI is a multi-state carbon cap and trade program that, according to Dominion Energy estimates included in a filing to the State Corporate Commission, will drive up utility bills for Virginia families and employers by more than $1 Billion over the next four years if allowed to remain in effect.

That January 15 executive order, the ninth issued by Governor Youngkin, begins the regulatory process for removing Virginia from RGGI, but there are a number of pending legislative vehicles that will, if enacted, codify Youngkin’s proposed RGGI pullout in statute. Legislation to end RGGI in Virginia has been filed by Delegate Terry Kilgore (HB 1301), who is the Republican majority leader in the Virginia House of Delegates; Delegate Nick Freitas (HB 118); and Senator Richard Stuart (SB 532). A proposed state budget amendment would direct government agencies to “begin terminating” Virginia’s participation in RGGI and prevent Virginia officials from spending related taxpayer revenue without Governor Youngkin’s approval.