One law would create the Virginia Power Innovation Fund. Money from the fund would be used solely for research and development of innovative energy technologies, including nuclear, hydrogen, carbon capture and utilisation, and energy storage.
The law would also create the Virginia Power Innovation Program, using funds to establish a Virginia nuclear innovation hub and award competitive grants to support energy innovation.
Glenn Youngkin, a Republican, unveiled an energy plan in October that proposed $10m in the upcoming state budget to create the innovation fund, with $5m of this funding aimed at growing Virginia’s nuclear energy industry by establishing the innovation hub.
Funding would be for SMR site exploration, including in Southwest Virginia.
Youngkin made the October announcement at a reclaimed mine site in Norton, Virginia in the heart of Southwest Virginia’s coalfield region, a possible location for an advanced nuclear or other energy facility.
He said at the time that his plan puts nuclear at the forefront of power supply and outlines an objective to make the state the world’s leading nuclear innovation hub.
Another bill would establish a fund for awarding competitive grants to any Virginia public or private university that seeks to establish or expand a nuclear education programme. This is defined in the bill as an instructional programme that leads to a degree or credential that specifically supports the nuclear power industry.
Virginia has two nuclear power stations – Surry and North Anna – with two units each that produce about 95% of the state’s clean electricity.
