{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/45.2-1734.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/45.2-1734.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/45.2-1734.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/45.2-1734.html"}],"law_id":364232,"edition_id":2,"section_id":364232,"structure_id":51981,"section_number":"45.2-1734","catch_line":"Virginia Power Innovation Fund and Program","history":"2023, cc. 504, 505.","full_text":"A\n\nThere is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Power Innovation Fund, referred to in this section as “the Fund,” that shall be administered by the Department. The Fund shall be established on the books of the Comptroller. All amounts appropriated and such other funds as may be made available to the fund from any other source, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of research and development of innovative energy technologies, including nuclear, hydrogen, carbon capture and utilization, and energy storage. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director.\n\nB\n\nThe Virginia Power Innovation Program (the Program) is hereby established for the purpose of (i) establishing a Virginia nuclear innovation hub from such funds as may be available from the Fund and (ii) awarding grants on a competitive basis from such funds as may be available from the Fund to support energy innovation. The Program shall be administered by the Department. In administering the Program, the Department shall, in collaboration with the Virginia Nuclear Energy Consortium, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (i), including providing grants to support higher education research on advanced nuclear technologies and advanced reactor technologies, to fund nuclear energy workforce development programming, and to assist with site selection for future small modular reactor projects in Virginia. In administering the Program, the Department shall, in collaboration with the Secretary of Commerce and Trade, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (ii). The Department shall oversee each grant awarded through the Program and ensure thorough reporting on each such grant.\n\n","order_by":null,"text":{"0":{"id":1356875,"text":"There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Power Innovation Fund, referred to in this section as “the Fund,” that shall be administered by the Department. The Fund shall be established on the books of the Comptroller. All amounts appropriated and such other funds as may be made available to the fund from any other source, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of research and development of innovative energy technologies, including nuclear, hydrogen, carbon capture and utilization, and energy storage. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1356876,"text":"The Virginia Power Innovation Program (the Program) is hereby established for the purpose of (i) establishing a Virginia nuclear innovation hub from such funds as may be available from the Fund and (ii) awarding grants on a competitive basis from such funds as may be available from the Fund to support energy innovation. The Program shall be administered by the Department. In administering the Program, the Department shall, in collaboration with the Virginia Nuclear Energy Consortium, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (i), including providing grants to support higher education research on advanced nuclear technologies and advanced reactor technologies, to fund nuclear energy workforce development programming, and to assist with site selection for future small modular reactor projects in Virginia. In administering the Program, the Department shall, in collaboration with the Secretary of Commerce and Trade, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (ii). The Department shall oversee each grant awarded through the Program and ensure thorough reporting on each such grant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":51981,"edition_id":2,"name":"Virginia Power Innovation Fund and Program","identifier":"9","label":"article","depth":4,"order_by":9,"parent_id":51972,"metadata":{"child_laws":1,"child_structures":0},"date_created":"2026-08-02 02:51:47","date_modified":"2026-08-02 12:34:00","permalink":{"id":1452053,"object_type":"structure","relational_id":51981,"identifier":"9","token":"45.2\/V\/17\/9","url":"\/45.2\/V\/17\/9\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51972,"edition_id":2,"name":"Other Sources of Energy Generally; Energy Policy","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":51971,"metadata":{"child_laws":37,"child_structures":9},"date_created":"2026-08-02 02:51:43","date_modified":"2026-08-02 12:33:59","permalink":{"id":1451891,"object_type":"structure","relational_id":51972,"identifier":"17","token":"45.2\/V\/17","url":"\/45.2\/V\/17\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51971,"edition_id":2,"name":"Other Sources of Energy; Energy Policy","identifier":"V","label":"subtitle","depth":2,"order_by":5,"parent_id":51927,"metadata":{"child_laws":88,"child_structures":24},"date_created":"2026-08-02 02:51:43","date_modified":"2026-08-02 12:33:59","permalink":{"id":1451889,"object_type":"structure","relational_id":51971,"identifier":"V","token":"45.2\/V","url":"\/45.2\/V\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51927,"edition_id":2,"name":"Mines, Minerals, and Energy","identifier":"45.2","label":"title","depth":1,"order_by":99,"parent_id":null,"metadata":{"child_laws":627,"child_structures":120},"date_created":"2026-08-02 02:51:17","date_modified":"2026-08-02 12:33:32","permalink":{"id":1449541,"object_type":"structure","relational_id":51927,"identifier":"45.2","token":"45.2","url":"\/45.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":364232,"structure_id":51981,"section_number":"45.2-1734","catch_line":"Virginia Power Innovation Fund and Program","url":"\/45.2-1734\/","token":"45.2\/V\/17\/9\/45.2-1734","metadata":false}],"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/45.2-1734\/","history_text":"

This law was first created in 2023. The record of its establishment is cataloged in chapters 504<\/a> and 505<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1452055,"object_type":"law","relational_id":364232,"identifier":"45.2-1734","token":"45.2\/V\/17\/9\/45.2-1734","url":"\/45.2-1734\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/45.2-1734\/","token":"45.2\/V\/17\/9\/45.2-1734","dublin_core":{"Title":"Virginia Power Innovation Fund and Program","Type":"Text","Format":"text\/html","Identifier":"\u00a7 45.2-1734","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Power Innovation Fund, referred to in this section as “the Fund,” that shall be administered by the Department<\/span>. The Fund shall be established on the books of the Comptroller. All amounts appropriated and such other funds as may be made available to the fund from any other source, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of research and development of innovative energy technologies, including nuclear, hydrogen, carbon capture and utilization, and energy storage. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Virginia Power Innovation Program (the Program) is hereby established for the purpose of (i) establishing a Virginia nuclear innovation hub from such funds as may be available from the Fund and (ii) awarding grants on a competitive basis from such funds as may be available from the Fund to support energy innovation. The Program shall be administered by the Department<\/span>. In administering the Program, the Department<\/span> shall, in collaboration with the Virginia Nuclear Energy Consortium<\/span>, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (i), including providing grants to support higher education research on advanced nuclear technologies and advanced reactor technologies, to fund nuclear energy workforce development programming, and to assist with site selection for future small modular reactor projects in Virginia. In administering the Program, the Department<\/span> shall, in collaboration with the Secretary of Commerce and Trade, establish and publish guidelines and criteria for disbursement of funds pursuant to clause (ii). The Department<\/span> shall oversee each grant awarded through the Program and ensure thorough reporting on each such grant. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVIRGINIA POWER INNOVATION FUND AND PROGRAM (\u00a7 45.2-1734)\n\nA. There is hereby created in the state treasury a special nonreverting fund to\nbe known as the Virginia Power Innovation Fund, referred to in this section as\n“the Fund,” that shall be administered by the Department. The Fund\nshall be established on the books of the Comptroller. All amounts appropriated\nand such other funds as may be made available to the fund from any other source,\npublic or private, shall be paid into the state treasury and credited to the\nFund. Interest earned on moneys in the Fund shall remain in the Fund and be\ncredited to it. Any moneys remaining in the Fund, including interest thereon, at\nthe end of each fiscal year shall not revert to the general fund but shall\nremain in the Fund. Moneys in the Fund shall be used solely for the purposes of\nresearch and development of innovative energy technologies, including nuclear,\nhydrogen, carbon capture and utilization, and energy storage. Expenditures and\ndisbursements from the Fund shall be made by the State Treasurer on warrants\nissued by the Comptroller upon written request signed by the Director.\n\nB. The Virginia Power Innovation Program (the Program) is hereby established for\nthe purpose of (i) establishing a Virginia nuclear innovation hub from such\nfunds as may be available from the Fund and (ii) awarding grants on a\ncompetitive basis from such funds as may be available from the Fund to support\nenergy innovation. The Program shall be administered by the Department. In\nadministering the Program, the Department shall, in collaboration with the\nVirginia Nuclear Energy Consortium, establish and publish guidelines and\ncriteria for disbursement of funds pursuant to clause (i), including providing\ngrants to support higher education research on advanced nuclear technologies and\nadvanced reactor technologies, to fund nuclear energy workforce development\nprogramming, and to assist with site selection for future small modular reactor\nprojects in Virginia. In administering the Program, the Department shall, in\ncollaboration with the Secretary of Commerce and Trade, establish and publish\nguidelines and criteria for disbursement of funds pursuant to clause (ii). The\nDepartment shall oversee each grant awarded through the Program and ensure\nthorough reporting on each such grant.\n\nHISTORY: 2023, cc. 504, 505.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}