Virginia § 2.2-4329.1 - Energy forward pricing mechanisms
Full text of Virginia Code of Virginia § 2.2-4329.1 — Energy forward pricing mechanisms, with citation guidance and answers to common questions.
§ 2.2-4329.1. Energy forward pricing mechanisms
A. As used in this section, unless the context requires a different meaning:
"Energy" means natural gas, heating oil, propane, diesel fuel, unleaded fuel, and any other energy source except electricity.
"Forward pricing mechanism" means either: (i) a contract or financial instrument that obligates a public body to buy or sell a specified quantity of energy at a future date at a set price or (ii) an option to buy or sell the contract or financial instrument.
B. Notwithstanding any other law to the contrary but subject to available appropriation, a public body may use forward pricing mechanisms for budget risk reduction.
C. Forward pricing mechanism transactions shall be made only under the following conditions:
1. The quantity of energy affected by the forward pricing mechanism shall not exceed the estimated energy use for the public body for the same period, which shall not exceed 48 months from the trade date of the transaction; and
2. A separate account shall be established for operational energy for each public body using a forward pricing mechanism.
D. Before exercising the authority under this section, the public body shall develop written policies and procedures governing the use of forward pricing mechanisms and disclosure of the same to the public.
E. Before exercising authority under subsection B, the public body shall establish an oversight process that provides for review of the public body's use of forward pricing mechanisms. The oversight process shall include internal or external audit reviews; annual reports to, and review by, an internal investment committee; and internal management control.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 2.2-4329.1
What does Code of Virginia § 2.2-4329.1 cover?
Section 2.2-4329.1 ("Energy forward pricing mechanisms") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 2.2-4329.1?
A common citation format is "Code of Virginia § 2.2-4329.1" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 2.2-4329.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.