Virginia § 45.2-1734 - Virginia Power Innovation Fund and Program
Full text of Virginia Code of Virginia § 45.2-1734 — Virginia Power Innovation Fund and Program, with citation guidance and answers to common questions.
§ 45.2-1734. Virginia Power Innovation Fund and Program
A. 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.
B. 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.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 45.2-1734
What does Code of Virginia § 45.2-1734 cover?
Section 45.2-1734 ("Virginia Power Innovation Fund and Program") 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 § 45.2-1734?
A common citation format is "Code of Virginia § 45.2-1734" (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 § 45.2-1734 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.