In January of 2018, the Virginia State Air Pollution Control Board (“Air Board”) published a proposed rule to establish a CO2 emissions cap and trade program in Virginia (the “Original Proposal”). The regulations set an initial state-wide target for CO2 emissions from electric generating facilities, allocated emission allowances to those facilities and required those allowances to be consigned to the Regional Greenhouse Gas Initiative (“RGGI”) for auction. After receiving comments on the Original Proposal, the Virginia Department of Environmental Quality (“DEQ”) reconsidered the rule in light of those comments and new information received from RGGI and an outside consultant.