Va. Code § 62.1-95
In any valuation, for the purpose of rate making or for the purpose of acquisition by the Commonwealth by condemnation or by purchase as above provided for, or the property included in any development licensed under this chapter, there shall not be claimed by the licensee or allowed by the State Corporation Commission any value for the license granted by the Commonwealth for such development, or for the right of the licensee to utilize the natural resources owned by the Commonwealth and used by the licensee in connection with the construction, maintenance and operation of such development, nor shall there be claimed or allowed any appreciation on the intangible water-power value in excess of the fair intangible water-power value at the time of the granting of the license for the construction of such development, such intangible water-power value being distinguished from the value of land or an interest in land, or the right to flood or damage or otherwise utilize land, or to interfere with or to divert water, or to otherwise damage a riparian owner or owners of other real estate. The provisions contained in this section are hereby made an express condition of every license granted hereunder and to the exercise by the licensee of the right of eminent domain in this chapter conferred.
Va. Code § 62.1-95