Dominion Solar Investment In Virginia Approaches $1 Billion
RICHMOND, Va., Feb. 14, 2017 /PRNewswire/ -- Dominion is investing more than $800 million in solar power in Virginia, with much of it being built at little or no cost to most customers. Additional solar projects are now in the planning stages.
"Our company has made a major commitment to develop significant blocks of solar generation to meet customers' energy needs going forward," said Paul Koonce, CEO of Power Generation at Dominion Energy. "Our goal is to have a balanced generating portfolio that is highly reliable, cost effective and environmentally responsible. The cost of energy powered by the sun is coming down and we are working hard to develop projects in new and economical ways for our customers."
Some 398 megawatts of solar generation have either been completed or are under development throughout much of Virginia – enough to power 100,000 homes. Most of the development and construction costs will be borne by specific contractual customers such as large business and government.
In February 2015, Dominion committed to developing 400 megawatts of large-scale solar generation facilities in Virginia and placing them in service by 2020. Additionally, legislation passed by the Virginia General Assembly in 2015 found that development by Virginia utilities of up to 500 megawatts of solar projects in the state was "in the public interest."
"We are well ahead of schedule on the solar expansion and what we have added so far will have a very minimal impact on the price of electricity for the 2.5 million regulated customers we serve in Virginia," Koonce said.
The Corporate Clean Energy Procurement Index, in partnership with the Retail Industry Leaders Association and the Information Technology Council, recently ranked Virginia among the top 20 states for solar power and in the top three for utility clean energy purchasing options.
More than 80 percent of the cost of the facilities is being covered by large business and government customers, including the Commonwealth of Virginia and the University of Virginia, who signed long-term contracts with Dominion to develop the generation.
In addition to building larger solar-powered units, Dominion's Solar Partnership Program has placed company-owned solar panels on leased rooftops and grounds of government and business properties throughout its Virginia service area. Ten of these facilities have been installed at sites including Canon in Gloucester, Old Dominion University in Norfolk and Capital One in Chester.
The Commonwealth's commitment to 500 megawatts of large-scale solar development by 2020 was included in Senate Bill 1349, passed by the General Assembly in February 2015. SB 1349 froze the company's base rates – making up about 60 percent of the typical residential bill – at 2015 levels for five years. This helped provide price stability for customers as the company deals with complex federal air quality regulations, including those limiting power station carbon dioxide emissions.
The bill also directed utilities to provide more assistance to low income, elderly and disabled customers. In response, Dominion dramatically expanded EnergyShare, the company's energy assistance program for customers in need. The company committed $57 million in additional funding for EnergyShare over five years. More than 20,000 families and individuals have received assistance since the expanded program began in September 2015.
Dominion (NYSE: D), is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.