Signed agreement ensures Millstone Power Station will continue to provide more than 90 percent of Connecticut's carbon-free electricity for next 10 years
WATERFORD, Conn., March 15, 2019 /PRNewswire/ -- Dominion Energy welcomes today's agreement and appreciates Governor Lamont and his administration's leadership on an issue vital to Connecticut's economy and environment. The contract is for 10 years, 9 million megawatt hours per year, and ensures Millstone Power Station will provide round-the-clock, carbon-free electricity that helps the state fulfill carbon-reduction goals. It also represents significant savings for Connecticut residents and guarantees well-paying jobs and substantial state-and-local economic contributions.
"This is a huge win for Connecticut, the region, and our colleagues at Millstone," said Paul Koonce, President & CEO Power Generation Group. "Not only does this preserve the vast majority of Connecticut's carbon-free electricity, it preserves good jobs for the 1,500 women and men who work at Millstone and keeps 4,000 other residents employed."
This result marks another significant milestone in Dominion Energy's multi-year progression towards a more regulated and long-term contracted earnings profile and the resulting reduction in business risk. The contract represents a modest financial uplift, which results in expected operating EPS levels that are within our existing guidance for 2019 and beyond.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
SOURCE Dominion Energy