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.
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SOURCE Dominion