- "All-of-the-above" approach includes more power generation
from every source, historic grid upgrades and energy efficiency
programs to maintain grid reliability while meeting unprecedented
growth in power demand
- Nearly 80% of incremental power generation in the plan is
carbon-free, including more solar, more storage, more offshore
wind, and more nuclear resources
RICHMOND, Va., Oct. 15,
2024 /PRNewswire/ -- In its 2024 Integrated Resource
Plan (IRP) filed today with the Virginia State Corporation
Commission (SCC) and the North Carolina Utilities Commission
(NCUC), Dominion Energy Virginia laid out multiple portfolio
options to meet rising power demand through significant investments
in new power generation from every source, expansion and
modernization of the power grid, energy storage, and energy
efficiency programs. Each portfolio was developed to meet the
growing needs of the company's customers.
The IRP is not a request to build any specific project, but
rather a long-term planning document based on a snapshot in time of
current technology, market information and load projections. The
plan demonstrates the company's commitment to reliable, affordable
and increasingly clean electricity. Nearly 80% of the plan's
incremental power generation over the next 15 years is carbon-free,
including:
- ~3,400 megawatts (MW) of new offshore wind in addition to the
2,600-MW Coastal Virginia Offshore Wind (CVOW) project currently
under development off the coast of Virginia Beach. CVOW is the largest offshore
wind project under development in the U.S. and remains on-time and
on-budget.
- ~12,000 MW of new solar, a more than 150% increase to the 4,750
MW of solar the company currently has in operation or under
development.
- ~4,500 MW of new battery storage.
- Small modular nuclear reactors beginning in the mid-2030s.
About 20% of the plan's incremental power generation will come
from natural gas, which is a critically important source of
reliable backup power to ensure the lights stay on when the
company's growing wind and solar fleet are not producing
electricity.
The IRP is based on a forecast developed by PJM, which projects
that power demand will continue growing at unprecedented levels in
the coming decades. Power demand within the company's delivery zone
is forecasted to grow 5.5% annually for the next decade and to
double by 2039.
"We are experiencing the largest growth in power demand since
the years following World War II," said Ed
Baine, President of Dominion Energy Virginia. "No single
energy source, grid solution or energy efficiency program will
reliably serve the growing needs of our customers. We need an
"all-of-the-above" approach, and we are developing innovative
solutions to ensure we deliver for our customers. I am proud of the
affordability we deliver, with residential rates 14% below the
national average, and as shown in the plan we intend to continue
that focus. Our comprehensive plan ensures we can always deliver
reliable, affordable and increasingly clean energy – day or night,
rain or shine, winter or summer."
Underscoring the company's commitment to increasingly clean
energy, in a separate filing with the SCC today, Dominion Energy
proposed more than 1,000 MW of new solar projects in Virginia. If the proposed projects are
approved, the company's solar fleet in operation or under
development – which is currently the second largest among utilities
in the U.S. – will surpass 5,750 MW in Virginia. That is enough to power more than
1.4 million homes at peak output.
At the same time, the company is also making historic
investments to expand the transmission grid. In the first half of
2024, Dominion Energy completed 123 new transmission projects,
including nearly 90 miles of new and rebuilt transmission lines and
13 new substations. Just last month, the company jointly proposed
several new large transmission projects with First Energy and
American Electric Power to strengthen electric reliability across
the 13-state PJM region over the next decade. These projects will
also support further integration of the significant renewables
included in the IRP.
The company is also making significant investments in the
distribution grid to reduce storm-related outages and shorten power
restoration times. Over the last several years, Dominion Energy has
buried more than 2,000 miles of overhead distribution lines in
outage-prone areas as part of its Strategic Underground Program,
with several thousand more miles planned over the next decade.
Since 2019, the company has hardened over 265 miles of main
distribution lines by replacing older poles with taller, stronger
ones that are rooted deeper in the ground to reduce storm damage.
The company plans to harden 1,000 miles of main lines by 2030.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, Va., provides regulated electricity
service to 3.6 million homes and businesses in Virginia, North
Carolina, and South
Carolina, and regulated natural gas service to 400,000
customers in South Carolina. The
company is one of the nation's leading developers and
operators of regulated offshore wind and solar power and
the largest producer of carbon-free electricity in New England. The
company's mission is to provide the reliable, affordable, and
increasingly clean energy that powers its customers every day.
Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy