- SMR development could play a pivotal role in an
'all-of-the-above' energy solution to meet robust electricity
demand growth
- Agreement will explore innovative commercial and financing
structures to advance a potential project
- Dominion Energy committed to the credit and risk profile
objectives of the recently concluded business review
RICHMOND, Va., Oct. 16,
2024 /PRNewswire/ -- Dominion Energy Virginia and
Amazon have entered into a Memorandum of Understanding (MOU) to
explore innovative new development structures that would help
advance potential Small Modular Reactor (SMR) nuclear development
in Virginia.
As power demand grows at an unprecedented pace in Virginia and other regions in the U.S.,
utilities, state and federal agencies, and leading technology firms
are exploring SMRs as a potential solution that would provide
reliable, carbon-free power.
Power demand in Virginia is
growing by more than 5% annually and is expected to double in the
next 15 years. To reliably serve this unprecedented growth,
Dominion Energy is developing an 'all-of-the-above' mix of new
power generation sources, including leading investments in offshore
wind, solar, battery storage and natural gas.
In the 2030s, SMRs could play a pivotal role in this
'all-of-the-above' energy mix. Like traditional nuclear, SMRs
generate around-the-clock, carbon-free power, but with a
significantly smaller footprint and lower upfront capital
costs.
The MOU between Dominion Energy Virginia and Amazon documents
the companies' efforts to jointly explore innovative ways to
advance SMR development and financing while also mitigating
potential cost and development risks for customers and capital
providers. Dominion Energy remains committed to the credit and risk
profile objectives of the recently concluded business review.
"This agreement builds on our longstanding partnership with
Amazon and other leading tech companies to accelerate the
development of carbon-free power generation in Virginia," said Robert
M. Blue, Chair, President and CEO of Dominion Energy. "It's
an important step forward in serving our customers' growing needs
with reliable, affordable and increasingly clean energy. This
collaboration gives us a potential path to advance SMRs with
minimal rate impacts for our residential customers and
substantially reduced development risk."
"Bringing new sources of carbon-free energy to the grid is an
important part of Amazon's commitment to serve our customers and
achieve net-zero carbon across our operations by 2040," said
Kevin Miller, Amazon's Vice
President of Global Data Centers. "Nuclear energy is safe,
reliable, and can help meet the energy needs of our customers for
decades to come. We're excited to innovate alongside Dominion to
explore the opportunities that Small Modular Reactors can bring to
Virginia, while also helping us
all address climate change."
"In alignment with our All-American, All-of-the-Above energy
plan, small modular nuclear reactors will play a critical role in
positioning Virginia as a leading
nuclear innovation hub," said Governor Glenn Youngkin. "Amazon Web Services' commitment
to this technology and their partnership with Dominion is a
significant step forward to meet the future power needs of a
growing Virginia."
"The world around us is changing very quickly," said U.S.
Senator Mark Warner. "Advances in
artificial intelligence, quantum computing, and advanced
manufacturing stand to revolutionize our daily lives, but they also
stand to push our energy needs beyond anything we've ever seen
before. Virginia is already a
leader in nuclear energy, which is why I'm thrilled to see Dominion
Energy and Amazon partner up to build the next generation of SMRs
right here at home."
"I'm glad Dominion and Amazon have come to this exciting
agreement to diversify our clean energy options," said U.S. Senator
Tim Kaine. "From offshore wind to
nuclear energy, Virginia is well
positioned to be a leader in energy innovation and job creation. I
will continue to do all that I can to make sure we are harnessing
that opportunity, including by encouraging other companies to
utilize the clean energy incentives in the Inflation Reduction Act
that I'm proud to have helped pass."
In July, Dominion Energy announced a Request for Proposals (RFP)
from leading SMR nuclear technology companies to evaluate the
feasibility of developing an SMR at the company's North Anna Power
Station in Louisa County,
Va. While the RFP is not a commitment to build an SMR at
North Anna, it is an important first step in evaluating the
technology and the feasibility of developing it at North Anna.
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.
About Amazon
Amazon is guided by four principles: customer obsession rather
than competitor focus, passion for invention, commitment to
operational excellence, and long-term thinking. Amazon strives to
be Earth's Most Customer-Centric Company, Earth's Best Employer,
and Earth's Safest Place to Work. Customer reviews, 1-Click
shopping, personalized recommendations, Prime, Fulfillment by
Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire
tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology,
Amazon Studios, and The Climate Pledge are some of the things
pioneered by Amazon. For more information, visit amazon.com/about
and follow @AmazonNews.
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SOURCE Dominion Energy