RICHMOND, Va., May 1, 2020 /PRNewswire/ -- In just one year, Dominion Energy Virginia has quadrupled the amount of solar and wind generation in its 15-year, long-term integrated resource plan (IRP). The increase is driven, in part, by Governor Ralph Northam's executive order on climate change and the Virginia Clean Economy Act passed by the General Assembly.
The expansion of renewable energy development will give Virginians significant access to more renewable energy and create thousands of clean energy jobs. Dominion Energy Virginia issued a request for proposals today soliciting bids for up to 1,000 megawatts (MW) of solar and onshore wind generation and up to 250 MW of energy storage in the Commonwealth. This is the largest solicitation in the Company's history for renewable energy in a calendar year and will promote its efforts toward a clean energy future.
Projected expansion of offshore wind, solar, and energy storage development amounts to approximately 24,000 new megawatts of renewable energy and storage capacity over the next 15 years.
The long-term IRP includes:
Renewable and Energy Storage Capacity in 15-year Integrated Resource Plans
In Operation or Under
2019 IRP Update
"We're focused on the health and safety of our employees and customers during this coronavirus pandemic and see these projects as a catalyst to restarting the economy when appropriate," said Robert M. Blue, president, Dominion Energy Virginia. "We are putting Virginians to work on renewable energy projects that will create thousands of jobs, transforming the environment and the economy of the Commonwealth."
While the company's generation fuel mix will change dramatically over the years to come, what will not change is our obligation to provide reliable, around-the-clock energy to our customers. All IRP plans assume the relicensure of the company's four nuclear units to continue producing 24/7 zero-carbon emissions electricity. Additionally, based on limitations, such as existing battery storage technology and the variable nature of renewables, natural-gas fired generation will continue to play a critical, low emission role in our system for decades to come. Also included in this year's filing is a significant increase in energy efficiency programs to meet the 5% energy sales reduction target by 2025 set by the VCEA.
The company is making essential upgrades to the transmission infrastructure in Virginia and is embarking on strategic investments on the distribution system through its Grid Transformation Plan. These investments will ensure continued grid stability, needed capacity, and improved resiliency, and will enable additional renewable resources to come online.
Dominion Energy Virginia's residential rates are 11.62 cents per kilowatt-hour — nearly 10 percent below the national average of 12.85, according to the U.S. Energy Information Administration. The rate is also the lowest of all states participating in the Regional Greenhouse Gas Initiative, which Virginia will join under the Virginia Clean Economy Act and companion legislation. The company is projecting that residential rates will keep pace with historic levels of annual inflation, with a compound annual growth rate of around 3% over the next 10 years.
Dominion Energy recently announced a new companywide goal of achieving net zero emissions, covering both carbon dioxide and methane in its power generation and natural gas operations across 20 states by 2050. This IRP and RFP align with Dominion Energy's net zero by 2050 commitment.
Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: www.dominionenergy.com/2020SolarWindRFP. Customers and developers interested in learning more about Dominion Energy's renewable energy expansion plans may contact us via email: [email protected].
About Dominion Energy
More than 7 million customers in 20 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 more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy