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Dominion's investment in solar power reaches $800m in Virginia

Published 14 February 2017

Dominion Solar's investment in solar power is now more than $800m in the US state of Virginia and additional solar projects are now in the planning stages.

Dominion Energy Power Generation CEO Paul Koonce said: "Our company has made a major commitment to develop significant blocks of solar generation to meet customers' energy needs going forward. 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 398MW 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 500MW of solar projects in the state was "in the public interest."

Koonce said: "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."

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% 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 500MW 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% 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 $57m 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.



Source: Company Press Release