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Dominion's 3 Solar Facilities to Create Jobs in Virginia
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Diversified energy company Dominion Resources (D - Free Report) announced that its unit Dominion Virginia Power received approval from the State Corporation Commission on Jun 30 to build three utility scale solar energy facilities in Virginia. The addition of these solar energy facilities is part of the company’s Integrated Resource Plan to increase renewal energy in its generation fleet and lower the usage of coal.
Solar Facilities to Benefit Local Economy
The three solar facilities will be located in Isle of Wight, Louisa and Powhatan counties and will employ a total of about 800 workers during the construction phase, which is expected to take about six months to complete.
In addition, these solar facilities will have a cumulative economic impact of $74 million from the 2015 planning phase to the 2017 completion of the projects.
Per the Integrated Resource Plan, the company aims to add 400 megawatt (MW) of solar facilities in Virginia within 2016 to 2020. Dominion also aims to add 600 MW of solar facilities in North Carolina by 2017.
The objective of this Resource Plan is to lower the usage of coal in the fuel mix, utilize more clean energy sources and meet the requirements of the Clean Power Plan.
Clean Power Plan
In Aug 2015, the U.S. Environmental Protection Agency released the final version of the Clean Power Plan. The plan calls for CO2 reduction of 28% by 2025 and 32% by 2030, from 2005 levels. The Supreme Court ruling in Feb 2016 temporarily stayed the implementation of the plan and blocked the efforts of the U.S. administration to lower global warming by regulating emissions from coal-fired power plants.
Even though the plan has been temporarily stayed by the Supreme Court, utilities have been taking proactive measures to lower their dependence on coal (the most guilty for emissions) for electricity generation. Apart from Dominion, utilities like Xcel Energy Inc. (XEL - Free Report) and American Electric Power Co., Inc. (AEP - Free Report) among others have taken steps to curtail their carbon footprint.
Zacks Rank
Dominion Resources currently has a Zacks Rank #3 (Hold). A better-ranked stock in the utility space is Duke Energy Corporation (DUK - Free Report) , currently carrying a Zacks Rank #2 (Buy).
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Dominion's 3 Solar Facilities to Create Jobs in Virginia
Diversified energy company Dominion Resources (D - Free Report) announced that its unit Dominion Virginia Power received approval from the State Corporation Commission on Jun 30 to build three utility scale solar energy facilities in Virginia. The addition of these solar energy facilities is part of the company’s Integrated Resource Plan to increase renewal energy in its generation fleet and lower the usage of coal.
Solar Facilities to Benefit Local Economy
The three solar facilities will be located in Isle of Wight, Louisa and Powhatan counties and will employ a total of about 800 workers during the construction phase, which is expected to take about six months to complete.
In addition, these solar facilities will have a cumulative economic impact of $74 million from the 2015 planning phase to the 2017 completion of the projects.
DOMINION RES VA Price
DOMINION RES VA Price | DOMINION RES VA Quote
Integrated Resource Plan of Dominion
Per the Integrated Resource Plan, the company aims to add 400 megawatt (MW) of solar facilities in Virginia within 2016 to 2020. Dominion also aims to add 600 MW of solar facilities in North Carolina by 2017.
The objective of this Resource Plan is to lower the usage of coal in the fuel mix, utilize more clean energy sources and meet the requirements of the Clean Power Plan.
Clean Power Plan
In Aug 2015, the U.S. Environmental Protection Agency released the final version of the Clean Power Plan. The plan calls for CO2 reduction of 28% by 2025 and 32% by 2030, from 2005 levels. The Supreme Court ruling in Feb 2016 temporarily stayed the implementation of the plan and blocked the efforts of the U.S. administration to lower global warming by regulating emissions from coal-fired power plants.
Even though the plan has been temporarily stayed by the Supreme Court, utilities have been taking proactive measures to lower their dependence on coal (the most guilty for emissions) for electricity generation. Apart from Dominion, utilities like Xcel Energy Inc. (XEL - Free Report) and American Electric Power Co., Inc. (AEP - Free Report) among others have taken steps to curtail their carbon footprint.
Zacks Rank
Dominion Resources currently has a Zacks Rank #3 (Hold). A better-ranked stock in the utility space is Duke Energy Corporation (DUK - Free Report) , currently carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>