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Dominion Energy (D) Chalks Out Plan to Cut Vehicle Emission
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Dominion Energy (D - Free Report) announced a comprehensive plan to reduce emissions from a significant portion of the company's more than 8,600 vehicles. It will gradually convert these to electric power or alternate fuels, thereby lowering carbon footprint.
This is part of Dominion Energy’s Green Fleet initiative, having an objective of achieving net-zero carbon dioxide and methane emissions. The company will convert 75% of passenger vehicles, including sedans and SUVs, to electric power by 2030. Dominion Energy aims to convert 50% of work vehicles to battery electric vehicles or clean energy alternative fuels. It is to be noted that 100% of the new vehicles purchased after 2030 will be either powered by electricity or alternative fuels.
To support its decision to covert the vehicle fleet to electricity or alternate fuels, the company will expand infrastructure supporting electric vehicles (“EV”) charging and alternative fuels at local offices and other facilities.
EV charging infrastructure will play a vital role in the vehicles’ transition to electric power from conventional sources of fuel. TotalEnergies SE (TTE - Free Report) , sensing bright prospects in EV charging, has already started developing EV charging infrastructure in some European cities. Last month, it decided to purchase Singapore's largest electric vehicle charging network.
Emission-Reduction Plan
By 2050, Dominion Energy aims to achieve net-zero greenhouse gas emissions across the entire electric and natural gas operations in all 16 states where it operates. Dominion Energy, over the next 15 years, aims to invest $72 billion to strengthen its infrastructure and add more clean power generation assets to its portfolio.
A clean transition is quite evident in the Utilities space and the companies operating in this space are coming up with emission-reduction goals. Duke Energy (DUK - Free Report) and Xcel Energy (XEL - Free Report) , among others, have already committed to provide 100% carbon-free electricity by 2050.
Utilities are trying to achieve net-zero emission levels by completely stopping the usage of coal as a fuel source, using more natural gas and utilizing alternate sources of energy to produce electricity. Usage of new technology is also lowering the cost of operating utility scale projects and resulting in increased addition of renewable units by utilities in their generation portfolios.
Price Performance
In the past six months, shares of this utility have gained 8.9%, outperforming the industry’s 6.8% growth.
Image: Bigstock
Dominion Energy (D) Chalks Out Plan to Cut Vehicle Emission
Dominion Energy (D - Free Report) announced a comprehensive plan to reduce emissions from a significant portion of the company's more than 8,600 vehicles. It will gradually convert these to electric power or alternate fuels, thereby lowering carbon footprint.
This is part of Dominion Energy’s Green Fleet initiative, having an objective of achieving net-zero carbon dioxide and methane emissions. The company will convert 75% of passenger vehicles, including sedans and SUVs, to electric power by 2030. Dominion Energy aims to convert 50% of work vehicles to battery electric vehicles or clean energy alternative fuels. It is to be noted that 100% of the new vehicles purchased after 2030 will be either powered by electricity or alternative fuels.
To support its decision to covert the vehicle fleet to electricity or alternate fuels, the company will expand infrastructure supporting electric vehicles (“EV”) charging and alternative fuels at local offices and other facilities.
EV charging infrastructure will play a vital role in the vehicles’ transition to electric power from conventional sources of fuel. TotalEnergies SE (TTE - Free Report) , sensing bright prospects in EV charging, has already started developing EV charging infrastructure in some European cities. Last month, it decided to purchase Singapore's largest electric vehicle charging network.
Emission-Reduction Plan
By 2050, Dominion Energy aims to achieve net-zero greenhouse gas emissions across the entire electric and natural gas operations in all 16 states where it operates. Dominion Energy, over the next 15 years, aims to invest $72 billion to strengthen its infrastructure and add more clean power generation assets to its portfolio.
A clean transition is quite evident in the Utilities space and the companies operating in this space are coming up with emission-reduction goals. Duke Energy (DUK - Free Report) and Xcel Energy (XEL - Free Report) , among others, have already committed to provide 100% carbon-free electricity by 2050.
Utilities are trying to achieve net-zero emission levels by completely stopping the usage of coal as a fuel source, using more natural gas and utilizing alternate sources of energy to produce electricity. Usage of new technology is also lowering the cost of operating utility scale projects and resulting in increased addition of renewable units by utilities in their generation portfolios.
Price Performance
In the past six months, shares of this utility have gained 8.9%, outperforming the industry’s 6.8% growth.
Image Source: Zacks Investment Research
Zacks Rank
Dominion Energy currently has a Zacks Rank #3 (hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.