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Dominion (D) Arm to Add 1,000 MW Clean Energy, Cut Emissions
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Dominion Energy (D - Free Report) announced that its unit Dominion Energy Virginia has received approval from the State Corporation Commission to add 1,000 megawatts (MW) of carbon-free electricity to the generation portfolio. The approved expansion includes 15 Dominion Energy Virginia projects and power purchase agreements with 24 other projects owned by third-party developers.
Dominion Energy Virginia will complete the construction of the 15 projects in 2022 and 2023, and these projects will increase the utility bill of a typical residential customer by $1.13 per month. The clean energy projects will help Dominion achieve zero greenhouse gas emissions and serve utility customers with the electricity generated from clean power projects.
Dominion’s Clean Energy Goals
Dominion is planning to add 4,000 MW of solar or wind generation in the state of Virginia. Dominion’s long-term objective is to add 24 GW of battery storage, solar, hydro and wind (offshore as well as onshore) projects by 2036 as well as increase renewable energy capacity by more than 15% per year, on average, over the next 15 years.
As of December 2019, Dominion cut carbon emissions from electric generating units by more than 55% since 2005 and reduced methane emissions from natural gas infrastructure operations by 25% since 2010. D aims to attain net-zero carbon and methane emissions from its electric generation and natural gas infrastructure by 2050 from 2005 levels.
Dominion plans to invest $37 billion in the 2022-2026 time period to strengthen its existing infrastructure, out of which a major portion will be invested in zero-carbon generation and energy storage. Over the next 15 years, Dominion aims to invest $73 billion to strengthen its infrastructure and add more clean power generation assets to its portfolio.
Transition in Utility Space
A clear transition is evident in the U.S. utility space, with an increasing number of electricity companies deciding to provide 100% carbon-free electricity to customers. An increase in natural gas and clean alternate sources of energy is helping utilities to lower emissions. The ongoing research and development work, usage of new technologies and battery storage projects are making utility-scale renewable projects viable.
Dominion Energy is among many other utilities that have decided to become emission neutral in the long run through systematic reduction of emissions and the addition of clean energy projects.
Utilities like Avista Corporation (AVA - Free Report) , Xcel Energy (XEL - Free Report) and DTE Energy (DTE - Free Report) have announced plans to go carbon neutral and have taken initiatives to lower emissions.
The long-term (three to five years) earnings growth of Avista, Xcel Energy, and DTE Energy is currently projected at 6.6%, 6.4%, and 6%, respectively.
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Dominion (D) Arm to Add 1,000 MW Clean Energy, Cut Emissions
Dominion Energy (D - Free Report) announced that its unit Dominion Energy Virginia has received approval from the State Corporation Commission to add 1,000 megawatts (MW) of carbon-free electricity to the generation portfolio. The approved expansion includes 15 Dominion Energy Virginia projects and power purchase agreements with 24 other projects owned by third-party developers.
Dominion Energy Virginia will complete the construction of the 15 projects in 2022 and 2023, and these projects will increase the utility bill of a typical residential customer by $1.13 per month. The clean energy projects will help Dominion achieve zero greenhouse gas emissions and serve utility customers with the electricity generated from clean power projects.
Dominion’s Clean Energy Goals
Dominion is planning to add 4,000 MW of solar or wind generation in the state of Virginia. Dominion’s long-term objective is to add 24 GW of battery storage, solar, hydro and wind (offshore as well as onshore) projects by 2036 as well as increase renewable energy capacity by more than 15% per year, on average, over the next 15 years.
As of December 2019, Dominion cut carbon emissions from electric generating units by more than 55% since 2005 and reduced methane emissions from natural gas infrastructure operations by 25% since 2010. D aims to attain net-zero carbon and methane emissions from its electric generation and natural gas infrastructure by 2050 from 2005 levels.
Dominion plans to invest $37 billion in the 2022-2026 time period to strengthen its existing infrastructure, out of which a major portion will be invested in zero-carbon generation and energy storage. Over the next 15 years, Dominion aims to invest $73 billion to strengthen its infrastructure and add more clean power generation assets to its portfolio.
Transition in Utility Space
A clear transition is evident in the U.S. utility space, with an increasing number of electricity companies deciding to provide 100% carbon-free electricity to customers. An increase in natural gas and clean alternate sources of energy is helping utilities to lower emissions. The ongoing research and development work, usage of new technologies and battery storage projects are making utility-scale renewable projects viable.
Dominion Energy is among many other utilities that have decided to become emission neutral in the long run through systematic reduction of emissions and the addition of clean energy projects.
Utilities like Avista Corporation (AVA - Free Report) , Xcel Energy (XEL - Free Report) and DTE Energy (DTE - Free Report) have announced plans to go carbon neutral and have taken initiatives to lower emissions.
The long-term (three to five years) earnings growth of Avista, Xcel Energy, and DTE Energy is currently projected at 6.6%, 6.4%, and 6%, respectively.