Dominion Energy Virginia has filed its first set of plans under the Grid Transformation & Security Act (GTSA). The company is committing to have 3 GW of new solar and wind under development or in operation by the start of 2022.
The plans include seeking SCC approval for Dominion Energy’s proposed Coastal Virginia Offshore Wind (CVOW) project, a 12-MW project in the Mid-Atlantic. A two-turbine test project is currently being developed through a partnership with Orsted Energy of Denmark, a global offshore wind developer. It will provide valuable information that could lead to more extensive wind development
“Thanks to the Grid Transformation & Security Act, Dominion Energy plans to develop a system that meets the increasingly complex demands and expectations of our customers,” said Ed Baine, Senior Vice President – Power Delivery. “And we are doing it with more renewable energy.”
The landmark legislation, signed by Gov. Ralph Northam, became effective in July, and provides a roadmap for Virginia’s energy future.
The new law paves the way for expanded investments in renewable energy, smart grid technology, a stronger, more secure grid and energy efficiency programs, all while keeping rates affordable. It provides hundreds of millions of dollars in bill credits and rate reductions for customers, and expands the EnergyShare program to help Virginia’s most vulnerable citizens.
Specifically, the Grid Transformation & Security Act includes provisions for:
- $200 million in bill credits to customers, and $125 million in annual rate cuts due to tax relief
- Modernizing the energy grid to improve reliability, resiliency and the ability to integrate more renewable energy and emerging technology
- Significantly expanding the company’s renewable energy fleet in Virginia
- Future testing of wind turbines off the coast of Virginia Beach
In the regulatory filing, Dominion Energy asked the State Corporation Commission (SCC) to approve the programs, investments and costs included in the first three years of the 10-year grid transformation program. The company will update the plan and request approval of additional programs and spending in later filings with the SCC.
Customers will continue to see affordable energy prices even as the company makes critical investments in grid transformation. Through the provisions of the new law, Dominion Energy customers will see significant savings, starting with the $133 million bill credit this month, another $67 million credit in January, and $125 million annually in rate cuts due to recent federal tax reform.
Filed Under: News, Offshore wind, Projects