Dominion Energy Virginia releases comprehensive long-term plan to meet growing power demand with reliable, affordable and increasingly clean electricity
Dominion Energy Virginia has filed its 2024 Integrated Resource Plan (IRP) with regulatory commissions, outlining strategies to meet rising power demand through significant investments in various energy sources. The plan emphasizes reliable, affordable, and increasingly clean electricity, with nearly 80% of incremental power generation over the next 15 years being carbon-free.
Key highlights include:
- ~3,400 MW of new offshore wind
- ~12,000 MW of new solar (150% increase)
- ~4,500 MW of new battery storage
- Small modular nuclear reactors from mid-2030s
- 20% of incremental power from natural gas as backup
The plan addresses a projected 5.5% annual growth in power demand for the next decade, doubling by 2039. Dominion Energy is also investing in grid expansion and modernization, including transmission projects and distribution grid improvements to enhance reliability and support renewable integration.
Dominion Energy Virginia ha presentato il suo Piano Integrato delle Risorse (IRP) 2024 presso le commissioni di regolamentazione, delineando strategie per soddisfare la crescente domanda di energia attraverso investimenti significativi in varie fonti energetiche. Il piano enfatizza elettricità affidabile, economica e sempre più pulita, con quasi l'80% della generazione di energia incrementale nei prossimi 15 anni che sarà priva di carbonio.
Le principali novità includono:
- ~3.400 MW di nuova energia eolica offshore
- ~12.000 MW di nuova energia solare (incremento del 150%)
- ~4.500 MW di nuovo stoccaggio batterico
- Piccoli reattori nucleari modulari a partire dalla metà degli anni '30
- 20% dell'energia incrementale da gas naturale come riserva
Il piano affronta una crescita annua prevista del 5,5% nella domanda di energia per il prossimo decennio, che raddoppierà entro il 2039. Dominion Energy sta anche investendo in espansione e modernizzazione della rete, inclusi progetti di trasmissione e miglioramenti della rete di distribuzione per aumentare l'affidabilità e supportare l'integrazione delle energie rinnovabili.
Dominion Energy Virginia ha presentado su Plan Integral de Recursos (IRP) 2024 ante las comisiones regulatorias, esbozando estrategias para satisfacer la creciente demanda de energía mediante importantes inversiones en diversas fuentes de energía. El plan enfatiza electricidad confiable, asequible y cada vez más limpia, con casi el 80% de la generación de energía incremental en los próximos 15 años siendo libre de carbono.
Los puntos destacados incluyen:
- ~3.400 MW de nueva energía eólica marina
- ~12.000 MW de nueva energía solar (incremento del 150%)
- ~4.500 MW de nuevo almacenamiento en baterías
- Pequeños reactores nucleares modulares a partir de mediados de la década de 2030
- 20% de la energía incremental proveniente del gas natural como respaldo
El plan aborda un crecimiento anual proyectado del 5,5% en la demanda de energía para la próxima década, duplicándose para 2039. Dominion Energy también está invirtiendo en la expansión y modernización de la red, incluyendo proyectos de transmisión y mejoras en la red de distribución para aumentar la confiabilidad y apoyar la integración de energías renovables.
도미니언 에너지 버지니아는 2024년 통합 자원 계획(IRP)을 규제 위원회에 제출하며, 다양한 에너지원에 대한 대규모 투자를 통해 증가하는 전력 수요를 충족하기 위한 전략을 설명했습니다. 이 계획은 신뢰할 수 있고, 저렴하며 점점 더 깨끗한 전기를 강조하며, 향후 15년 동안 증가하는 전력 생성의 거의 80%가 탄소 배출이 없는 방식으로 이루어진다고 합니다.
주요 내용은 다음과 같습니다:
- 새로운 해상 풍력 3,400 MW
- 새로운 태양광 12,000 MW (150% 증가)
- 새로운 배터리 저장 4,500 MW
- 2030년대 중반부터의 소형 모듈형 원자로
- 자연가스에서 나오는 20%의 추가 전력
이 계획은 향후 10년 동안 전력 수요가 연평균 5.5% 증가할 것으로 예상되며, 2039년까지 두 배로 증가할 예정입니다. 도미니언 에너지는 또한 전력망 확장 및 현대화에 투자하고 있으며, 신뢰성을 높이고 재생 가능 에너지 통합을 지원하기 위한 송전 프로젝트 및 배전망 개선을 포함합니다.
Dominion Energy Virginia a déposé son Plan Intégré de Ressources (IRP) 2024 auprès des commissions de régulation, décrivant des stratégies pour répondre à la demande croissante d'électricité grâce à des investissements significatifs dans diverses sources d'énergie. Le plan met l'accent sur une électricité fiable, abordable et de plus en plus propre, avec près de 80 % de la génération d'électricité supplémentaire au cours des 15 prochaines années qui sera exempte de carbone.
Les points forts incluent :
- ~3.400 MW de nouvelle énergie éolienne en mer
- ~12.000 MW de nouvelle énergie solaire (augmentation de 150 %)
- ~4.500 MW de nouveau stockage par batteries
- Petits réacteurs nucléaires modulaires à partir du milieu des années 2030
- 20 % de l'énergie supplémentaire provenant du gaz naturel en tant que secours
Le plan prend en compte une croissance annuelle prévue de 5,5 % de la demande d'électricité au cours de la prochaine décennie, doublant d'ici 2039. Dominion Energy investit également dans l'expansion et la modernisation du réseau, y compris des projets de transmission et des améliorations du réseau de distribution pour renforcer la fiabilité et soutenir l'intégration des énergies renouvelables.
Dominion Energy Virginia hat seinen Integrierten Ressourcenplan (IRP) 2024 bei den Regulierungsbehörden eingereicht und Strategien skizziert, um der steigenden Stromnachfrage durch erhebliche Investitionen in verschiedene Energiequellen gerecht zu werden. Der Plan hebt zuverlässigen, erschwinglichen und zunehmend sauberen Strom hervor, wobei fast 80 % der zusätzlichen Stromerzeugung in den nächsten 15 Jahren kohlenstofffrei sein wird.
Die wichtigsten Highlights beinhalten:
- ~3.400 MW neue Offshore-Windkraft
- ~12.000 MW neue Solarenergie (150% Steigerung)
- ~4.500 MW neue Batteriespeicher
- Kleine modulare Kernreaktoren ab der Mitte der 2030er Jahre
- 20 % der zusätzlichen Energie aus Erdgas als Backup
Der Plan geht von einem prognostizierten jährlichen Wachstum der Stromnachfrage von 5,5 % im nächsten Jahrzehnt aus, das sich bis 2039 verdoppeln wird. Dominion Energy investiert auch in den Ausbau und die Modernisierung des Stromnetzes, einschließlich Übertragungsprojekte und Verbesserungen des Verteilernetzes, um die Zuverlässigkeit zu erhöhen und die Integration erneuerbarer Energien zu unterstützen.
- Nearly 80% of incremental power generation over 15 years will be carbon-free
- Planned addition of ~3,400 MW new offshore wind
- Planned addition of ~12,000 MW new solar (150% increase)
- Planned addition of ~4,500 MW new battery storage
- Introduction of small modular nuclear reactors from mid-2030s
- Residential rates 14% below the national average
- Completion of 123 new transmission projects in H1 2024
- Proposal for over 1,000 MW of new solar projects in Virginia
- Projected 5.5% annual growth in power demand for the next decade, potentially increasing costs
- 20% of incremental power generation will come from natural gas, which is not carbon-free
Insights
This IRP filing by Dominion Energy Virginia represents a significant shift in the company's long-term strategy, with a strong focus on clean energy sources. The plan to add ~3,400 MW of new offshore wind, ~12,000 MW of new solar and ~4,500 MW of new battery storage over the next 15 years is particularly noteworthy. These additions, coupled with the existing 2,600 MW CVOW project, position Dominion as a leader in renewable energy deployment.
The projected
The inclusion of small modular nuclear reactors in the mid-2030s is an interesting long-term bet on emerging technology. While this diversifies the company's carbon-free portfolio, it also carries technological and regulatory risks that investors should monitor closely.
Overall, this comprehensive plan aligns well with the broader energy transition trends and could position Dominion favorably in the evolving regulatory landscape. However, the execution of such an ambitious plan will be important to watch, particularly in terms of cost management and timely project delivery.
Dominion Energy's ambitious IRP presents both opportunities and challenges from a financial perspective. The planned investments in renewable energy and grid infrastructure are likely to drive significant capital expenditures over the coming years. While this could pressure near-term free cash flow and potentially impact dividend growth, it also sets the stage for long-term regulated asset base expansion and earnings growth.
The projected doubling of power demand by 2039 is a key driver for this plan and could translate into substantial revenue growth. However, investors should carefully monitor the accuracy of these demand projections, as overbuilding capacity could lead to stranded assets and regulatory challenges.
With residential rates currently
The company's focus on a diverse energy mix, including natural gas as backup, helps mitigate some risks associated with renewable intermittency. This balanced approach could be viewed favorably by regulators and potentially support favorable rate case outcomes.
Investors should closely watch for updates on project costs, regulatory approvals and any shifts in energy policy that could impact the execution of this plan.
- "All-of-the-above" approach includes more power generation from every source, historic grid upgrades and energy efficiency programs to maintain grid reliability while meeting unprecedented growth in power demand
- Nearly
80% of incremental power generation in the plan is carbon-free, including more solar, more storage, more offshore wind, and more nuclear resources
The IRP is not a request to build any specific project, but rather a long-term planning document based on a snapshot in time of current technology, market information and load projections. The plan demonstrates the company's commitment to reliable, affordable and increasingly clean electricity. Nearly
- ~3,400 megawatts (MW) of new offshore wind in addition to the 2,600-MW Coastal Virginia Offshore Wind (CVOW) project currently under development off the coast of
Virginia Beach . CVOW is the largest offshore wind project under development in theU.S. and remains on-time and on-budget. - ~12,000 MW of new solar, a more than
150% increase to the 4,750 MW of solar the company currently has in operation or under development. - ~4,500 MW of new battery storage.
- Small modular nuclear reactors beginning in the mid-2030s.
About
The IRP is based on a forecast developed by PJM, which projects that power demand will continue growing at unprecedented levels in the coming decades. Power demand within the company's delivery zone is forecasted to grow
"We are experiencing the largest growth in power demand since the years following World War II," said Ed Baine, President of Dominion Energy Virginia. "No single energy source, grid solution or energy efficiency program will reliably serve the growing needs of our customers. We need an "all-of-the-above" approach, and we are developing innovative solutions to ensure we deliver for our customers. I am proud of the affordability we deliver, with residential rates
Underscoring the company's commitment to increasingly clean energy, in a separate filing with the SCC today, Dominion Energy proposed more than 1,000 MW of new solar projects in
At the same time, the company is also making historic investments to expand the transmission grid. In the first half of 2024, Dominion Energy completed 123 new transmission projects, including nearly 90 miles of new and rebuilt transmission lines and 13 new substations. Just last month, the company jointly proposed several new large transmission projects with First Energy and American Electric Power to strengthen electric reliability across the 13-state PJM region over the next decade. These projects will also support further integration of the significant renewables included in the IRP.
The company is also making significant investments in the distribution grid to reduce storm-related outages and shorten power restoration times. Over the last several years, Dominion Energy has buried more than 2,000 miles of overhead distribution lines in outage-prone areas as part of its Strategic Underground Program, with several thousand more miles planned over the next decade. Since 2019, the company has hardened over 265 miles of main distribution lines by replacing older poles with taller, stronger ones that are rooted deeper in the ground to reduce storm damage. The company plans to harden 1,000 miles of main lines by 2030.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in
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SOURCE Dominion Energy
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