– Virginia State Company Fee authorized Section II of Grid Transformation Plan in the present day
– Enhancements will permit grid to higher combine prospects’ distributed power assets, comparable to small-scale photo voltaic installations, electrical automobiles, and enhancing grid reliability and safety
RICHMOND, Va., Jan. 7, 2022 /PRNewswire/ — The Virginia State Company Fee (SCC) in the present day authorized, topic to sure necessities, Section II of the Grid Transformation Plan (GT Plan), the Firm’s ten-year plan to rework the electrical distribution grid.
This approval aligns with the customer-focused, state regulated utility framework in Virginia. That framework has resulted in nationally main decarbonization objectives, buyer charges decrease than nationwide and regional averages and excessive ranges of reliability for patrons, made attainable by a state regulatory mannequin that embraces long-term planning and resiliency safeguards.
“That is one other main step ahead in constructing a clear power financial system in Virginia. This consists of the biggest offshore wind venture within the nation, re-licensure of our nuclear models, power storage, and photo voltaic power, all of which creates jobs and financial alternative right here within the Commonwealth. As we deliver extra renewable power onto our grid to construct a cleaner future, and deal with rising resiliency, we should modernize the best way the system works,” stated Charlene Whitfield, senior-vice president of Energy Supply at Dominion Vitality Virginia. “At present’s resolution by the SCC ensures that we are able to stay agile as an organization to ship the dependable, reasonably priced, and more and more clear power that our prospects need and count on.”
Section II of the GT Plan focuses on investments wanted to facilitate and optimize the mixing of distributed power assets, comparable to small-scale photo voltaic, power storage amenities, and electrical automobiles. To successfully combine these power assets distributed all through the grid, the Firm will proceed to deploy sensible metering infrastructure and clever grid units that can present visibility of grid circumstances. The Firm will even spend money on the infrastructure and programs to course of, handle, and use that knowledge to optimize grid operations and enhance buyer reliability.
The SCC ruling in the present day authorized over $650M of investments in 2022 and 2023. The Firm can search restoration of these prices in a future continuing.
Section I of the GT Plan is already underway with actions to reinforce the reliability and safety of the distribution grid in addition to the event of a brand new buyer data platform (CIP). The CIP will present useful data enabling prospects to make higher choices about their utilization and payments.
Latest federal and state clear power insurance policies in addition to commitments and incentives to hurry the transition to electrical automobiles have accelerated the necessity for a reworked power grid able to supporting important volumes of renewables, batteries, and different distributed power assets.
Virginia’s regulatory construction encourages investments to make sure the continued reliability of the electrical grid, ensures fiscal oversight to offer reasonably priced power to prospects and facilitate the continued development of renewables according to each Dominion Vitality’s dedication to web zero carbon and methane emissions by 2050 throughout its footprint and the necessities set forth within the VCEA.
For extra data on Dominion Vitality Virginia’s Grid Transformation efforts, please go to www.dominionenergy.com/gtplan.
About Dominion Vitality
About 7 million prospects in 13 states energize their houses and companies with electrical energy or pure gasoline from Dominion Vitality (NYSE: D), headquartered in Richmond, Va. The corporate is dedicated to sustainable, dependable, reasonably priced and protected power and to reaching web zero carbon dioxide and methane emissions from its energy era and gasoline infrastructure operations by 2050. Please go to DominionEnergy.com to study extra.
SOURCE Dominion Vitality
For additional data: Peter Goldin, 804-771-6115, Peter.J.Goldin@dominionenergy.com