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Released March 04, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) capped a strong 2023 with a "top-to-bottom" business review that provided guidance on its plans to build out its renewable-energy capacity, particularly for offshore wind, and establish a presence in the emerging market for renewable natural gas (RNG). In a presentation to investors, executives said "unrivaled demand growth" would drive significant regulated capital investment in the near term. Industrial Info is tracking nearly $40 billion worth of active and planned projects from Dominion.
"We're forecasting a total five-year capital plan of $43 billion, which drives consolidated annual investment growth of 7.5% through 2029," said Steven Ridge, the chief financial officer of Dominion, in a recent presentation to investors. The total includes $23 billion in electric transmission and distribution, $6 billion in solar and offshore wind, and $2 billion toward the extension of nuclear licenses in Virginia.
Click on the image at right for a graph detailing Dominion's active and proposed projects, by fuel type.
Dominion is putting the finishing touches on the $300 million Phase III expansion of its Hardin Solar Plant in Alger, Ohio. The project, which includes the addition of 300 megawatts (MW) worth of photovoltaic (PV) panels, would nearly double the facility's overall capacity to 620 MW. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more from a detailed project report and plant profile.
Other solar projects from Dominion that are scheduled to wrap up later this year include three in Virginia: the $96 million Fountain Creek Solar Facility in Emporia, which is expected to generate 80 MW; the $95 million Moon Corner Solar Facility in Farnham, which has a 60-MW output; and the $108 million Cerulean Solar Facility in Warsaw, which is expected to generate 62 MW. All three are expected to use PV panels provided by South Korean manufacturer Hanwha QCells (Seoul). Subscribers can read detailed reports on the Fountain Creek, Moon Corner and Cerulean projects.
Dominion also expects to finish construction later this year on its $50 million RNG complex in Waverly, Virginia, a joint venture with Smithfield Foods Incorporated (Smithfield, Virginia) that will give it a foothold in the emerging market for RNG. The facility is designed to receive hog manure from 20 local hog farms, extract its methane, and refine the gas to 99% purity. In the earnings-related conference call, Bob Blue, the chief executive officer of Dominion, said the Inflation Reduction Act gives the company's previously committed investments in dairy and swine-based RNG projects access to investment tax credits. Subscribers can learn more from a detailed project report.
"We maintained outstanding reliability in 2023 as our electric customers in Virginia and South Carolina had power 99.9% of the time, excluding major storms," Blue said. "From 2005 through 2022, we've reduced Scope 1 carbon emissions from our electric operations by nearly 50%, even as annual energy generated over that period has increased 9%."
As it continues to develop its renewable-energy portfolio, Dominion aims to ensure reliability by pursuing additional dispatchable power generation with its proposed Chesterfield Energy Reliability Center in Richmond, Virginia, which would use four simple-cycle gas turbines from General Electric (NYSE:GE) (Boston, Massachusetts) to generate 1 gigawatt (GW). Dominion says the project would be an "always ready" resource that would quickly deploy power on the hottest and coldest days, and serve as backup generation when other resources are unavailable or insufficient to meet customer needs. Subscribers can learn more from a detailed project report.
Last month, Dominion agreed to sell a noncontrolling, 50% stake in one of its most ambitious efforts, the Coastal Virginia Offshore Wind (CVOW) Project, to investment firm Stonepeak (New York, New York). At a planned 2.6 GW, the CVOW currently is the largest offshore windfarm planned for U.S. waters. Dominion will maintain full operational control of the construction and operations of CVOW, pending regulatory approval. Subscribers can learn more from a detailed project report and Industrial Info's February 26, 2024, article - U.S. Offshore Wind Sector Sees New Generation, Sale and Construction Approval.
"Project-to-date, we've invested approximately $3 billion and we expect to spend an additional $3 billion by year-end 2024," Blue said of CVOW in the earnings call. "A little more than 92% of project costs are now fixed. We'll gradually increase that percentage over the remainder of the project construction timeline."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Dominion.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
"We're forecasting a total five-year capital plan of $43 billion, which drives consolidated annual investment growth of 7.5% through 2029," said Steven Ridge, the chief financial officer of Dominion, in a recent presentation to investors. The total includes $23 billion in electric transmission and distribution, $6 billion in solar and offshore wind, and $2 billion toward the extension of nuclear licenses in Virginia.
Click on the image at right for a graph detailing Dominion's active and proposed projects, by fuel type.Dominion is putting the finishing touches on the $300 million Phase III expansion of its Hardin Solar Plant in Alger, Ohio. The project, which includes the addition of 300 megawatts (MW) worth of photovoltaic (PV) panels, would nearly double the facility's overall capacity to 620 MW. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more from a detailed project report and plant profile.
Other solar projects from Dominion that are scheduled to wrap up later this year include three in Virginia: the $96 million Fountain Creek Solar Facility in Emporia, which is expected to generate 80 MW; the $95 million Moon Corner Solar Facility in Farnham, which has a 60-MW output; and the $108 million Cerulean Solar Facility in Warsaw, which is expected to generate 62 MW. All three are expected to use PV panels provided by South Korean manufacturer Hanwha QCells (Seoul). Subscribers can read detailed reports on the Fountain Creek, Moon Corner and Cerulean projects.
Dominion also expects to finish construction later this year on its $50 million RNG complex in Waverly, Virginia, a joint venture with Smithfield Foods Incorporated (Smithfield, Virginia) that will give it a foothold in the emerging market for RNG. The facility is designed to receive hog manure from 20 local hog farms, extract its methane, and refine the gas to 99% purity. In the earnings-related conference call, Bob Blue, the chief executive officer of Dominion, said the Inflation Reduction Act gives the company's previously committed investments in dairy and swine-based RNG projects access to investment tax credits. Subscribers can learn more from a detailed project report.
"We maintained outstanding reliability in 2023 as our electric customers in Virginia and South Carolina had power 99.9% of the time, excluding major storms," Blue said. "From 2005 through 2022, we've reduced Scope 1 carbon emissions from our electric operations by nearly 50%, even as annual energy generated over that period has increased 9%."
As it continues to develop its renewable-energy portfolio, Dominion aims to ensure reliability by pursuing additional dispatchable power generation with its proposed Chesterfield Energy Reliability Center in Richmond, Virginia, which would use four simple-cycle gas turbines from General Electric (NYSE:GE) (Boston, Massachusetts) to generate 1 gigawatt (GW). Dominion says the project would be an "always ready" resource that would quickly deploy power on the hottest and coldest days, and serve as backup generation when other resources are unavailable or insufficient to meet customer needs. Subscribers can learn more from a detailed project report.
Last month, Dominion agreed to sell a noncontrolling, 50% stake in one of its most ambitious efforts, the Coastal Virginia Offshore Wind (CVOW) Project, to investment firm Stonepeak (New York, New York). At a planned 2.6 GW, the CVOW currently is the largest offshore windfarm planned for U.S. waters. Dominion will maintain full operational control of the construction and operations of CVOW, pending regulatory approval. Subscribers can learn more from a detailed project report and Industrial Info's February 26, 2024, article - U.S. Offshore Wind Sector Sees New Generation, Sale and Construction Approval.
"Project-to-date, we've invested approximately $3 billion and we expect to spend an additional $3 billion by year-end 2024," Blue said of CVOW in the earnings call. "A little more than 92% of project costs are now fixed. We'll gradually increase that percentage over the remainder of the project construction timeline."
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Dominion.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
