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Released May 06, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) continued to flesh out its $37 billion, five-year growth plan following its announced results for the first quarter, with an aggressive focus on decarbonization and power-grid enhancement. The company also pointed to as much as $73 billion of capital spending through 2035, with many of the same priorities. Industrial Info is tracking more than $16 billion worth of active projects from Dominion, more than 70% of which is attributed to renewable-energy developments.
Click on the image at right for a graph detailing Dominion's active projects by fuel type, excluding nuclear.
Unit additions account for the highest amount of investment of any project type from Dominion. This summer, the company expects to finish construction on the $200 million addition at the Hardin Solar Plant in Alger, Ohio, which will augment the existing facility with more than 590,000 monocrystalline, thin-film photovoltaic (PV) panels, increasing capacity from 150 to 320 megawatts (MW). Dominion also is seeking permits for a proposed addition at the Spring Grove Solar Plant in Spring Grove, Virginia, which would include a yet-to-be determined number of Hanwha PV panels. Subscribers can learn more details from Industrial Info's reports on the Hardin and Spring Grove projects.
Dominion already is constructing two entirely new solar plants in Virginia: the $80 million Madison Solar Plant in Locust Grove, which is set to bring 62.5 MW to the grid in the third quarter, and the $96 million Fountain Creek Solar Facility in Emporia, which began construction earlier this year and is expected to generate 80 MW. Subscribers can learn more details from Industrial Info's reports on the Madison and Fountain Creek projects.
Dominion plans to spend up to $21 billion on solar projects through 2035, as part of a $73 billion plan toward emissions reduction over that timeframe. The company could spend another $21 billion on windfarm development, with much of the total going toward the proposed Coastal Virginia Offshore Windfarm near Virginia Beach, which Dominion says would be the country's largest windfarm in the Atlantic Ocean.
The highly tentative Coastal Virginia project recently faced questions from Virginia state regulators, who said the company relied on a dated study that did not account for the impact on Virginia's electric utility ratepayers, which they said would have to bear most of the cost of the multi-billion-dollar project, according to the Associated Press. Overall costs for the project could run as high as $10 billion, although it is in its earliest development stages where plenty of economic and other factors remain unclear. Subscribers can learn more from Industrial Info's project report.
Energy storage projects could be set for up to $4 billion of investment from Dominion through 2035. The company is preparing to begin construction in the coming weeks on the $26.5 million Dry Bridge Battery Energy Storage System (BESS) in Chester, Virginia, which would have a 20-MW capacity via lithium-ion technology. Subscribers can learn more from Industrial Info's project report.
Dominion noted in its earnings presentation that it already has taken significant strides in decarbonizing its portfolio, with coal-fired generation dropping from 52% of its owned generation dispatch in 2005 to 11% in 2021. In the same period, gas increased from 7% of the total dispatch to 40%, while zero-carbon sources rose from 37% to 49%. By 2035, Dominion estimated zero-carbon sources will total 76% of its dispatch, gas about 23% and coal less than 1%.
Dominion is following through on plans to close the Chesterfield Power Station in Chester and the Possum Point Power Station in Dumfries, both of which are coal-fired. The $480 million ash landfill project at Chesterfield will transfer ash from a pond that serviced four units into a landfill, while the $380 million ash pond closure at Possum Point will shutter a 64-acre pond that holds 4 million tons of coal ash. Both projects are in accordance with rules established by the U.S. Environmental Protection Agency (EPA) to address problems concerning coal ash, a byproduct of coal-fired generation that also is called coal combustion residual (CCR). Subscribers can read detailed reports on the Chesterfield and Possum Point projects.
About 57% of Dominion's 2022 operating earnings is expected to come from its electric distribution, transmission and generation businesses in Virginia and North Carolina, which account for nearly half of the total investment value of the company's active projects, according to Industrial Info's project database. The area is central to Dominion's plans to bolster the power grid, partly through a series of transmission line rebuilds, including the 31-mile line from Suffolk, Virginia, to Belvidere, North Carolina, which began construction last September.
The company also anticipates rebuilding the 41-mile Lanexa-to-Warsaw line, which is expected to begin in June, and is considering an overhaul of the 27.7-mile Glen Allen-to-Charles City line. Subscribers can learn more from Industrial Info's reports on the projects originating in Suffolk, Lanexa and Glen Allen.
Much of the remainder of Dominion's 2022 operating earnings is expected to come from the company's gas distribution businesses in the Carolinas, West Virginia, Ohio, Wyoming, Utah and Idaho. The company also is planning more than $300 million worth of maintenance-related projects across the U.S., and subscribers to Industrial Info's GMI Project Database can click here for a full list of related project reports.
Dominion Energy's revenues for first-quarter 2022 totaled $4.28 billion, a 10.6% improvement from first-quarter 2021. But the company's net income stood at $711 million, a 28.9% decrease from the same period last year.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
Click on the image at right for a graph detailing Dominion's active projects by fuel type, excluding nuclear.Unit additions account for the highest amount of investment of any project type from Dominion. This summer, the company expects to finish construction on the $200 million addition at the Hardin Solar Plant in Alger, Ohio, which will augment the existing facility with more than 590,000 monocrystalline, thin-film photovoltaic (PV) panels, increasing capacity from 150 to 320 megawatts (MW). Dominion also is seeking permits for a proposed addition at the Spring Grove Solar Plant in Spring Grove, Virginia, which would include a yet-to-be determined number of Hanwha PV panels. Subscribers can learn more details from Industrial Info's reports on the Hardin and Spring Grove projects.
Dominion already is constructing two entirely new solar plants in Virginia: the $80 million Madison Solar Plant in Locust Grove, which is set to bring 62.5 MW to the grid in the third quarter, and the $96 million Fountain Creek Solar Facility in Emporia, which began construction earlier this year and is expected to generate 80 MW. Subscribers can learn more details from Industrial Info's reports on the Madison and Fountain Creek projects.
Dominion plans to spend up to $21 billion on solar projects through 2035, as part of a $73 billion plan toward emissions reduction over that timeframe. The company could spend another $21 billion on windfarm development, with much of the total going toward the proposed Coastal Virginia Offshore Windfarm near Virginia Beach, which Dominion says would be the country's largest windfarm in the Atlantic Ocean.
The highly tentative Coastal Virginia project recently faced questions from Virginia state regulators, who said the company relied on a dated study that did not account for the impact on Virginia's electric utility ratepayers, which they said would have to bear most of the cost of the multi-billion-dollar project, according to the Associated Press. Overall costs for the project could run as high as $10 billion, although it is in its earliest development stages where plenty of economic and other factors remain unclear. Subscribers can learn more from Industrial Info's project report.
Energy storage projects could be set for up to $4 billion of investment from Dominion through 2035. The company is preparing to begin construction in the coming weeks on the $26.5 million Dry Bridge Battery Energy Storage System (BESS) in Chester, Virginia, which would have a 20-MW capacity via lithium-ion technology. Subscribers can learn more from Industrial Info's project report.
Dominion noted in its earnings presentation that it already has taken significant strides in decarbonizing its portfolio, with coal-fired generation dropping from 52% of its owned generation dispatch in 2005 to 11% in 2021. In the same period, gas increased from 7% of the total dispatch to 40%, while zero-carbon sources rose from 37% to 49%. By 2035, Dominion estimated zero-carbon sources will total 76% of its dispatch, gas about 23% and coal less than 1%.
Dominion is following through on plans to close the Chesterfield Power Station in Chester and the Possum Point Power Station in Dumfries, both of which are coal-fired. The $480 million ash landfill project at Chesterfield will transfer ash from a pond that serviced four units into a landfill, while the $380 million ash pond closure at Possum Point will shutter a 64-acre pond that holds 4 million tons of coal ash. Both projects are in accordance with rules established by the U.S. Environmental Protection Agency (EPA) to address problems concerning coal ash, a byproduct of coal-fired generation that also is called coal combustion residual (CCR). Subscribers can read detailed reports on the Chesterfield and Possum Point projects.
About 57% of Dominion's 2022 operating earnings is expected to come from its electric distribution, transmission and generation businesses in Virginia and North Carolina, which account for nearly half of the total investment value of the company's active projects, according to Industrial Info's project database. The area is central to Dominion's plans to bolster the power grid, partly through a series of transmission line rebuilds, including the 31-mile line from Suffolk, Virginia, to Belvidere, North Carolina, which began construction last September.
The company also anticipates rebuilding the 41-mile Lanexa-to-Warsaw line, which is expected to begin in June, and is considering an overhaul of the 27.7-mile Glen Allen-to-Charles City line. Subscribers can learn more from Industrial Info's reports on the projects originating in Suffolk, Lanexa and Glen Allen.
Much of the remainder of Dominion's 2022 operating earnings is expected to come from the company's gas distribution businesses in the Carolinas, West Virginia, Ohio, Wyoming, Utah and Idaho. The company also is planning more than $300 million worth of maintenance-related projects across the U.S., and subscribers to Industrial Info's GMI Project Database can click here for a full list of related project reports.
Dominion Energy's revenues for first-quarter 2022 totaled $4.28 billion, a 10.6% improvement from first-quarter 2021. But the company's net income stood at $711 million, a 28.9% decrease from the same period last year.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
