Dominion Develops Renewable Power in Virginia, North Carolina

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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Resources Incorporated (NYSE:D) (Richmond, Virginia) wants to increase power generation from renewable sources to 15% of its Virginia service territory by 2025; and to 12.5% in its North Carolina service territory by 2021. The company already has about 766 megawatts (MW) of renewables-sourced capacity, which is either operational or under development, but is finding both onshore and offshore wind development to be more difficult than initially anticipated.

Industrial Info tracking five wind power projects under development by various companies in Virginia, which are valued at $6.81 billion, and 18 renewable power projects in the entire Mid-Atlantic market region, which are valued at $8.86 billion.

Virginia already has one of the nation's fastest-growing renewable energy economies, with more people employed in renewable energy-related jobs than in coal. In 2009, Virginia passed a voluntary renewable portfolio standard (RPS) that incentivized investor-owned utilities to meet renewable energy targets of 7% by 2016, 12% by 2022, and 15% by 2025. Utilities that meet or exceed these targets would be eligible to receive a higher rate of return on their investments.

The Virginia Offshore Wind Coalition (VOW) has stated that offshore wind could produce 3,000 MW of renewable generation. In 2013, Dominion was awarded a 112,000-acre block lease, located about 24 miles from the Virginia Beach coast, in order to develop it as an offshore windfarm. Dominion is now soliciting bids from developers to build the offshore windfarm.

Solar power is also being developed in Virginia, but few state incentives and voluntary renewable portfolio standards have not done much to prod developers. Industrial Info is tracking three solar projects in Virginia, which are valued at $236 million; and 28 projects, valued at $2.12 billion, in the entire Mid-Atlantic market region.

In January this year, Virginia Governor Terry McAuliffe released a request for information (RFI) seeking input on potential public/private partnerships for solar energy development on state-owned land and buildings, so state assistance may be on the way.

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