Dominion Energy Aims for Net-Zero Emissions with Solar, Wind Investment

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Researched by Industrial Info Resources (Sugar Land, Texas)--While most utilities have emissions-reduction goals in place, Dominion Energy Incorporated (NSYE:D) (Richmond, Virginia) seems to be raising the bar with its recently set goal of net-zero carbon and methane emissions across its electric and gas operations by 2050. In order to help achieve this goal, Dominion is aggressively targeting solar power installations and is aiming for what could be one of the earliest utility-scale offshore wind projects in the U.S.

Dominion is investing heavily in solar in its home state of Virginia. In the company's recent earnings conference call with analysts, Dominion Chief Executive Officer Tom Farrell said, "Overall, we have now achieved 57% of our commitment to Virginians to have 3,000 megawatts (MW) of solar in development or in operation by the end of 2021." Farrell said the company had invested about $800 million in solar in 2019 and that overall solar spending to date stood at about $4 billion, and an additional $3 billion was expected through 2023.

Among the company's solar projects in the state is the 80-MW Greensville County solar plant near Jarratt, about 55 miles south of Richmond. Strata Solar LLC (Chapel Hill, North Carolina) is providing engineering, procurement and construction (EPC) on the facility, which will use Hanwha Q Cell photovoltaic modules. Construction is expected to begin in second-quarter 2020 and be completed by the end of the year. For more information, see Industrial Info's project report.

Other projects include the Phase II, 150-MW unit addition to the company's solar farm in Spring Grove, Virginia, which will incorporate about 500,000 solar modules to bring the site's generating capacity to approximately 248 MW. Construction on Phase II kicked off last year and is expected to be completed later this year. Strata Solar also is providing EPC on the project, which has an estimated total investment value (TIV) of $300 million. For more information, see Industrial Info's project report.

Dominion has larger targets in its sites in the form of offshore wind power. The company currently is underway with a 12-MW pilot project off the coast of Virginia Beach to set the stage for a 2.6-gigawatt project. Farrell said that the pilot project would begin turbine installation in May and is expected to achieve commercial operation in late summer of this year. Farrell said, "The lessons learned on this project will be invaluable to successful completion of our full-scale deployment." For more information, see Industrial Info's project report.

On the larger project, Farrell said Dominion would begin ocean surveying work in April that will support the submission of the construction and operations plan at the end of this year. Dominion expects to begin construction in 2024, with full in-service slated by the end of 2026. Farrell said, "We will continue to work to refine the preliminary capital cost estimate of approximately $8 billion, the vast majority of which will occur in the '24-'26 time frame as major components are fabricated and installed." For more information, see Industrial Info's project report.

Dominion reported fourth-quarter 2019 net income of $1.1 billion, compared with $641 million in the year-prior quarter.

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