Reports related to this article:
Project(s): View 6 related projects in PECWeb
Plant(s): View 5 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) offered more details on its five-year, $32 billion capital-spending program when the company released its third-quarter earnings report last week. More than half of the total is expected to go toward energy-storage and net-zero carbon projects, including a series of solar projects and possibly the largest U.S. offshore windfarm. Dominion also is spending billions to transform its share of the electric grid and modernize its gas-distribution network through 2025. Industrial Info is tracking more than $16 billion in active Dominion projects, more than 70% of which is attributed to renewable energy.
Click on the image at right for a graph detailing Dominion's active investments, by project type.
Dominion's renewable-energy ambitions took a big step forward last week, when the company filed for approval from the Virginia State Corporation Commission for the Coastal Virginia Offshore Windfarm (CVOW), which is planned to be the largest U.S. offshore wind project. The facility would generate 2.6 gigawatts (GW) from about 188 turbines, which Dominion says is enough to power up to 660,000 homes. It is to be located 27 miles off Virginia Beach. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
To support the facility, Dominion and Siemens Gamesa Renewable Energy (Zamudio, Spain) announced in late October that they would build the first U.S. factory to make blades for offshore wind power in Portsmouth, Virginia, which is near Virginia Beach. Dominion says the factory will be completed in 2025, and CVOW in late 2026. In addition to the Virginia commission, CVOW is undergoing an environmental review by the federal Bureau of Ocean Energy Management, which is expected to be completed in mid-2023, according to Reuters.
Support for CVOW has been fueled, in part, by President Joe Biden's goal to develop 30 GW of offshore wind power by 2030, as part of a broader plan to decarbonize the U.S. power grid by 2035. "CVOW is making Virginia the hub for this new industry," said Robert M. Blue, the chief executive officer of Dominion, in a press release. "Virginia will host the first offshore wind turbine blade factory in the United States and be the home port for the only Jones Act compliant offshore wind installation vessel." (The Jones Act is a federal law that regulates maritime commerce in the U.S.)
Blue said in an earnings-related conference call on Friday that the estimated cost of CVOW had jumped from about $8 billion to about $10 billion. Dominion is operating a test project of two wind turbines in the same offshore area.
As part of the filing with the Virginia commission, Dominion is seeking approval to build about 17 miles of new transmission lines and other onshore infrastructure. The company already has proposed numerous upgrades and overhauls to its transmission & distribution (T&D) system near and along the Virginia coast, including the rebuild of a line from Lanexa to Warsaw, which runs about 41 miles, and the rebuild of a line from Suffolk, Virginia, to Belvidere, North Carolina, which runs about 31 miles. Subscribers can learn more from Industrial Info's reports on the Lanexa-Warsaw and Suffolk-Belvidere projects.
Looking beyond its five-year decarbonization plan, Dominion believes it could invest up to $20 billion in solar projects alone through 2035. Two of its highest-valued solar projects under construction are the $300 million Fort Powhatan Solar Plant in Disputanta, Virginia, which is designed to generate 150 megawatts (MW) from 525,000 photovoltaic (PV) panels, and a $200 million expansion of its Hardin Solar Plant in Alger, Ohio, which is designed to generate 170 MW from more than 590,000 monocrystalline panels. Subscribers can learn more from Industrial Info's reports on the Fort Powhatan and Hardin projects.
Dominion also is considering a further expansion to the Hardin Solar Plant following the completion of the ongoing expansion, although it would not begin construction until second-quarter 2023 at the earliest. Subscribers can learn more from Industrial Info's project report.
Dominion's net income for the third quarter totaled $654 million, compared with $356 million in the same period last year. Operating revenues were reported to be $3.18 billion, down from $3.6 billion in third-quarter 2020.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing Dominion's active investments, by project type.Dominion's renewable-energy ambitions took a big step forward last week, when the company filed for approval from the Virginia State Corporation Commission for the Coastal Virginia Offshore Windfarm (CVOW), which is planned to be the largest U.S. offshore wind project. The facility would generate 2.6 gigawatts (GW) from about 188 turbines, which Dominion says is enough to power up to 660,000 homes. It is to be located 27 miles off Virginia Beach. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
To support the facility, Dominion and Siemens Gamesa Renewable Energy (Zamudio, Spain) announced in late October that they would build the first U.S. factory to make blades for offshore wind power in Portsmouth, Virginia, which is near Virginia Beach. Dominion says the factory will be completed in 2025, and CVOW in late 2026. In addition to the Virginia commission, CVOW is undergoing an environmental review by the federal Bureau of Ocean Energy Management, which is expected to be completed in mid-2023, according to Reuters.
Support for CVOW has been fueled, in part, by President Joe Biden's goal to develop 30 GW of offshore wind power by 2030, as part of a broader plan to decarbonize the U.S. power grid by 2035. "CVOW is making Virginia the hub for this new industry," said Robert M. Blue, the chief executive officer of Dominion, in a press release. "Virginia will host the first offshore wind turbine blade factory in the United States and be the home port for the only Jones Act compliant offshore wind installation vessel." (The Jones Act is a federal law that regulates maritime commerce in the U.S.)
Blue said in an earnings-related conference call on Friday that the estimated cost of CVOW had jumped from about $8 billion to about $10 billion. Dominion is operating a test project of two wind turbines in the same offshore area.
As part of the filing with the Virginia commission, Dominion is seeking approval to build about 17 miles of new transmission lines and other onshore infrastructure. The company already has proposed numerous upgrades and overhauls to its transmission & distribution (T&D) system near and along the Virginia coast, including the rebuild of a line from Lanexa to Warsaw, which runs about 41 miles, and the rebuild of a line from Suffolk, Virginia, to Belvidere, North Carolina, which runs about 31 miles. Subscribers can learn more from Industrial Info's reports on the Lanexa-Warsaw and Suffolk-Belvidere projects.
Looking beyond its five-year decarbonization plan, Dominion believes it could invest up to $20 billion in solar projects alone through 2035. Two of its highest-valued solar projects under construction are the $300 million Fort Powhatan Solar Plant in Disputanta, Virginia, which is designed to generate 150 megawatts (MW) from 525,000 photovoltaic (PV) panels, and a $200 million expansion of its Hardin Solar Plant in Alger, Ohio, which is designed to generate 170 MW from more than 590,000 monocrystalline panels. Subscribers can learn more from Industrial Info's reports on the Fort Powhatan and Hardin projects.
Dominion also is considering a further expansion to the Hardin Solar Plant following the completion of the ongoing expansion, although it would not begin construction until second-quarter 2023 at the earliest. Subscribers can learn more from Industrial Info's project report.
Dominion's net income for the third quarter totaled $654 million, compared with $356 million in the same period last year. Operating revenues were reported to be $3.18 billion, down from $3.6 billion in third-quarter 2020.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
