Dominion Virginia Power plans to invest $7.6 billion over the next five years for new power stations and other electric infrastructure to meet growing demand. The investments also cover reliability enhancements and new technology that will allow customers to save money on their energy bills. In addition to these investments, the company says it will continue its plan to spend more than $2 billion to improve the environmental performance of its fossil-fueled power stations and anticipates that additional investment may be necessary to meet pending federal regulations.
The company's strategy for meeting growing electricity demand, called Powering Virginia, emphasizes using a balanced mix of generation sources, including upgrades to existing units, clean-burning natural gas, a hybrid energy power station, renewable resources and conservation.
Of the $7.6 billion in projected capital spending, approximately $4 billion will be used for adding or upgrading new transmission and distribution lines, substations and other related facilities that bring power to customers. A circuit-reconditioning program will continue to target lines that experience higher levels of outages.
The company's investments will require some increases in rates. On Jan. 1, the company's rates will effectively go up by 4.6% as $268 million in customer credits are completed Dec. 31. Customers have been receiving these credits on their bills since April. SOURCE: Dominion Virginia Power
