The president and CEO of Dominion Virginia Power says the utility needs to seek new generation, including solar and wind, as well as build transmission and other facilities to meet growing demand and reliability.
In a letter to ratepayers, Paul Koonce told customers the company plans to invest $7.6 billion over the next five years for new power stations and other electric infrastructure to meet growing demand.
‘The trends remain clear that Virginia's economy continues a slow-but-steady recovery, the state's population is growing, and the demand for energy is moving right along with it,’ Koonce says. ‘We are committed to support that growth in the most cost-effective, reliable and responsible way.’
The company's strategy for meeting growing electricity demand, called Powering Virginia, emphasizes using a balanced mix of reliable and economic generation sources including upgrades to existing units, clean-burning natural gas, a state-of-the-art hybrid energy power station, renewable resources and conservation. Plans for a solar project in Halifax County are under development.
SOURCE: Dominion Power