Dominion Energy files first plans under Grid Transformation & Security Act
Dominion Energy Virginia filed Tuesday its first set of plans under the Grid Transformation & Security Act (GTSA), which creates a roadmap for future investments in energy in Virginia.
The recent filing asks the State Corporation Commission (SCC) to approve Dominion’s planned investments, programs and costs for the first three years of the 10-year initiative. The company will provide updates to its plan and seek approval of additional programs and spending in later filings.
GTSA provides funding for bill credits and rate reductions for customers, modernizing the energy grid and expanding renewable energy, including testing offshore wind turbines off the coast of Virginia Beach.
“Thanks to the Grid Transformation & Security Act, Dominion Energy plans to develop a system that meets the increasingly complex demands and expectations of our customers,” Ed Baine, senior vice president of power delivery at Dominion Energy, said. “And we are doing it with more renewable energy.”
Dominion Energy has committed to having 3,000 megawatts of new solar and wind under development or in operation by the beginning of 2022.
Dominion Energy will receive a $133 million bill credit starting this month as well as $125 million annually in rate reductions due to recent changes to federal tax laws.
In a related filing Wednesday, Dominion requested SCC approval of a plan to add 240 megawatts of solar energy in Virginia.
“The GTSA lays out a very clear path for Virginia to reach a clean energy future that includes greater reliability, more security and grid resiliency,” Baine said. “And it does this while ensuring prices remain reasonable and competitive. Virginia will make great strides in the coming years, because of the new law.”
