Dominion Energy Plans 20 GW Clean Power Expansion

• Dominion Energy Virginia’s bold 2024 plan promises 20 GW of carbon-free power, featuring solar, wind, and battery storage to meet skyrocketing energy demand by 2039.

Dominion Energy Virginia has filed its 2024 Integrated Resource Plan (IRP), projecting the addition of 20 GW of carbon-free power generation over the next 15 years. This plan, submitted to the Virginia State Corporation Commission and the North Carolina Utilities Commission, includes 3.4 GW of new offshore wind and 12 GW of solar energy, expanding the company’s current solar capacity from 4.75 GW. Additionally, Dominion plans to introduce 4.5 GW of battery storage and small modular nuclear reactors by the mid-2030s, while natural gas will account for 20% of the incremental generation.

Dominion anticipates a 5.5% annual increase in power demand over the next decade, doubling by 2039. Ed Baine, president of Dominion Energy Virginia, emphasized the need for an "all-of-the-above" approach to meet this rising demand. In a separate initiative, Dominion proposed over 1 GW of new solar projects in Virginia, which could increase its solar capacity to over 5.75 GW. Concurrently, Japan's Sumitomo Corp announced a joint venture to bolster clean energy projects, targeting the growing energy needs of Virginia, which has become an essential data center hub.

What are the key components of Dominion Energy's 2024 Integrated Resource Plan?

In Dominion Energy's 2024 Integrated Resource Plan (IRP), several key components outline the company's strategy for achieving its energy and sustainability goals over the next 15 years. Here are the main highlights:

• Carbon-Free Generation Goals: The plan aims to add 20 GW of carbon-free power generation, underscoring a commitment to zero-emission energy sources.
• Offshore Wind Expansion: It includes the development of 3.4 GW of new offshore wind capacity, tapping into Virginia's coastal resources for renewable energy.
• Solar Energy Development: Dominion plans to introduce 12 GW of solar energy, significantly enhancing its solar footprint from the current 4.75 GW capacity.
• Battery Storage Initiatives: A significant addition of 4.5 GW of battery storage is proposed to enhance energy reliability and manage intermittent renewable generation.
• Small Modular Nuclear Reactors: The incorporation of small modular nuclear reactors is part of the strategy to diversify energy sources and ensure consistent power generation.
• Natural Gas Utilization: Natural gas is expected to remain a part of the energy mix, accounting for 20% of the incremental generation, providing a bridge during the transition to renewable energy sources.
• Demand Forecasting: The plan anticipates a 5.5% annual increase in power demand over the next decade, with projections suggesting that demand could double by 2039.
• All-of-the-Above Energy Strategy: Recognizing the complexity of energy needs, Dominion's president emphasizes an "all-of-the-above" approach, integrating various energy sources to meet future demand effectively.
• Proposed New Solar Projects: An additional proposal suggests over 1 GW of new solar projects in Virginia, which could elevate the total solar capacity to over 5.75 GW.
• Collaboration for Clean Energy Projects: The announcement of a joint venture with Japan's Sumitomo Corp is intended to reinforce efforts in developing clean energy projects, aligning with Virginia's emerging status as a data center hub.
• Regulatory Submissions: The IRP has been submitted to key regulatory bodies, including the Virginia State Corporation Commission and the North Carolina Utilities Commission, marking a formal step in the planning process.
• Strategic Focus on Sustainability: Overall, Dominion Energy's 2024 IRP reflects a strong commitment to sustainability, energy innovation, and responsiveness to the growing energy needs of the community and industry.

These components collectively indicate a forward-looking approach by Dominion Energy as it navigates the evolving landscape of energy production and consumption, aiming to position itself as a leader in the transition to renewable energy sources.